Question 3 You are the auditor of YFC Airlines, an airline approximately the size of Air...

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Question 3 You are the auditor of YFC Airlines, an airline approximately the size of Air Canada, and you find out that the change fees, amounting to $6 million, are collected by third parties on behalf of the airline are recognized into passenger revenue as cash is collected. As at the year-end December 31, 2019$2 million is attributable to future flights. The auditor has asked management to record a liability for the future change fees. You are a consultant that has been hired to defend management's position to record the entire amount into revenue. 1. Using IFRS use two arguments to support management's accounting choice.

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