Accounting Alerts

Extension of Deadline for the Submission of 2020 Annual and Quarterly Reports and AFS of Companies with Fiscal Year Ended January 31 to April 30, 2020

This Accounting Alert is issued to circulate the extended deadlines provided by the SEC for companies with fiscal year ended January 31 to April 30, 2020.

Background

The COVID-19 pandemic has caused serious business and economic disruptions, the extent and duration of the effects of which remains unclear.  In view of these difficulties, the Securities and Exchange Commission (SEC) has issued SEC Memorandum Circular No. 17, series of 2020, to provide relief in the submission of reports by companies with fiscal years ended January 31 to April 30, 2020.

Summary

The SEC grants extension of deadlines for the submission of the following reports of companies with fiscal years ended January 31 to March 31, 2020, for a period of 60 calendar days from the regular filing deadlines, while for the companies with fiscal year ended April 30, 2020, an extension of the deadline for the submission of the following reports is for a period of 45 calendar days from the regular filing deadline:

  • Annual Reports and Audited Financial Statements (AFS) of publicly-listed companies (PLCs) and issuers of registered securities (other than PLCs);

  • AFS of all other companies

The deadline for the submission of the Quarterly Reports (SEC 17-Q) for the first quarter of the covered companies under the Memorandum Circular, is also extended for a period of 45 calendar days from the regular filing deadline.

For PLCs and issuers of registered securities under the supervision of the Market and Securities Regulation Department, the concerned companies that may want to avail the extended period for filing of the SEC Form 17-A and SEC Form 17-Q Reports pursuant to the Memorandum Circular shall file the special disclosure form SEC Form 17-LC. The SEC Form 17-LC shall be filed not later than 5 calendar days before the regular filing deadline.

Covered companies are encouraged by the SEC to file their reports before the extended deadline of submission as allowed in the Memorandum Circular. PLCs shall also continuously observe the disclosure obligations under the SRC and the PSE Consolidated Listing and Disclosure Rules.

 

See attached Accounting Alert for further details.