Revenue is recognised to the extent that It is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or r^elvable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide accommodation senrices Is recognised in the period In which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfit:
- the amount of revenue can be measure reliably:
- it is probable that the LLP will receive the consideration due under the contract؛
- the stage of completion of the contract at the end of the reporting period can be measured reliably: and
- the costs incumed and the costs to complete the contract can be measured reliably.