2013 schedule of filing of annual financial statements (AFS)

The Securities and Exchange Commission (SEC) has issued the following guidelines in the filing of the annual financial statements (AFS) in 2013 of companies whose fiscal year ends on December 31, 2012 and who will be filing their financial statements (FS) at the SEC head office, Davao, Cebu, Iloilo and Baguio extension offices.

1. All covered corporations, including branches, representative offices, regional headquarters (RHQ) and regional operating headquarters (ROHQs) shall file their AFS based on the following schedule:

Filing period	Last numerical digit of SEC Registration No.
April 16-19	1 and  2
April 22-26	3 and 4
April 29-30 to May 2-3	5 and 6
May 6-10	7 and 8
May 14-17	9 and 0

2. The filing schedule does not apply to corporations whose fiscal year ends on a date other than December 31, 2012. Instead, they should file their FS within 120 calendar days from the end of their fiscal year.

3. Corporations whose securities are listed on the Philippine Stock Exchange must observe the due date of filing of their AFS as attachments to their annual reports (SEC Form 17-A) in accordance with the implementing rules of the Securities Regulation Code (SRC).

4. The filing schedule shall not apply to AFS being audited by the Commission on Audit (COA) provided that the following are attached to their FS: (1) affidavit signed by the President and Treasurer (or Chief Finance Officer) attesting that their FS and supporting documents were timely filed and provided to COA and the audit of COA has just been concluded; and (2) letter from COA confirming the information in the affidavit.

5. Prior to April 15, 2013, filing of FS regardless of last digit or license number is allowed. Late filings shall be accepted only starting May 20, 2013, subject to imposition of applicable penalties.

6. The AFS, other than the consolidated financial statements, shall have the stamp “received” by the BIR or its authorized banks, unless the BIR allows an alternative proof of submission for its authorized banks (e.g., bank slips).

7. The basic components of the AFS shall be presented for pre-screening as prescribed under the SRC. Failure to comply with any of the formal requirements under SRC is a ground for denial of receipt of the financial statement.

The acceptance and receipt of the financial statement 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 contents of the financial statement.

(SEC Memorandum Circular No. 7, September 7, 2012

Tax Brief – October 2012

Punongbayan and Araullo