Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from services is recognized at the time the service is fully performed and delivered to the client. Revenue is recognized when it is probable that the payment will be collected, meaning the client has paid for the service at the time of transaction.