IFRS 15 has specific implications for customer loyalty programs and other situations where revenue is deferred. These typically arise when a company sells a good or service and also provides a customer with a promise for future goods or services. The classic example of this is a customer loyalty program, where the customer earns points on each purchase that can be redeemed for goods or services in the future.

Under IFRS 15, these arrangements are treated as performance obligations. Here's how it works:

1. Identify the contract with the customer: The initial purchase and the promise of future goods or services are part of the same contract.
2. Identify the performance obligations in the contract: The company has two performance obligations – one for the initial good or service sold, and one for the future goods or services promised through the loyalty program.
3. Determine the transaction price: The transaction price is the amount of consideration expected for the initial goods or services sold.
4. Allocate the transaction price to the performance obligations: The transaction price is allocated between the initial goods or services and the loyalty points based on their relative standalone selling prices.
5. Recognize revenue when (or as) the entity satisfies a performance obligation: Revenue for the initial sale is recognized when that performance obligation is satisfied. Revenue for the loyalty points is deferred and recognized when the points are redeemed, or when the likelihood of the customer exercising their rights becomes remote.

So, under IFRS 15, companies need to defer a portion of the revenue from a sale when it gives the customer a right to future goods or services. This deferral continues until the company fulfills the promise of the future goods or services, or until it is no longer likely that the customer will exercise their rights to those goods or services. This can result in significant changes to the timing of revenue recognition compared to previous standards.