Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably. It is probable that the economic benefits associateed with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.