A customer can purchase WI’s wine in the store at the wineryand, starting in 2017, through the new website. A customer canbecome a member of WI’s new wine club. To join the club, a $200annual fee is paid. In return, the member is shipped one bottle ofwine a month. As part of the annual fee, members receive a freesubscription to the Wine Digest, which could be purchased on itsown. If the member likes the wine, he or she can then order a casethrough the website at a 10% discount.
To discuss the accounting policies, consequences and journalentries for WI under IFRS.
