Turnover from the sale of goods is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the company has fulfilled its contractual obligations and the significant risks and rewards of ownership of the goods has transferred to the customer. This is usually at the point that the customer has taken delivery of the goods.
Turnover from the rendering of services is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover is recognised when it can be estimated reliably by reference to the stage of completion of the project as at the balance sheet date.