The company has been receiving numerous calls for bookings for their new condominium units in Setapak, Kuala Lumpur. About 500 potential buyers are already willing to pay deposits to book their condominiums. The CEO is eager to show some profits for this year and is asking you if they can start recognizing these deposits as proof of sales and record the whole amount of the condominium value in its sales accounts.

Identify the relevant accounting principles and provide a clear definition for these principles