Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO. 6 S. OF 2010)
The Memorandum Circular is primarily concerned with the filing of Annual Financial Statements (AFS) by corporations whose fiscal year ends on December 31, 2010.
All corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations that file their Financial Statements at the SEC head office must comply with the filing schedule.
The filing schedule is based on the last numerical digit of the corporation's SEC registration or license number.
Corporations with SEC registration numbers ending in 1 and 2 must file their Financial Statements between April 14, 15, 18, 19, and 20, 2011.
No, corporations with fiscal years ending on dates other than December 31, 2010 are required to comply with their original filing schedules.
Yes, all corporations may file their Financial Statements prior to April 18, 2011 regardless of the last numerical digit of their registration or license number.
Late filings are accepted starting May 23, 2011, and such filings are subject to prescribed penalties computed from the last day of the scheduled filing period.
No, filings made before or after scheduled dates are not accepted unless they fall under the exceptions of early filing before April 18, 2011, or late filing starting May 23, 2011 with penalties.
No, requests for extension of time to file Financial Statements or notifications of inability to file SEC Form 17-A under SRC Rule 17.1 are not accepted.
The company, its officers, and auditors may be subjected to appropriate penalties for violations of SRC Rule 68 and other applicable rules and regulations if deficiencies or deviations from prescribed accounting and audit standards are found.
No, the filing period for listed companies remains 105 days after the end of the fiscal year, which is not changed by this Circular.
Yes, corporations must continue complying with proof of filing with the Bureau of Internal Revenue or authorized agent banks, and the registration of the corporation's auditor with the Board of Accountancy, among others.