Gomez Software Company enters into a contract with Hurly Company to develop and install customer relationship management (CRM) software. Progress payments are required to be made on completion of each stage of the contract. If the contract is terminated, then the partly completed CRM software passes to Hurly. Gomez Software is prohibited from redirecting the software to another customer. On what basis should Gomez Software recognize revenue related to its contract with Hurly? The contract meets the criteria for recognizing revenue