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.
Rental of investment property
Revenue from a contract to lease the property is recognised in the period in which the property is occupied. Any rent-free periods included within the lease agreement are spread across the useful life of the lease, when all the following conditions are met:
• the amount of revenue can be measured reliably; and
• it is probably that the Company will receive the consideration due under contract.