Revenue from the sale of goods is recognised when:
a) the risks and rewards of ownership have been transferred to the buyer;
b) GA retains no managerial involvement or effective control over the goods;
c) the revenue and transactional costs incurred can be reliably measured; and
d) it is probable that the economic benefits associated with the transaction flow to GA.
Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:
a) the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
b) the probable economic benefit associated with the transaction will flow to GA.
The stage of completion of contracts at the reporting date is determined by reference to:
a) surveys of work performed;
b) services performed to date as a percentage of total services to be performed; or
c) the proportion of costs incurred to date to the estimated total costs of the transaction.
Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any allowance for impairment. Collectability of debts is reviewed at end of the reporting period. Loss allowance is an amount equal to lifetime expected credit losses (refer to Note 6.2).