BUSINESS

Accounting changes and the meaning of 'income'

Business, PwC Thailand, Published on 16/03/2018

» Two words usually come to mind when we consider the timing of income recognition. They are "risk" and "reward". Traditionally, the revenue of a contractor can be recognised once the risk and reward have been passed to the buyer. We are very familiar with this concept as it has been in place for more than a decade. However, changes are in the pipeline.