Firms told: Submit AFS, GIS early

THE local office of the Securities and Exchange Commission has urged corporations to submit their annual reports ahead of the deadline so as to avoid overcrowding and long queues in processing their documents.

In a press statement released this week, lawyer Katrina Jamilla PoncoEstares, SEC Davao Extension Office director, advised companies to file their audited financial statements (AFS) and general information sheets (GIS) “ahead of schedule to avoid long queues.”

Ponco-Estares said in the past, the agency observed increase in the number of filers who are submitting their reports on the last day of the filing schedule. “To avoid overcrowding, we are encouraging them to file early,” she said.

The director added that avoiding the lastminute rush would also give them the time to sit down and review the completeness of their reportorial requirements.

All corporations are required to submit or file financial statements annually, whether they are foreign or domestic entities, as mandated by the Revised Corporation Code of the Philippines (RCC).

The director emphasized that “acceptance and

receipt by the Commission of the FS shall be without prejudice to the fines that may be imposed for any material deficiency or misstatement that may be found upon evaluation of the specific contents thereof.”

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 based on SEC Memorandum Circular No. 2, Series of 2020.

The filing deadline based on their last numerical digits are April 20-24 for 1 and 2;

April 27-30 for 3 and 4; May 4-8 for 5 and 6; May 11-15 for 7 and 8; and May 18-22 for 9 and 0.

Those broker dealers whose fiscal year ends on December 31 are also mandated to file their SEC Form 52-AR with the Commission depending on the last numerical digit of their registration numbers.

Those who will fail to submit on the set schedule shall be accepted Starting May 25, 2020 and will be subject to the corresponding penalties which will be computed from the date of the last day of filing schedule.

Meanwhile, companies whose fiscal year does not end on December 31, 2019 are required to file their AFS within 120 calendar days from the end of their fiscal year.

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

Broker dealers, on the other hand, the SEC Form 52-AR shall be filed within 110 calendar days after the close of the fiscal year.

The complete lists of the formal requirements in the preparation of AFS may be downloaded from the SEC website. All corporations may directly file their AFS and GIS at the SEC Davao Extension Office, 2F SDC Building, Ma-a Road, Ma-a, Davao City.