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
Fee income from property sourcing and consultancy activities, where the company identifies investment opportunities, attends property viewings, negotiates deals and provides advisory services to clients, is recognised when the relevant transaction has been completed and the company has fulfilled its obligations under the engagement. Where the company provides ongoing property management or advisory services on a fee or contract basis, revenue is recognised over the period in which the services are performed, by reference to the stage of completion of the contract. Turnover is only recognised to the extent of recoverable expenses where the outcome of a contract cannot be estimated reliably.