Backlog is not a measure defined by IFRS. The relevant entity’s backlog represents its estimate of the contract value of its projects that remains to be completed as at a particular date, excluding VAT. Such value is calculated as the total contract value for each project less the amounts already recognised as revenue from the contracts for such projects. The total contract value of a particular project represents the total amount that the relevant entity expects to recognise as revenue from the contract for such project, assuming the contract is performed in accordance with its terms. A project is included in the backlog of a relevant entity when a contract for the project is executed.