The following independent situations require professional judgement for determining when to recognize revenue from the transactions.

o Bear Paw Airlines sells you an advance purchase airline ticket in September for your flight home at Christmas.

o Future Shop Ltd. sells you a home theatre on a no money down, no interest, and no payments for one year promotional deal.

o The Blue Birds baseball team sells season tickets to games on-line. Fans can purchase the tickets at any time, although the season doesn't officially begin until April. It runs from April through October.

o River's Run Ltd. sells you a sweater. In August, you placed the order using River's Run's on-line catalogue. The sweater arrives in September and you charge it to your River's Run credit card. You receive and pay the credit card bill in October.

Required

1. Explain when revenue is recognized in each of these situations under ASPE.

2. Explain the new IFRS 15 model. Would the timing of revenue be the same under IFRS 15 as was given under ASPE for each of the 4 scenarios?