SEC Extends Deadline for Filing of Annual Financial Statements
The Securities and Exchange Commission (SEC) has extended the deadline for the filing of annual financial statements (AFS) for 2023. The new deadline is July 3, 2023.
The extension was granted in order to provide sufficient time for external auditors to complete their statutory audits of the financial statements of corporations. The SEC also noted that the extension is necessary due to the recent challenges encountered by the auditing firms.
The extension applies to all corporations whose fiscal year ends on December 31, 2022. Corporations whose fiscal year ends on a date other than December 31, 2022, are not covered by the extension.
Corporations that fail to file their AFS by the new deadline will be subject to penalties. The penalties will be computed from the date of the last day of filing.
The SEC encourages corporations to file their AFS on time. Filing on time will help to ensure that corporations are in compliance with the law and that they are able to access the benefits of being a registered corporation.
Here are the following steps on how to file your annual financial statements with the SEC:
Log in to the SEC's online system, eSEC.
Click on the "Annual Financial Statements" tab.
Select the year for which you are filing your AFS.
Upload your AFS.
Pay the filing fee.
Submit your AFS.
The filing fee for annual financial statements is P500 for corporations with a paid-up capital of less than P5 million and P1,000 for corporations with a paid-up capital of P5 million or more.
For more information on the filing of annual financial statements, please visit the SEC's website at www.sec.gov.ph. (SEC Extends Deadline for Filing of Annual Financial Statements)