SEC Filing Extension for Audited Financial Statement 2019

by : Mark Virgil T. Lofranco, CPA

The Securities and Exchange Commission issued Memorandum Circular No. 5 series 2020 last March 12, 2020, granting the extension of the time without penalty, within which to submit 2019 Annual Audited Financial Statements in the Philippines for the year ended December 31, 2019, applicable as follows : 

To avail extension of filing for Annual Financial Statement 2019 the following documentary requirements are needed : 

Annual Report (SEC Form 17-A) of Publicly-Listed Companies 

a. Submission of a written request to the Commission through the Markets and Securities Regulation Department for an extension of time not later than five (5) days before the filing deadline; 

b. Sworn certification of the requesting company signed by its President and Treasurer confirming that all of the following conditions are met: That its financial year-end is 31 December 2019; that it has significant business operations or significant subsidiaries in areas/countries/territories affected by COVID-19 and; the preparation of financial statements and timely completion of the audit of the company's financial statements as of 31 December 2019 have been affected by the travel restriction/ban, temporary suspension of business operations, and/or measures imposed by the authorities or companies in response to the COVID-19. 

c. The request shall be accompanied by a sworn certification by the company's external auditor confirming the items above. 

Annual Reports and/or Audited Financial Statements of Companies that are Not Publicly-Listed 

a. A sworn certification signed by the company's President and Treasurer that it fulfills all the conditions set forth under items (i) to (iii) of paragraph 1 (b) above; 

b. The request shall be accompanied by a sworn certification by the company's external auditor confirming the items above. 

c. The filing of applicable Quarterly Reports (SEC Form 17-Q) of concerned registered issuers of securities is likewise extended. 

Important Note: Companies whose preparation of financial statements or completion of statutory audits are not affected by the COVID-19 are required to file their Annual Reports and/or A FS for the year ended 31 December 2019 within the periods prescribed under the existing rules and regulations.

Disclaimer: This is for academic discussion only and not a substitute for an expert opinion. Please consult you're preferred tax accountant or legal consultant for specific details. 

SEC Memo No. 5 Series of 2020