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 rental of property. Turnover is reduced for estimated tenant returns, rebates and other similar allowances.
Rental Property
Turnover from the rental of property is recognised by reference to the stage of time used of the contract. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.