This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Revenue represents the fair value of consideration received or receivable for goods supplied to customers, excluding intergroup income and after deducting sales allowances, rebates and value added taxes. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer, the revenue and costs incurred in respect of the transaction can be measured reliably and collectability is reasonably assured.
Revenue includes the Group share of the revenue of joint ventures, net of the Group share of any sales to the joint ventures already included in the Group figures, but does not include the Groups share of the revenue of associates.
This excerpt taken from the ICI 20-F filed Mar 31, 2006.
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