Revenue from the sale of goods shall be recognized when all the following conditions have been satisfied:
(IAS 18.14) a)the entity has transferred to the buyer the significant risks and rewards of ownership of the goods; b)the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; c)the amount of revenue can be measured reliably; d)it is probable that the economic benefits associated with the transaction will flow to the entity e)the costs incurred or to be incurred in respect of the transaction can be measured reliably.