Entity E entered into a contract in 2009 to supply video game consoles to customer G. The contract is for 50,000 game consoles at EUR 100 each. The contract contains specific instructions from customer G with regard to the timing and location of the delivery. Entity E should deliver the consoles to customer G in 2010 at a date to be specified by the customer. Usual payment terms apply. Entity E’s year-end is 31 December. 

At 31 December 2009, entity E has inventory of 60,000 game consoles, including the 50,000 relating to the contract with customer G. However, entity E cannot use the 50,000 game consoles to satisfy other sales orders and at 31 December 2009 the title to the 50,000 consoles has passed to customer G. Delivéry is expected to take place in 2010. 

When should entity E recognise revenue?