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 Income
Rental income from a contract is recognised in the period in which the tenancy is provided in accordance with the
stage of completion of the contract when both of the following conditions are satisfied:
- the amount of turnover can be measured reliably; and
- it is probable that the company will receive the consideration due under the contract.