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SEC Filing Deadline for Annual Financial Statements and GIS of Companies with Yearend December 31, 2017

 

 

SEC Memorandum Circular Number 3-2018, defined the deadline for the filing of Annual Financial Statements and General Information Sheets (GIS) for Fiscal Year ending December 31, 2017.

“To maintain an organized and orderly filing of annual financial statements (AFS) and General Information Sheet, the Commission, pursuant to its authority under the Corporation Code and Securities Regulation Code, adopt the following measures in the filing of the AFS of the companies whose fiscal year ends on December 31, 2014 and General Information Sheet.

All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, that file their AFS and GIS at the Commission’s Head Office in Mandaluyong City, Satellite Office, Davao, Cebu, Iloilo and Baguio Extension Offices shall, depending on the last numerical digit of their SEC registration or license number, be governed by the following schedule in the filing period for 2017:

 

April 16, 17, 18, 19, 20                     : “1”, “2”

April 23, 24, 25, 26, 27                   : “3”, “4”

April 30 May 2, 3, 4                       : “5”, “6”

May 7, 8, 9, 10, 11                           : “7”, “8”

May 14, 15, 16, 17, 18                     : “9”, “0”

 

The above schedules shall not apply to the following corporations:

  1. Those with fiscal year ends on a date other than December 31, 2017. ( AFS should be filed within 120 days after the fiscal year.)
  2. Those who are listed with Philippine Stock Exchange (PSE). (Entities should continue to observe the due date as mandated by PSE.)
  3. Those AFS are under the audit of Commission on Audit (COA). (Provided the affidavit signed by the President and Treasurer/CFO attesting to the fact that the company timely provided COA with the financial statements and supporting documents and that the audit of COA has just been concluded. There should also a letter from COA confirming the information provided in the affidavit.)

Based on the circular issued by the SEC, companies can file the AFS before April 16, 2018 regardless of the last digit of their registration number. If in case you are done with your annual audited financial statements and annual income tax returns in the Philippines by April 16, 2018, then, you better file it to avoid the rush and the long wait for your schedule. However, those companies who fail to meet the mandated schedule can file their AFS starting May 19, 2018 subject to penalties imposed by the SEC.

In addition, it would be helpful to check the following basic requirements of the annual audited financial statements (AFS) in the Philippines before filing the same to avoid further delays from the large volume of filers that are starting to pile up with the SEC:

  • Check the Statement of Management’s Responsibility (SMR) signatories. SRC 68, as amended provides a clear guidance of the SMR’s signatories. Also make sure officers appearing in the SMR should tie-up with the GIS data.
  • Submit AFS stamped “received” by the BIR or its authorized bank except for the consolidated financial statements.
  • Check the additional schedules or report that should accompany the AFS as mandated by SEC such as schedule of receipts and disbursements for non-stock and non-profit organizations, sworn statement of the President and Treasurer for foundations, those companies with unrestricted earnings exceeding 100% of paid-in capital stock wherein a Reconciliation of Retained Earnings for Dividend Declaration should be submitted and other documents specifically required for some industries like under financing, mutual funds, investment houses and listed companies.

Being knowledgeable about the above deadline schedule and basic requirements is a must for us professional accountants to avoid our huge efforts in preparing the reports be put into waste at the end game.

 

(Disclaimer: This article is for general conceptual guidance only and is not a substitute for an expert opinion. Please contact us or your consultant for the specific details applicable to your circumstances. For comments, you may please send mail at info@gppcpas.com)