Annual Financial Statement (AFS) in the Philippines
The annual financial statement is a detailed report that summarizes a company's or corporation's financial performance for a specific fiscal year and is mandated by the Securities and Exchange Commission (SEC) of the Philippines. The income statement, balance sheet, cash flow statement, and notes to the financial statements of the corporation are all included in it. To ensure accuracy and compliance with generally accepted accounting standards and SEC rules, the annual financial statement must also undergo an audit by an independent auditor.
Companies and corporations must file yearly financial statements to the SEC in the Philippines within 120 days after the end of their fiscal year. In order to maintain openness, accountability, and investor confidence in the Philippine capital markets, accurate and timely financial statement reporting is essential.