What standard apply to this snario according to IFRS ? An entity subject to IFRS enters into a contract to sell a golf membership. The price includes the non-refundable initial membership fee for the course and the annual dues. As the customer paid both up front, they received a discount. The regular price would have been $18,000 for the membership fee and $12,000 for the annual dues. The customer paid $25,000 for both; this would cover his membership fee and his dues for the 20x9 golf season. The entity has a year end of April 30th, and when the customer paid the full amount on March 15, 20x9, the full amount was included in revenue for the April 30, 20x9 fiscal year-end. It is now May 20, 20x9 and you are helping prepare the financial statements. The golf course has just opened.