081 Issuance of Small and Medium Enterprise (SME) accounting guidance 2011
“SME accounting guidance 2011” was issued on July 20, 2011 by the “Committee of guidance preparation on SME accounting” which consists of four major relevant institutions; Japanese Institute of CPAs, Japan Federation of Certified Public Tax Accountants’ Associations, Japan Chamber of Commerce and Industry, and Accounting Standards Board of Japan. This is an accounting guidance referred to by SMEs when preparing financial statements. Revised are the followings;
1. Revision of the treatment of notes on Change in accounting policies, estimates and errors
2. Revision of the definition of bonds held to maturity (with intention to hold bonds to maturity)
3. Revision of terms in the statement of shareholders’ equity (end of the previous year → beginning of this year)
Reference: Accounting Standards Boards of Japan
