Telecommunications company, Winslow Ltd, signed a 15-year deal to sell capacity on its cable network to a rival company for $400 million. The deal was completed on the last day of Winslow Ltds financial year, 30 June, 2022. The company received an upfront payment of only $40 million from its competitor on that day, but decided to recognise revenue of $400 million for the financial year just completed.

Required With reference to the conceptual framework justify whether the $400 million should or should not be recognised as revenue for the financial year ended 30 June, 2022.