Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Rendering of services
The company recognises revenue from property management services based on commission earned from rental income. Revenue is recognised when the service is provided, and commission is earned, typically upon receipt of rental payments.