SEC urges local firms to file annual financial statements

CEBU, Philippines - The Securities and Exchange Commission has urged registered local companies to file their annual financial statements and general information sheet to maintain disclosure and accountability.

Firms whose fiscal year ends on December 31, 2014 can file their AFS and GIS anytime not until April 13 this year. Starting that date, corporations will only have one-week schedule to file the documents. The schedule depends on the last numerical digit of their registration number.

"Any filing made before or after the scheduled dates shall not be accepted unless covered by the filing of their fiscal year prior to April 13, 2015," the corporate regulator said.

"Late filings shall be accepted starting May 18, 2015 and shall be subject to the prescribed penalties which shall be computed from the date of the last day of filing schedule (May 15, 2015)," it added.

The April 13-May 15 filing schedule does not apply to firms whose securities are listed on the Philippine Stock Exchange, those whose AFS are being audited by the Commission on Audit and those whose fiscal year ends on another date.

SEC Cebu Director Lindeza Gavino advised corporations that their AFS should have stamp received by the Bureau of Internal Revenue. BIR's filing deadline for income taxes is on April 15.

Annual company filing is important to make sure information is made available immediately to investors especially those of listed firms whose disclosures should be timely, Gavino explained.

"It makes business sense," she said, "especially with globalization that we should not be lax in filing."

The SEC called for strict implementation of rules on disclosure and accountability to keep up corporate good governance.

In a new memorandum circular, the SEC also told newly listed firms to submit their Annual Corporate Governance Report on May 30 following the one year anniversary of their listing with Philippine Stock Exchange.

It said: "For companies listed from Jan. 1 to May 30, their ACGR will be submitted on May 30 of the following year. For companies listed from May 31 to December 31, their ACGR will be submitted May 30 two years thereafter."

If the firm is listed on January 15, 2014, it is required to have its first filing on May 30 this year. A company listed on November 15, 2014 will have its first filing on May 30, 2016.— (FREEMAN)