Turnover
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 commercial cleaning to the commercial property market.
Rendering of commercial cleaning services
Turnover from the rendering of commericial cleaning services is recognised by reference to the stage of completion of the contract. The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for worked performed to date compared to the estimated total contract costs.
Where the outcome of a construction contract can be estimated reliably, revenue costs are recognised by reference to the stage of completion of the contract activity at the reporting end date.
Where it is probable that total contract costs will exceed contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.