THE Securities and Exchange Commission (SEC) has extended the deadline for filing annual financial statements (AFS) to allow auditors to finish their work.
“The extension seeks to provide external auditors more time to complete their statutory audits of the financial statements of corporations,” the SEC said in a press release.
Companies whose fiscal year ended on Dec. 31, 2022 are to file their AFS depending on the last digit of their SEC registration or license number.
All corporations’ branch offices, regional headquarters, and regional operation headquarters of foreign corporations must follow the new scheme set in the SEC’s Memorandum Circular No. 1, Series of 2023.
Under the number coding scheme, registration numbers ending in 1 and 2 are to file their reports on May 29 to 31 and June 1 to 2. For those ending in 3 and 4, the filing date is on June 5 to 9. For numbers ending in 5 and 6, the filing date is on June 13 to 16; and for those ending in 7 and 8, the date is on June 19 to 23.
SEC extension offices will also implement the schedule and corporations may submit their report on or before their respective deadlines.
Those not covered by the extension are corporations whose fiscal year ends on a date other than Dec. 31, 2022, corporations whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed in the PSE, public companies, and entities covered under Sec. 17.2 of Republic Act No. 8799, or the Securities Regulation Code (SRC).
Additionally, corporations whose AFS are being audited by the Commission on Audit (CoA) are also not covered by the extension.
“Such corporations shall provide an affidavit signed by the president and treasurer or chief finance officer attesting to the fact that the company timely provided [CoA] with the financial statements and supporting documents,” the SEC said.
It added that a corporation needs to prove the CoA audit has concluded as well as present a letter confirming the information stated in the AFS.
Additionally, the company’s general information sheet must be filed within 30 calendar days from the date of its annual stockholders’ meeting. — Adrian H. Halili