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Excel Travel Airline [ETA] is a small regional airline operating from Hong Kong with destinations around the world. During the last 6 months, due Covid-19 pandemic, a number of ETA flights were either cancelled or delayed. In one of countries of ETA flight destinations, the local government has legislated in its civil aviation laws that a flight passenger (customer) has the right to be compensated by the flight provider (ETA) for delays and cancellations subject to specified conditions in the legislation. The legislation stipulates the amount of compensation, which is unrelated to the amount the customer pays for a flight. The legislation creates enforceable rights and obligations, and forms part of the terms of a contract between ETA and a customer. ETA, in applying IFRS 15 to a contract with a customer identifies such a contract as a performance obligation its promise to transfer a flight service to the customer.
ETA request opinion from you about its obligation to compensate customers for delayed or cancelled flights. The request asked whether ETA accounts for its obligation to compensate customers either:
a) as variable consideration applying paragraphs 50-59 of IFRS 15; or
b) applying lAS 37 Provisions, Contingent Liabilities and Contingent Assets, separately from its performance obligation to transfer a flight service to the customer.
REQUIRED:
Question 1: Make memo to Ms. K Chua, ETA's Chief Financial Officer, to state and explain your opinion on the above request.
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