In June 2011, West Australian Drilling Supplies Company (WADSC Ltd) received an order for oilfield equipment (including pipes that it had to manufacture and cut into specifically required lengths) from a Vietnamese company that owned many off-shore drilling rigs. The sales revenue associated with this contract was $50 million. As at the end of the financial year (30th October 2011), WADSC Ltd had completed all of the necessary manufacturing processes and all of the equipment and pipes had been delivered to the Sydney docks where they were waiting for loading onto a container ship to Indonesia. The shipping terms indicate that once the equipment has left the manufacturer, it becomes the responsibility of the buyer. The directors of WADSC Ltd are seeking your advice as their Chief Financial Accountant as to whether AOFSC can recognise the $50 million in their financial accounts to the 30th October 2011. As at this date, the goods have not yet left Australia and the Indonesian company will only pay the $50 million when the oilfield equipment and pipes safely reach Indonesia. Required: Provide the Managing Director of WADSC Ltd, Sharron Jennings with your recommendation in relation to the whether this $50 million in Sales Revenue can be recognised in the 30th October, 2011 year-end accounts. Support your answer with references to the revenue recognition criteria set out in the relevant AASB standard that would apply to this contract