Problem
Determining how to recognise revenue can be one of the more the difficult decisions for organisations to make in practice. Whilst for many organisations it is pretty straight forward (e.g. Woolworths would record a sales revenue when a sales transaction is recorded at their registers) for some organisations it is much less clear. For example, if we think about Qantas, when should they consider a transaction to be revenue (when we purchase a fare? when the flight is taken? but what if the fare purchased is non-refundable?), this is particularly relevant given the current situation with border closures and cancelled flights.