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Revenue from Service Contracts
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
Revenue from Service Contracts
Note 14 Revenue from Service Contracts
The Company provides investment management services, transaction processing and administrative services and distribution and related services to proprietary and third-party investment funds, retirement plans, group benefit plans, institutional investors and other arrangements. The Company also provides real estate management services to tenants of the Company’s investment properties.
The Company’s service contracts generally impose single performance obligations, each consisting of a series of similar related services for each customer.
The Company’s performance obligations within service arrangements are generally satisfied over time as the customer simultaneously receives and consumes the benefits of the services rendered, measured using an output method. Fees typically include variable consideration and the related revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is subsequently resolved.
Asset based fees vary with asset values of accounts under management, subject to market conditions and investor behaviors beyond the Company’s control. Transaction processing and administrative fees vary with activity volume, also beyond the Company’s control. Some fees, including distribution fees, are based on account balances and transaction volumes. Fees related to account balances and transaction volumes are measured daily. Real estate management service fees include fixed portions plus recovery of variable costs of services rendered to tenants. Fees related to services provided are generally recognized as services are rendered, which is when it becomes highly probable that no significant reversal of cumulative revenue recognized will occur. The Company has determined that its service contracts have no significant financing components because fees are collected monthly. The Company has no significant contract assets or contract
liabilities.
The following table presents revenue from service contracts by service lines and reporting segments
as
disclosed in note 20. Asia, Canada, and U.S. reporting segments are combined with Corporate and Other as a result of the implementation of IFRS 17.
 
For the year ended December 31, 2023
 
Global
WAM
 
 
Asia, Canada,
U.S., and
Corporate
and Other
 
 
Total
 
Investment management and other related fees
  
$
3,298
 
  
$
(412
)
  
$
2,886
  
Transaction processing, administration, and service fees
  
 
2,566
 
  
 
269
 
  
 
2,835
  
Distribution fees and other
  
 
842
 
  
 
54
 
  
 
896
 
Total included in other revenue
  
 
6,706
 
  
 
(89
)
  
 
6,617
  
Revenue from non-service lines
  
 
3
 
  
 
126
 
  
 
129
  
Total other revenue
  
$
6,709
 
  
$
37
 
  
$
6,746
  
Real estate management services included in net investment income
  
$
  –
 
  
$
303
 
  
$
303
  
       
For the year ended December 31, 2022   Global
WAM		     Asia, Canada,
U.S., and
Corporate
and Other		     Total  
Investment management and other related fees
   $  3,079     $  (315 )   $ 2,764  
Transaction processing, administration, and service fees
     2,416       268       2,684  
Distribution fees and other
     910       89       999  
Total included in other revenue
     6,405       42       6,447  
Revenue from non-service lines
     (14 )     (247 )     (261 )
Total other revenue
   $ 6,391     $ (205 )   $  6,186  
Real estate management services included in net investment income
   $    –     $ 305     $
 
305