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 contributions of the lease holders and from the rendering of services. Turnover is reduced for rebates and other similar allowances.
Contributions
Turnover from the contributions of leaseholders is recognised when the significant risks and rewards of ownership of the servces has transferred to them. This is usually at the point that the commom works have been completed. Howvever, the charges are mandatory upon occupation.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.