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Commission Regulation (EC) No 1262/2008 of 16 December 2008 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Interpretations Committee’s (IFRIC) Interpretation 13 (Text with EEA relevance)
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IFRIC 13 | ‘IFRIC Interpretation 13 customer loyalty programmes’ |
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IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 18 Revenue
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
an entity grants to its customers as part of a sales transaction, i.e. a sale of goods, rendering of services or use by a customer of entity assets; and
subject to meeting any further qualifying conditions, the customers can redeem in the future for free or discounted goods or services.
The Interpretation addresses accounting by the entity that grants award credits to its customers.
whether the entity’s obligation to provide free or discounted goods or services (‘awards’) in the future should be recognised and measured by:
allocating some of the consideration received or receivable from the sales transaction to the award credits and deferring the recognition of revenue (applying paragraph 13 of IAS 18); or
providing for the estimated future costs of supplying the awards (applying paragraph 19 of IAS 18); and
if consideration is allocated to the award credits:
how much should be allocated to them;
when revenue should be recognised; and
if a third party supplies the awards, how revenue should be measured.
If the entity is collecting the consideration on behalf of the third party, it shall:
measure its revenue as the net amount retained on its own account, i.e. the difference between the consideration allocated to the award credits and the amount payable to the third party for supplying the awards; and
recognise this net amount as revenue when the third party becomes obliged to supply the awards and entitled to receive consideration for doing so. These events may occur as soon as the award credits are granted. Alternatively, if the customer can choose to claim awards from either the entity or a third party, these events may occur only when the customer chooses to claim awards from the third party.
If the entity is collecting the consideration on its own account, it shall measure its revenue as the gross consideration allocated to the award credits and recognise the revenue when it fulfils its obligations in respect of the awards.
This appendix is an integral part of the Interpretation.
the fair value of awards that would be offered to customers who have not earned award credits from an initial sale; and
the proportion of award credits that are not expected to be redeemed by customers.
If customers can choose from a range of different awards, the fair value of the award credits will reflect the fair values of the range of available awards, weighted in proportion to the frequency with which each award is expected to be selected.
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