SEC sets deadline for annual reports

THE SECURITIES and Exchange Commission (SEC) has released the schedule of the annual filing of companies’ annual reports, particularly their audited financial statements (AFS), for fiscal year 2019 and general information sheet (GIS).

All corporations whose fiscal year ended on December 31, 2019, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, shall file their AFS depending on the last numerical digit of their SEC registration or license numbers, as follows: April 20, 21, 22, 23, 24 : 1 and 2 April 27, 28, 29,

30 : 3 and 4 May 4, 5, 6, 7, 8

: 5 and 6

May 11,12,13,14,15

: 7 and 8

May 18, 19, 20, 21, 22

: 9 and 0 Broker dealers whose fiscal year ends on December 31 shall likewise file their SEC Form 52AR with the Commission depending on the last numerical digit of their registration numbers. To maintain an organized and orderly filing of annual reports, the SEC advises companies to observe the prescribed schedule. The Commission, however, shall allow companies to file their annual reports ahead of schedule to ensure compliance.

Late filings shall be accepted starting May 25, 2020 and shall be subject to the prescribed penalties which shall be computed from the date of the last day

of filing schedule.

Meanwhile, companies whose fiscal year ends on a date other than December 31, 2019 shall file their AFS within 120 calendar days from the end of their fiscal year. In the case of broker dealers, the SEC Form 52AR shall be filed within 110 calendar days after the close of the fiscal year.

Those whose securities are listed on the Philippine Stock Exchange, as well as those whose securities are registered but not listed on the Exchange and public companies covered under Sec.17.2 of Republic Act No. 8799, or the Securities Regulation Code (SRC), shall file their AFS within 105 calendar days after the end of their fiscal years as attachment to their Annual Reports (SEC Form 17-A). Who shall file AFS Every corporation doing business in the Philippines, whether domestic or foreign, shall submit annual financial statements, pursuant to Republic Act No. 11232, or the Revised Corporation Code of the Philippines (RCC).

The following shall submit financial statements audited by an independent certified public accountant:

· Stock corporation with total assets or total liabilities of P600,000 or more as prescribed under RCC;

· Nonstock corporations with total assets or total liabilities of P600,000 or more as prescribed under RCC;

· Branch offices/representative offices of stock foreign corporations with assigned capital in the equivalent amount of P1 million or more;

· Branch offices/representative offices of stock foreign corporations with total assets in the equivalent amount of P1 million or more; and

· Regional operating headquarters of foreign corporations with total revenues in the equivalent amount of P1 million or more.