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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Commission revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Where the company acts as an agent, revenue is recognised as the net amount of commission retained rather than the gross amount collected on behalf of principals.