Timing and Scope of Annual Reports
- Annual financial reports and statements, previously required by law, must be submitted promptly after January 1 each year.
- These reports shall cover the twelve-month period ending on the preceding December 31.
- A transitional report for 1914 must cover the six months from July 1, 1913, to December 31, 1913.
- Official copies of all mandated reports must be filed in both Spanish and English by the Executive Secretary with the Philippine Legislature at the start of each regular legislative session.
Interpretation of Fiscal Year References in Existing Laws
- Any reference in prior laws to a fiscal year ending June 30 shall now be understood to mean a fiscal year ending December 31 starting after December 31, 1913.
- Any mention of June 30 as the fiscal year's end shall be construed as December 31 for all purposes following this Act's effectivity.
Fiscal Year of 1914 Transition
- The fiscal year of 1914 concludes on December 31, 1913.
- The new fiscal year commencing January 1, 1914, is designated as the "new fiscal year 1914."
- Subsequent fiscal years correspond numerically and chronologically to the calendar years.
Repeal of Inconsistent Laws
- All laws or parts of laws conflicting with the provisions of this Act are repealed to ensure uniform application of the fiscal year system.
Effectivity of the Act
- The Act takes effect immediately upon its passage, ensuring immediate adoption of the new fiscal year system across all government entities.