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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
Superseded by IFRS 15 Revenue from Contracts with Customers.
IFRIC 13 addresses how an entity accounts for loyalty award credits that entitle customers to free or discounted goods or services (for example, airline frequent flyer programmes). Applying IFRIC 13, the entity allocates some of the consideration from the initial sale to the award credits as a liability (its obligation to provide the awards). In effect, the award is accounted for as a separate component of the sale transaction.
In June 2007 the International Accounting Standards Board issued IFRIC 13 Customer Loyalty Programmes. It was developed by the Interpretations Committee.
Other Standards have made minor consequential amendments to IFRIC 13. They include Improvements to IFRSs (issued May 2010) and IFRS 13 Fair Value Measurement (issued May 2011).
IFRIC 13 was superseded by IFRS 15 Revenue from Contracts with Customers.
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