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IFRIC 15 — Agreements for the Construction of Real Estate

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:

July 2008

Included in Part I of CPA Canada Handbook:

January 2010

Overview

IFRIC 15 Agreements for the Construction of Real Estate standardizes accounting practice across jurisdictions for the recognition of revenue by real estate developers for sales of units, such as apartments or houses, "off plan" – that is, before construction is complete.

History of IFRIC 15

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 28, 2014

IFRS 15 Revenue from Contracts with Customers issued

IFRIC 15 will be superseded by IFRS 15, Revenue from Contracts with Customers.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