Timing of Revenue Recognition

Essay

Timing of revenue recognition
Asana Inc. enters into a contract with Modo Company to develop and install a customized enterprise resource planning system (ERP). Progress payments are made upon completion of each stage of the contract. If the contract is terminated, the partly completely ERP will pass to Modo Company. Asana is prohibited from directing the software to another customer (and besides, it is likely too customized to do so, anyway). Asana Inc. prepares its financial statements in accordance with IFRS.
Instructions
At what point should Asana recognize revenue related to its contract with Modo Company?