The Royal Horseshoe Yacht Club (RHYC) is an association of members that offers a number of services including community and friendship among members, sailing courses for its members, meals in its upscale restaurant, moorage for boats at its home port of Horseshoe Bay, and moorage at outstations which are port facilities outside of Horseshoe Bay. Access to the club facilities, including the club restaurant, is available to members only.

RHYC is a highly sought-after yacht club and, therefore, few members quit once accepted into membership, resulting in members remaining in the club for an average of 25 years. RHYC follows IFRS and has a December 31 year end. To fund the services it provides, the club charges several fees as follows:

1. A one-time initiation fee of $50,000. This fee is non-refundable and is valid for as long as the member continues to be a member in good standing.
2. An annual membership fee of $10,000 due on January 1 each year, which is valid for the calendar year. This annual membership fee gives each member full access to the use of all of the clubs facilities. In addition, under the annual membership fee, a member will receive a credit of $2,400 towards restaurant meals in its upscale restaurant. This credit of $2,400 is a reasonable indication of the fair value of the meals for each year for a member.
3. Fees for moorage at the home port of Horseshoe Bay is based upon market rates according to the size of the boat. Fees for moorage at outstation facilities outside of Horseshoe Bay, however, are included in the annual membership fee.
4. Fees for sailing courses that are periodically offered to members vary with each course.

Question:

1. Explain how and when RHYC should recognize and revenue from the $50,000 one-time initiation fee using IFRS standards.

2. Explain how and when RHYC should recognize revenue from the $10,000 annual membership fee using IFRS standards.

3. Explain how and when RHYC should recognize revenue from the sailing courses and the moorage services at Horseshoe Bay using IFRS standards.