The Securities and Exchange Commission (SEC) has announced the new schedule of submission of firms’ annual financial statements (AFS) and general information sheet (GIS).
Corporations should file their financial statements for fiscal years ended November 30, 2019 and December 31, 2019 according to the last numerical digit of their registration or license numbers.
Those with license numbers ending 1 and 2 should file during June 29 through July 10; 3 and 4 during July 13 to 17; 5 and 6 during July 20 to 24; 7 and 8 during July 27 to 30; and 9 and 0 during August 3 to 7.
The financial statements should also have the seal of the Bureau of Internal Revenue.
Prior to the lockdown in Luzon in mid-March, the SEC scheduled the filing of annual financial statements for April 20 to May 22.
The new coding schedule does not apply to publicly-listed companies, issuers of registered securities, investment companies, issuers of proprietary and non-proprietary shares or timeshares and public companies, which shall file their 2019 financial statements by June 30, or within 60 days from the lifting of travel restrictions.
“To maintain an organized filing of annual reports, the SEC encourages corporations to observe the prescribed schedule. The SEC will allow companies to file their annual reports ahead of schedule to ensure compliance,” the agency said.
Late filings shall be accepted starting August 10 and will be subject to penalties, computed from the date of the last day of filing schedule.
The SEC require small corporations to submit the hard copies of their annual reports through mail or courier under the SEC Express Nationwide Submission facility to provide adequate protection to its frontline service personnel from undue exposure to the risk of coronavirus.
All reports shall be delivered to the SEC Head Office located on the ground floor of the Secretariat Building in PICC Complex, Pasay via the Philippine Postal Corp. (PHLPost) or the courier service chosen by the filer.
The date of mailing of reports, such as the GIS and AFS, as shown by the registry receipt of the courier, shall be considered as the reckoning date of submission of the GIS and AFS.
For reports filed through registered mail, the reckoning date of receipt shall be the date of receipt by PHLPost. For reports filed through email during the enhanced community quarantine, the date of receipt shall be the date stated in the Acknowledgment Confirmation, which filers shall attach to the hard copies of their reports.
The GIS, meanwhile, should have been submitted within 30 calendar days from the actual annual stockholders’ or members’ meeting for stock and nonstock corporations. In the case of foreign corporations, the GIS is due 30 calendar days from the anniversary of the issuance of their SEC licenses.
The SEC would adjust either the deadlines or the procedures for the submission of reportorial requirements to help corporations cope with the impact of what has since become a pandemic.
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