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Revenue from Service Contracts | 12 Months Ended
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Dec. 31, 2024
Revenue From Service Contracts [Abstract] |
Revenue from Service Contracts | 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 its 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 the asset values of accounts under management, subject to market conditions and investor behaviours beyond the Company’s control. Transaction processing and administrative fees vary with activity volumes, 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 tables present revenue from service contracts by service lines and reporting segments as disclosed in note 19.
For the year ended December 31, 2024 | Global WAM | Asia, Canada, U.S., and Corporate and Other | Total
Investment management and other related fees | $3,612 | $(489) | $3,123
Transaction processing, administration and service fees | 2,908 | 298 | 3,206
Distribution fees and other | 918 | 46 | 964
Total included in other revenue | 7,438 | (145) | 7,293
Revenue from non-service lines | 1 | 294 | 295
Total other revenue | $7,439 | $149 | $7,588
Real estate management services included in net investment income | $- | $317 | $317
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

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- Definition The entire disclosure for revenue from contracts with customers. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 15 -IssueDate 2024-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS15_g105-109_TI -URIDate 2024-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 15 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS15_g110-129_TI -URIDate 2024-03-27 + Details
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