Accounting Alerts

SEC 2023 Extension of Deadlines for the 2023 Filing of Annual Financial Statements

This Accounting Alert is issued to circulate Securities and Exchange Commission (SEC or the Commission) Memorandum Circular No 01 (MC/the Circular) series of 2023 dated March 1, 2023.

To demonstrate commitment to ensuring high-quality financial reports, the Commission provides sufficient time for external auditors to complete their statutory audits of the financial statements of corporations amidst recent challenges encountered by the auditing firms. The Commission hereby revised Sections I.1 and I.4 of the Circular.

Annual Financial Statements (AFS)

All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations whose fiscal year ends on December 31, 2022 shall file their AFS based on the last digit of the SEC registration or license number in accordance with the following revised schedule:

1 and 2 :  May 29,30,31 and June 1,2

3 and 4 :  June 5,6,7,8,9

5 and 6 :  June 13,14,15,16

7 and 8 :  June 19,20,21,22,23

9 and 0 :  June 26,27,29 30

All corporations under the jurisdiction of the SEC Extension Offices shall be governed by the same coding schedules in 2023.

Late filings or submission after the due dates provided above shall be accepted starting July 3, 2023 and shall be subject to the prescribed penalties, which shall be computed from the date of the last day of filing stated above.

All provisions under MC No. 9, Series of 2022, except for Section I.1 and I.4, as revised, remain to be effective. The above revised filing schedule shall not apply to the following corporations:

  1. Those whose fiscal year ends on a date other than December 31, 2022. These entities shall file their AFS within 120 days from the end of their fiscal year.
  2. Those whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed on the PSE, those considered as public companies, and other entities covered under Sec.17.2 of the SRC. These entities shall file their AFS within 105 days after the end of fiscal year, as attachment to their Annual Reports (SEC Form 17-A), in accordance with the implementing Rules and Regulations of the SRC.
  3. Those whose AFS are being audited by the Commission on Audit.

See attached Memorandum Circular for further details.