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.
Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, demand deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
Debtors
Trade and other debtors are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value.
Creditors
Trade and other creditors are recognized at amortized cost and represent amounts payable for goods and services received, whether or not invoiced at the balance sheet date. Accruals are recognized based on best estimates of costs incurred.