The Securities and Exchange Commission (SEC) has announced the deadlines for the submission of annual financial statements (AFS) and general information sheets (GIS) of corporations in 2024.
In a memorandum circular issued on January 27, the SEC outlined the guidelines for the filing of AFS and GIS for the year 2024. All stock and nonstock corporations are required to submit their annual reports online through the SEC Electronic Filing and Submission Tool (eFAST) at efast.sec.gov.ph.
Submissions over the counter and through courier will not be accepted by the SEC, in compliance with the zero-contact policy and automation of business-related transactions mandated by the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
Corporations whose fiscal years ended on December 31, 2023, are required to file their AFS based on the last digit of their registration or license number. Those with fiscal years ending on a date other than December 31, 2023, must file their AFS within 120 calendar days from the end of their fiscal year.
The deadline for broker dealers whose fiscal year ended on December 31 is April 30, while those with fiscal years ending on a date other than December 31 have 120 calendar days after the close of their fiscal year to file their reports.
Corporations listed on the Philippine Stock Exchange, as well as public companies and those covered under the Securities Regulation Code, must file their AFS within 105 calendar days after the end of their fiscal years.
Failure to adhere to the formal requirements may result in penalties imposed by the SEC. The submission and acceptance of financial statements do not waive the possibility of such penalties.
The GIS must be filed within 30 calendar days from the date of the annual stockholders’ meeting for stock corporations, annual members meeting for nonstock corporations, or anniversary date of the SEC license issuance for foreign corporations.
Overall, the SEC has set clear deadlines for the submission of AFS and GIS to ensure compliance with regulatory requirements.