SEC extends deadline for filing of financial reports by coronavirus-hit firms | Bilyonaryo Business News
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SEC extends deadline for filing of financial reports by coronavirus-hit firms

Corporations affected by the coronavirus outbreak have until June 30 to file their annual and quarterly financial statements, the Securities and Exchange Commission said.

Corporations affected by the coronavirus outbreak have until June 30 to file their annual and quarterly financial statements, the Securities and Exchange Commission said.

“The new coronavirus disease (COVID-19) has posed specific challenges to some Philippine companies in complying with certain reportorial requirements,” SEC chairman Emilio B. Aquino said.

“For one, the travel restrictions, suspension of business operations and other measures implemented to contain the spread of COVID-19 have kept companies, particularly those with operations in China and other affected territories, from gathering all information or documents necessary in the preparation and the subsequent audit of their annual financial statements,” Aquino said.

Corporations whose preparation of financial statements or completion of statutory audits are not affected by the COVID-19 outbreak are required to file their financial reports for the year ended December 2019 within the periods prescribed under existing rules and regulations.

To request for more time to submit its reports, a publicly listed corporation shall submit a written request to the Commission at least five days before the deadline of filing.

The submission shall include a sworn certification signed by the company’s president and treasurer to confirm that its financial year.

The company is also required to submit a sworn certification by its external auditor confirming its operations in China and/or other affected territories, as well as the impact of the COVID-19 outbreak on the auditing of its financial statements.

In the case of a non-publicly listed corporation, the sworn certifications signed by its president and treasurer, and by its external auditor shall be attached to their annual financial statements.

 
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