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If you have a club and in order to be a member you need to pay a one-off member fee. Once you are a member, you will have to pay a monthly member fee.

How do you book this one-off member fee? This fee is non-refundable, but the member can sale it to a third party and it is transferrable.
in General IFRS Discussion by

2 Answers

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It is your revenue or income
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0 votes
Club membership is classified as an intangible asset under IFRS and since it meets recognition criteria under ifrs 37, it should be recorded as an asset in the balance sheet and must be amortized over a period of its usefull life.

Moreover, An entity must check for impairment also at the end of every year.
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