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  1. Grant Thornton Philippines
  2. Alerts and Publications
  3. Technical Alerts
  4. Accounting Alerts
  5. 2020
  6. Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020

Accounting Alert

13 Jul 2020
  • Accounting Alerts
  • 2021 2021
    • Philippine Interpretations Committee Question and Answer 2020-05
    • Audit Readiness - Preparing your Annual Reports
    • Philippine Interpretations Committee Question and Answer 2020-04
    • Philippine Interpretations Committee Question and Answer 2020-03
    • Philippine Interpretations Committee Question and Answer 2020-02
    • SEC Memorandum Circular No. 35 series of 2020
    • SEC Memorandum Circular No. 34 series of 2020
    • SEC Memorandum Circular No. 33 series of 2020
    • Regulatory Relief on the Non-imposition of Sanction for Breach in Single Borrower's Limit by Certain Foreign Bank Branches
    • Guidelines on the Electronic Submission of Report on Reclassification of Debt Securities Out of Fair Value Category
    • Revised Guidelines on the Declaration and/or Distribution of Dividends for IC-Regulated Entities
    • PIC Q&A 2020-06, Accounting for Payments Between and Among Lessors and Lessees
    • PIC Q&A 2020-07, Accounting for the Proposed Changes in Income Tax Rates under the CREATE Bill
    • Amendments to the Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category
    • Guidelines on the Electronic Submission of Requests for Investment Approval, Compliance with Security Deposit Requirements and Filing of Reportorial Requirements for IC-Regulated Entities
    • Insights to PFRS 3, Business Combinations
    • Navigating the Changes to International Financial Reporting Standards
  • 2020 2020
    • Extension of Deadline for Submission of Forms/Notices
    • Online and Manual Submission of Forms/Notices Pursuant to SEC MC 28-2020
    • COVID-19 Accounting Implications for CFOs - Debt Modifications
    • Discussion Paper 'Business Combination under Common Control'
    • SEC Memorandum Circular No. 32 series of 2020
    • SEC Memorandum Circular No. 31 series of 2020
    • SEC Memorandum Circular No. 28 series of 2020
    • Insights into PFRS 16 - Lease Incentives
    • IASB issues Interest Rate Benchmark Reform Phase 2
    • IFRIC 23 - Uncertainty Over Income Tax Treatments
    • COVID-19 Going Concern Considerations
    • Extension of Deadlines and Interim Procedures for the Submission of Printed/Hard Copies of Annual Reports
    • IASB Defers the Effective Date of IAS 1 Amendments
    • Guidelines on the Electronic Submission of the Annual Report and Audited Financial Statements to BSP
    • Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020
    • Work Suspension at the SEC Main Office and Extension of Deadlines for Certain Corporations
    • Adjustment of Deadlines for Submission of Annual Reports to the SEC and Other Announcements
    • Amendments to IFRS 17 and IFRS 4
    • Filing of Reports and Other Documents in SEC Main Office during Temporary Closure
    • Options for the Submission of Reports, Applications and Other Documents to the SEC During Community Quarantine
    • COVID-19 Accounting Considerations for CFOs: Revenue Recognition
    • COVID-19 Accounting Considerations for CFOs: Government Grants
    • IASB Amends IFRS 16 to Provide Relief for Lessees Accounting for Rent Concessions during the COVID-19 Pandemic
    • COVID-19 Accounting for Lease Modifications
    • SEC Notice on the Opening of SEC Express System and SEC Express Nationwide Submission
    • Insurance Commission Circular Letters: Regulatory Reliefs, Online Submission of Reports, and Deferral of IFRS 17 Implementation
    • COVID-19 Accounting Implications for CFOs: Impairment of Intangible Assets and Goodwill
    • IASB Issues Narrow Scope Amendments to IFRS Standards
    • Procedures in the Filing of Audited Financial Statements and General Information Sheet after the Enhanced Community Quarantine
    • 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
    • Understanding the Impact of COVID-19 on 2020 Deferred Tax Provisions
    • IASB Proposes Relief for Rent Concessions During the COVID-19 Pandemic
    • Extension of Period to File the General or Special Form for Financial Statements and Guidelines on Submission by Electronic Mail
    • Treatment of Net Unrealized Losses in the EFCDU/FCDU Book for Purposes of Determining Compliance with the EFCDU/FCDU Asset Cover Requirement
    • Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category for Prudential Reporting to the BSP
    • Reporting the Impact of COVID-19 to your Business
    • Guidelines on Filing SEC Form 17-LC and 17-C Report
    • COVID-19: Financial Reporting and Disclosures
    • Reduction in Reserve Requirements
    • COVID-19 Outbreak: Accounting Implications
    • Guidelines for Filing of Reports through Electronic Mail with the SEC during ECQ Period
    • Application of IFRS 9 in Light of the Coronavirus Uncertainty
    • [UPDATE] Regulatory Relief for Entities Regulated by the Insurance Commission
    • Guidelines on Submission by Electronic Mail of Required Forms and Documents and Recognition of Electronic Signature
    • Guidelines for the Filing of General Information Sheet (GIS) During the COVID-19 Outbreak and Enhanced Community Quarantine
    • Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks
    • Alternative Means of Filing Reports, Communications and Other Documents with the SEC
    • SEC Relaxes the Requirements for Extension in the Filing of Annual Reports and/or Audited Financial Statements
    • Guidelines Covering the Conduct of Business in the Insurance Commission During the Community Quarantine Period
    • SEC Issues Guidelines on the Participation in Regular and Special Meetings through Remote Means of Communication
    • Regulatory Relief for...
    • SEC Extends Deadline for Annual and Quarterly Reports for Companies affected by Covid-19
    • Guidelines on Preventative Measures Against...
  • 2019 2019
    • SEC Extends Deadline for Annual and Quarterly Reports for...
    • Deferral of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23) for Real Estate Industry
    • Implementation of IFRS 17, Insurance Contracts
    • Amendments to Regulations on Financial Audit of Banks and Non-Bank Financial Institutions
    • Navigating the Changes to IFRS 2020
    • SEC Memorandum Circular No. 2 - 2020 Filing of Annual Financial Statements and General Information Sheet
    • IASB issues Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
    • GTI IFRS News Q4 2019
    • Insights into PFRS 3: Definition of a Business
    • IASB issues Interest Rate Benchmark Reform
    • Insights into PFRS 16: Presentation and Disclosure
    • Insights into PFRS 16: Lease Payments
    • Insurance Commission's Guidelines on Lease Accounting for Insurance and Reinsurance Companies
    • GTI IFRS News Q1 2019
    • Application Deferral of PIC Q&A 2018-H and 2018-14
    • Sustainability Reporting Guidelines for Publicly-Listed Companies
    • Insights into PFRS 16: Sale and Leaseback Accounting
    • Insights into PFRS 16: Transition Choices
    • Use of the New General Information Sheet (GIS) Form
    • 2019 Filing of Annual FS and GIS
    • Navigating the Changes to IFRS 18
    • Insights into PFRS 3: Definition of a Business
    • GTI IFRS News Q2 2019
    • Rules on Material Related Party Transactions for Publicly-listed Companies
    • BOA Repealed Resolutions on FS Compilation Services
    • GTI IFRS News Q3 2019
    • 2019
  • 2018 2018
    • Insights into IFRS 16
    • SEC Memorandum Circular 2018-14 – PFRS 15 Implementation Issues Affecting Real Estate Industry
    • Accounting for Client Money
    • Third Quarter Edition of IFRS News
    • Accounting for Crypto Assets
  • 2017
  • 2016
  • 2015
  • 2014
  • 2008
  • 2007
  • 2006
  • 2005

Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020

This Accounting Alert is issued to circulate the recent notice issued by the SEC to announce adjusted deadlines and modes of filing accepted by the SEC until July 26, 2020.

Adjusted Deadlines

On July 11, 2020, the SEC announced that the SEC Main Office within the PICC Complex, as well as the temporary payment center in the SEC Ortigas Building will remain closed until July 26, 2020. In a Notice dated July 12, 2020, the SEC implements the following adjustments in the deadlines for the submission of the Annual Financial Statements (AFS) and the General Information Sheet (GIS), in view of the extended closure of the SEC Main Office:

July 1, 2, 3, 6, 7, 8, 9, 10, August 10, 11, 12, 13, 14              :  1 and 2

July 13, 14, 15, 16, 17, August 17, 18, 19, 20                          :   3 and 4

July 20, 21, 22, 23, 24, August 24, 25, 26, 27, 28              :   5 and 6

July 27, 28, 29, 30                                                                :   7 and 8

August 3, 4, 5, 6, 7                                                               :   9 and 0

Corporations, which held their annual stockholders’ meetings during the Enhanced Community Quarantine and Modified Enhanced Community Quarantine in the National Capital Region, will still have until August 31, 2020 to submit their GIS.

Modes of Filing

Via Courier Only

Submissions to the SEC Main Office shall be made through courier only using the SENS facility while the SEC Main Office remains closed. Corporations may request for their return copies by including in their submissions prepaid return envelopes with stamps. No request for return copies may be processed on the same day.

Alternatively, corporations may request for plain or authenticated copies of their AFS, GIS and other documents through the SEC Express System two months after receipt.

Email Submissions

Corporations may continue sending the scanned copies of their duly signed and, if applicable, notarized reports through email at the addresses mentioned in the Notice. The documents shall be considered received on the date stated in the Acknowledgment Receipt (AC) the SEC shall send through email. Accordingly, the printed copies may be submitted through courier or the Philippine Postal Corporation following the filing schedule provided above, but the reckoning of the date of receipt shall be based on the AC.

Submission to the SEC Extension Offices

Corporations headquartered outside the National Capital Region may continue filing their reports with the SEC Extension Offices. Please note, however, that the SEC - Cebu Extension Office shall be closed while Cebu City remains under Enhanced Community Quarantine.

Requests for SEC Documents

Online Application Only

The SEC shall continue accepting requests for plain or authenticated copies of annual reports and other documents submitted by corporations through the SEC Express System.

Such requests shall be processed upon the resumption of operations in the SEC Main Office. Accordingly, the documents requested shall be released five to seven working days from July 27, 2020.

No Self-service Processing

The appointment system for self-service processing in the SEC Main Office shall remain suspended until further notice.



See attached Notice for further details. 

.

2020 Notice Filing of Annual Reports Until 26 July 2020
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