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IFRS 15 says that revenue is recognised when an obligation which results in potential liability to the customer is completed to the extent that the provider's assets or cash increase. And as WiP is an asset, and the recording of time results in the liability for the charge for that time being complete, turnover is in theory neither cash nor bills, but merely time recording.

Turnover is vanity; profit is sanity. Or as Quindell / Slater and Gordon demonstrated, turnover is pretty much whatever figure you want it to be!