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SEC Reporting

This category contains 21 posts

Extension of and penalty for noncompliance on website template for listed companies

We wrote an article regarding the required disclosure on the website of listed company mandated by Philippine Securities and Exchange Commission (SEC) promote a better corporate governance environment for publicly-listed companies. This was embodied in the SEC Memorandum Circular No. 11, Series of 2014. The SEC has enumerated the  information required under their respective recommended topic headings to be included in all publicly listed companies’ websites and were detailedly discussed in our article entitled “Disclosures on websites of listed companies mandated by SEC“.

Extension and Penalty

The SEC in its meeting last August 28, 2014, signed September 1, 2014, resolves the following:

  • To extend the compliance with SEC Memorandum Circular No. 11, Series of 2014 up to December 31, 2014
  • To impose penalties for non-compliance as follows:

Click here to read more of this update… Continue reading

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Disclosures on websites of listed companies mandated by SEC

Transparency starts with appropriate and timely disclosures.  Currently, disclosures by publicly listed companies are submitted for publishing to the Philippine Stock Exchange and Philippine Securities and Exchange Commission (SEC).  The  Philippine SEC is now requiring all publicly-listed companies to include all of their disclosures in their company websites.

Pursuant to SEC Memorandum Circular No. 11, Series of 2014, a notice was issued by the SEC on June 5, 2014 dated June 2, 2014 requiring all publicly-listed companies to:

  • include all company disclosures in their company websites
  • post all periodic reports on their due dates
  • post minutes of general and special meeting five (5) days from the actual date of the said meeting

Continue reading

FS Filing Hours with SEC on April 14, 15 and 16, 2014

The Securities and Exchange Commission (SEC) has posted in its website SEC Memorandum Circular No. 16, Series of 2013 dated September 13, 2013 setting forth the schedule of filing of the annual financial statements of companies with fiscal year ends December 31, 2013.

Filing Date Last Digit of SEC Registration/License
April 14, 15, 16, 17, 18 “1” , “2”
April 21, 22, 23, 24, 25 “3” , “4”
April 28, 29, 30, May 2 “5” , “6”
May 5, 6, 7, 8, 9 “7” , “8”
May 12, 13, 14, 15, 16 “9” , “0”

On January 13, 2014, the SEC posted a notice in its website stating the hours of filing financial statements to the commission on April 14, 15 and 16 since April 17 and 18 are non-working holiday, as follows: Continue reading

BODs and Key Officers of Listed Companies to Attend Corporate Governance Trainings

Requirement to File Annual Corporate Governance Report

The Securities and Exchange Commission (SEC) has recently, in March 2013, mandated all listed companies to submit Annual Corporate Governance Report (ACGR), subject to the following guidelines:

  • Three copies of a fully accomplished ACGR shall be submitted on May 30, 2013 and every five (5) years thereafter;
  • On the second (2nd) to fourth (4th) year from the effectivity of this Circular, only changes or updates shall be required to be indicated; Continue reading

Posting of Annual Corporate Governance Report in Company websites mandated by SEC

On October 2, 2013, the Philippine Securities and Exchange Commission (SEC) mandated the posting of the Annual Corporate Governance Report in companies’ websites for all listed entities.  Such mandate arose from the need of additional source materials for the peer review of some Corporate Governance experts from within ASEAN.  This was publicized by posting SEC Memorandum Circular No. 18, Series of 2013 in the Philippines SEC’s website. Continue reading

2014 Schedule of Filing of Annual Financial Statements with December 31, 2013 Yearend

The Securities and Exchange Commission (SEC) has posted in its website SEC Memorandum Circular No. 16, Series of 2013 dated September 13, 2013 setting forth the schedule of filing of the annual financial statements of companies with fiscal year ends December 31, 2013.

Filing Dates

Filing Date Last Digit of SEC Registration/License
April 14, 15, 16, 17, 18 “1” , “2”
April 21, 22, 23, 24, 25 “3” , “4”
April 28, 29, 30, May 2 “5” , “6”
May 5, 6, 7, 8, 9 “7” , “8”
May 12, 13, 14, 15, 16 “9” , “0”

Continue reading

SEC Updated General Information Sheet (GIS) Forms

On August 14, 2013, the Securities and Exchange Commission posted in its website the revised General Information Sheet (GIS) forms.  These forms can be downloaded below:

Transition to New and Effective Standards Effective January 1, 2013

The Securities and Exchange Commission issued SEC Memorandum Circular No. 6, Series of 2013 which allow covered corporations to present the prescribed information and to recognize the impact of 8 standards in their interim financial statements starting with the period ended June 30,2013.  This was approved by the Commission En Banc in its meeting April 22, 2013.  Following are the standards covered: Continue reading

SEC Bulletin No. 17: Newly-registered Corporations (Submission of AFS)

The Philippine Securities and Exchange Commission (SEC) issued Financial Reporting Bulletin No. 17 dated March 7, 2013, entitled Newly-registered Corporations, which, among others, clarified the requirement for the submission of audited financial statements (AFS) of corporations and organizations lawfully doing business in the Philippines.

The main clarifications made are as follows: Continue reading

SEC Bulletin No. 13: Presentation of Related Party Disclosures

In the interest of the users of the financial statements, the standard setting bodies and regulatory authorities prescribe the required disclosures in the financial statements for related party relationships, transactions and balances.  The Securities and Exchange Commission (SEC) issued Financial Reporting Bulletin No. 13, Presentation of Related Party Disclosures, dated January 24, 2013, to further clarify the disclosure required by PAS 24.

Related parties in the parlance of financial reporting is a wide concept.  Businesses keeps expanding and to achieve maximum results, they form, acquire or engage new companies and individuals to help them either finance or manage their operations.  Behind the operational complexities, there are certain disclosures required in financial reporting, specifically by Philippine Accounting Standard (PAS) 24, Related Party Disclosures.

Continue reading

SEC Bulletin No. 14: Reconciliation of Retained Earnings Available for Dividend Declaration

The Securities and Exchange Commission published Financial Reporting Bulletin No. 14, dated January 24, 2013 to give guidance on the presentation of the retained earnings available for dividend declaration.

Financial Reporting Bulletin No. 14 prescribes a format for the on the presentation of reconciliation of retained earnings available for declaration for uniformity and consistency.  It is noted that some items in the previous format contained in the SRC Rule 68, As Amended are no longer presented in this reconciliation format.  It was als clarified that the reconciliation shall be based on the retained earnings of the parent/stand alone financial statements of the Company, not the consolidated retained earnings.

You can find information regarding other financial reporting bulletins published by SEC here! Continue reading

SEC Bulletin No. 15: Disclosures on Appropriation of Retained Earnings for Business Expansion

Recently, the Securities and Exchange Commission released an update on the Financial Reporting Bulletin, entries, Bulletin No. 13, 14, 15 and 16 dated January 24, 2013.  Among these is SEC Financial Reporting Bulletin No. 15, which deals with the appropriation of retained earnings for business expansion.

SEC Bulletin No. 15 clarifies the requirement for corporation to validly appropriate its earnings for future expansion and making it restricted for dividend declaration, i.e., it should be definite and approved by the board of directors (BOD).   Continue reading

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