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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to mandate letters.
When the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
Insurance commission receivable,which does not require any further service to be provided, is recognised on the renewal date of the related policies.