SEC extends deadline for AFS submissions

MANILA, Philippines — The Securities and Exchange Commission (SEC) has extended the deadline for the submission of annual financial statements (AFS) of corporations.

In Memorandum Circular 1, Series of 2023 (SEC MC 1), the SEC ordered the extension of deadlines for the 2023 filing of annual financial statements, in a bid to provide external auditors more time to complete their statutory audits of the financial statements of corporations.

The deadline extension, however, does not apply to corporations whose fiscal year ends on a date other than Dec. 31, 2022, those whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed on the PSE, public companies, and entities covered under Sec 17.2 of Republic Act 8799, or the Securities Regulation Code (SRC).

Furthemore, the SEC said that corporations whose AFS are being audited by the Commission on Audit (COA) are likewise 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.

The SEC will accept late filings starting July 3, which will be subject to the prescribed penalties computed from the last day for AFS filing.

Under the newly issued memorandum circular, all corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations whose fiscal years ended on Dec. 31, 2022 shall file their AFS based on the last digit of the SEC registration or license number, in accordance with the revised schedule:

1 and 2 : May 29 to 31; June 1 to 2;

3 and 4 : June 5 to 9

5 and 6 : June 13 to 16

7 and 8 : June 19 to 23

9 and 0 : June 26 to 30

All stock and nonstock corporations are still required to submit their annual reports online through the SEC Electronic Filing and Submission Tool (eFAST) portal.

Moreover, the SEC said that companies must file their General Information Sheet (GIS) within 30 calendar days from the date of the actual annual stockholders’ meeting for stock corporations, from the date of actual annual members meeting of non-stock corporations, and from the anniversary date of the issuance of the SEC license for foreign corporations.