Circular 133 on Accounting Policies for Small and Medium-sized Enterprises Released

16:18, 11/07/2024

Circular 133/2016/TT-BTC was promulgated on August 26, 2016, providing guidance on accounting policies for small and medium-sized enterprises.

The Circular has several notable new highlights worth paying attention to:

- Innovating policy approach;- Emphasizing practical applicability in enterprises;- Separating accounting and tax, aiming to serve the management and operation needs of enterprises;- Accounting is not just about Debit - Credit, it is necessary to separate recording techniques in the accounting books from financial report presentation techniques;- Valuing the substance over form and transaction names;- Approaching closer to international practices and standards.

Circular 133/2016/TT-BTC is effective for financial years beginning on or after January 01, 2017, and any provisions contrary to this circular are annulled.

Circular 133 replaces the contents applicable to small and medium-sized enterprises in Decision 48/2006/QD-BTC and Circular 138/2011/TT-BTC.

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