New financial reporting rules take effect soon

MANILA, Philippines - With the approaching deadline for all corporations to submit their 2011 financial report to the Securities and Exchange Commission (SEC) this coming April, many are unaware of the recently announced newly mandated financial reporting rules that they must follow. The 2011 financial performance of corporations must already be reflected in their report to the SEC in this compliance period.

To help businesses transition to this new financial reporting format, the Center for Global Best Practices (SGBP) is holding a CPE-accredited seminar entitled, “SEC Revised Regulations on Financial Reporting for Corporations” on March 23, 2012 at The Peninsula Manila, Makati City.

It is the only public seminar that will comprehensively discuss the changes and requirements that corporations must adopt and reflect in their financial report. Detailed examples, diagrams, and templates will be provided for easier understanding and full grasps of this revised rules.

Topics include the guide and framework for the preparation and presentation of financial statements; special rules and additional disclosure requirements; clarifications on form, order and terminologies; documents to accompany audited financial statements, issues and pervasive findings in financial reports; materiality test on incompleteness or misstatements in the financial statement; remedies and exemptive reliefs; SEC memo circulars and updates related to the topic and many more.

This lecture will feature SEC general accountant Ma. Gracia Casals-Diaz who heads the department that is in charge of monitoring all submitted financial reports of corporations.

For more details or registration, visit www.cgbp.org. You may also contact CGBP at (02) 842-7148/59 & (02) 556-8968/69 (Manila); (032) 512-3106/07 (Cebu); and (074) 423-5148 (Baguio).