This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRIC 13 — Customer Loyalty Programs

Effective date:

First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011 except for subsequent amendments.  Earlier application of Part I was permitted.

Published by the IASB:

June 2007

Included in Part I of CPA Canada Handbook:

January 2010

Overview

IFRIC 13 Customer Loyalty Programs addresses accounting by entities that grant loyalty award credits (such as "points" or travel miles) to customers who buy other goods or services. Specifically, it explains how such entities should account for their obligations to provide free or discounted goods or services ("awards") to customers who redeem award credits.

History of IFRIC 13

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.

Date1

Development

Comments

Included in Part I of the CPA Canada Handbook2

January 2010

Part I of the CPA Canada Handbook issued

Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.

January 2010

May 6, 2010

Amended by Improvements to IFRSs (fair value of award credits)

 

Paragraph AG2 has been amended to clarify the basis for measuring the fair value of the award credits. This amendment is effective for annual periods beginning on or after January 1, 2011. Earlier application is permitted.

July 2010

May 28, 2014

IFRS 15, Revenue from Contracts with Customers issued

IFRIC 13 will be superseded by IFRS 15, Revenue from Contracts with Customers.

IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted.

February 2015

Notes

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Standards

Amendments under consideration

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.