The customer controls as the asset is created or

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the customer controls as the asset is created or enhanced (see paragraph B5); or (c) the entity’s performance does not create an asset with an alternative use to the entity (see paragraph 36) and the entity has an enforceable right to payment for performance completed to date (see paragraph 37).” Accordingly, as a result of item (a) it is incorrect for Toronto Ltd to recognise the full $200m as revenue as the standard requires revenue from services to be related to a reliable measure of the stage of completion. At 30 June, no completion has occurred and therefore there can be no revenue recognised.
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