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.
Sale of goods
Turnover from the sale of jewellery is recognised when the significant risks and rewards of ownership of the jewellery has transferred to the buyer. This is usually at the point that the customer has paid for the jewellery.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the work performed.