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SIC-31 — Revenue – Barter Transactions Involving Advertising Services

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 IASB:

December 2001

Included in Part I of CPA Canada Handbook:

January 2010

Overview

SIC-31 Revenue - Barter Transactions Involving Advertising Services deals with the circumstances in which a seller can reliably measure revenue at the fair value of advertising services received or provided in a barter transaction.

History of SIC 31

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.

SIC 31 will be superseded by IFRS 15, Revenue from Contracts with Customers.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.