New Accounting Rules For SMEs Effective January 2010

Effective January 2010, the Securities and Exchange Commission mandated SME Corporations to adopt the New Accounting and Financial Reporting Rules. As an SME, you would want to know these changes before you finalize your financial report to avoid costly mistakes and penalties. Positively, there are benefits that SMEs should take advantage of with this new regulation.

This new SEC regulation is applicable to:

* All Corporations with assets of P3 million to P350 million
* All Corporations with liabilities of P3 million to P250 million
* All Corporations such as banks, investment houses, finance companies, insurance companies, securities broker/ dealers, mutual funds and pre-need companies as they need to understand the impact of these new rules on their investments in SMEs and their associate companies, whether partnerships or joint ventures.

If you are a creditor or insurance company, you would want to understand how these new rules affect your valuations of those SMEs and their impact on the changes in financial reporting rules in relation to their credit standing and credit worthiness.

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