SEC reminds submission of Financial Statements for FY2023

The Securities and Exchange Commission (SEC) has set the deadlines for the submission of Annual Financial Statements (AFS) for the fiscal year 2023.

The Commission on January 27 issued SEC Memorandum Circular No. 2, Series of 2024, which provides the Schedules for Filing of Annual Financial Statements and General Information Sheet.

To maintain an organized and orderly filing of annual reports, and to comply with the zero-contact policy and automation of business-related transactions mandated by Republic Act No. 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the SEC shall accept submission of reports online through the ELECTRONIC FILING AND SUBMISSION TOOL (EFAST).

For the submission of the AFS 2023, the SEC adopted a number coding scheme depending on the last numerical digit of their SEC registration or license numbers, for corporations whose fiscal year ends on December 31, 2023. The schedule is as follows:

Those whose fiscal years end on a date other than 31 December 2023. These corporations shall file their AFS within 120 calendar days from the end of their respective fiscal years.

On the other hand, the submission of the GIS is within 30 calendar days after the conduct of the annual stockholders’ or members’ meeting.

SEC-regulated Corporations are reminded to file before their respective deadlines to avoid penalties that may be incurred for late and non-submission of the AFS and other annual reports. (PR)