Simon Ltd receives a non-refundable upfront fee of $2,000 from Customer C for financial consultation advice, on 1 May 2023. Under the agreement with Customer C, Simon Ltd must provide ongoing consulting services until 1 May 2024. An additional amount of $100 per hour is charged for these ongoing services. The normal market rate for equivalent initial consultation fees is $1,400. Required:

Refer to the above information, when and what value should revenue be recognised? Explain with reason(s) to support your answers (IFRS)