January 28, 2015

One of the mandatory requirements for every business in the Philippines registered with the Securities and Exchange Commission (SEC) is filing their Annual Financial Statements (AFS) to the Bureau of Internal Revenue (BIR) within 120 calendar days of the end of the fiscal year. This mandate is indicated in the By-Laws of each company. Commonly, the fiscal year is specified as the calendar year.

On December 9, 2014 the SEC published SEC Circular Memorandum No. 23 which serves as guide in filing the AFS. In order to have an organized and orderly filing, all companies whose fiscal year ends on December 31, 2014 must follow the filing schedule for 2015 stated in the memorandum. Below is the filing schedule in accordance to the last numerical digit of their SEC registration or license number.

April 13, 14, 15, 16, 17 : “1”, “2”
April 20, 21, 22, 23, 24 : “3”, “4”
April 27, 28, 29, 30 : “5”, “6”
May 4, 5, 6, 7, 8 : “7”, “8”
May 1, 12, 13, 14, 15 : “9”, “0”

Before April 13, 2015, companies may file their AFS regardless of the last numerical digit of their registration or license number. Late filings shall also be accepted however with corresponding penalties computed from the date of the last day of filing schedule stated above.

Triple i Consulting provides assistance in draft, auditing and filing of Annual Financial Statements (AFS). With an extensive experience in dealing with all types of governmental agencies in the Philippines, contact us to understand why Triple i is the Philippines’s leading advisor on business strategy.

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