Corporations get relief as SEC extends deadline for submission of annual financial statements

The Securities and Exchange Commission has announced an extension of the deadline for the submission of annual financial statements (AFS) for corporations.

The move is aimed at giving external auditors more time to complete their statutory audits of the financial statements of corporations.

In a memorandum issued on February 27, the SEC said that 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 AFS based on the last digit of the SEC registration or license number, in accordance with the revised schedule.

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 (PSE), those whose securities are registered but not listed on the PSE, public companies, and entities covered under the Securities Regulation Code (SRC).

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.