LA2 VanVleet Corp. enters into contract with Gasol Company to develop and install customized software for their human resource management team. Vanvleet prepares their financial statements in accordance with IFRS. Progress payments are made based upon completion of each stage of the contract. If the contract is terminated before completion, the partly developed software will pass to Gasol Company. Vanvieet is unable, due to a legal cause in the contract, to sell the software to another customer. Required: When should VanVleet recognize revenue related to their contract with Gasol Company? Explain why Type your answer and submit