We will recognize revenue based Sales Invoices and Cost based on Supplier invoices. Please advise if this method is acceptable in Thailand’s accounting regulation?
Panwa: For the accounting standard, you can record your income when:
1.Sale of goods
Revenue is recognized in the statement of income when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognized if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods.
Services are recognized as revenue when the service is completely rendered to customers.