By: Tax and Accounting Center Philippines
For corporations and companies in the Philippines, filing of the audited financial statements with the Securities and Exchange Commission (SEC) for calendar year ending December 31, 2013 is past approaching. As such, we would wish to share some matters related to the filing of the audited financial statements with the SEC for reference and guidance as follows:
When to file audited financial statements with SEC?
Under SEC Circular number 16 series of 2013 dated 13 September 2013, the SEC prescribed the 2014 filing of the 2013 audited financial statements. All corporations, including Philippines branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations that file their audited financial statements at the SEC Head office or at SEC Extension Offices in Davao, Cebu, Ilo-ilo and Baguio shall file their 2013 audited financial statements based on the last digit of its SEC registration number as follows:
Prior to April 14, 2014, all corporations may file their audited financial statements regardless of the last numerical digit of their SEC registration number of license number. Any filing of audited financial statements after April 14, 2014 but before the prescribed date based on SEC number ending shall not be accepted.
What are included in audited financial statement to be filed?
For filing with the Securities and Exchange Commission (SEC) of 2013 audited financial statements in the Philippines this 2014, the following shall be its components for stock corporation:
Before the SEC officer will receive the audited financial statement, it will check whether all of the above applicable components are present, otherwise, it may not accept the same. Likewise, corporations shall need one (1) original copy of the audited financial statements plus three (3) photocopies thereof.
Late filing or non-filing of audited financial statements
Late filing of audited financial statements shall be accepted starting May 19, 2014 and shall be subject to prescribed penalties which shall be computed from the date of the last day prescribed based on the SEC registration ending. It could be a waste on penalties for late filing of audited financial statements. We would suggest you plan your compliance as early as possible, coordinate with your independent certified public accountant in the Philippines for the timely and appropriate compliance.
Disclaimer: This article is for general conceptual guidance only and is not a substitute for an expert opinion. Please consult your preferred tax and/or legal consultant for the specific details applicable to your circumstances. For comments, you may also please send mail at info(@)taxacctgcenter.org, or you may post a question at Tax and Accounting Center Forum and participate therein.
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