The Securities and Exchange Commission (SEC) has extended the deadline for the submission of annual financial statements of corporations this year.
Under Memorandum Circular 1, Series of 2023, the extension will provide external auditors more time to complete the statutory audits of corporations.
All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations whose fiscal years ended on December 31, 2022 shall file their financial statements based on the last digit of the SEC registration or license number.
Their schedule are as follows: 1 and 2 on May 29 to 31; June 1 to 2; 3 and 4 on June 5 to 9; 5 and 6 on June 13 to 16; 7 and 8 on June 19 to 23; and 9 and 0 on June 26 to 30.
The SEC extension offices will also implement the coding schedule. Corporations may submit their reports on or before their respective filing dates.
The SEC will accept late filings starting July 3, subject to penalties computed from the last day for filing.
The deadline extension does not apply to corporations whose fiscal year ends on a date other than December 31, 2022, those whose securities are listed on the Philippine Stock Exchange, those whose securities are registered but not listed on the PSE, public companies and entities covered under Sec 17.2 of Republic Act No. 8799, or the Securities Regulation Code.
Corporations whose financial statements are being audited by the Commission on Audit are also not covered by the deadline 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 and that the audit of the COA has just been concluded as well as a letter from the COA confirming the information on the affidavit are attached to their AFS.
Other provisions of SEC MC 9 2022, which provided the original schedule for AFS filing, remain in effect, the agency said.
Stock and non-stock corporations are still required to submit their annual reports online through the SEC Electronic Filing and Submission Tool (eFAST).
Submissions over the counter and through courier are not accepted. Failure to follow is considered sufficient ground penalties by the SEC.
