Filing of Audited Financial Statement at the Securities and Exchange Commission of the Philippines

-
Today was deadline of the filing of the audited financial statement  for corporations at the SEC Philippines. Our financial statement was still being audited by the commissioned external auditor. The auditor was only able to send a draft and not the final copy.

Hoping to beat the deadline, I had to go the SEC to inquire whether they will accept tentative filing of financial statement. When I was at the SEC, they did not receive the tentative financial statement because they simply said that "they only receive audited financial statements once a year and they don't compromise receiving tentative financial statements unlike the BIR where you can make an amended filing".

They only accept final audited financial statement and they are very strict on this. I asked what available options do I have?  The SEC staff said that the available option is to make a late filing instead.  But there was the question on penalty.

I went to another department regarding the penalty.  They told me that the penalty for late filing of audited financial statement is five hundred pesos.

I guess there was no other choice but to come back with the final audited financial statement.

Comments

Post a Comment

Popular posts from this blog

The Seventies - The "Disco" Era

-
Image
The seventies was undoubtedly the "disco" era.  As a teenager, I listened and danced to the distinct sound of that era. When "Saturday Night Fever" hit the movie theaters in 1978,  I became an avid fan of the Bee Gees and other bands that played the disco sound.   Besides listening to disco sound, I also mimicked dance steps like the "swing" and "L.A. shuffle" from a local popular TV show the "Penthouse Seven." I strutted my stuff every time  I danced with a partner at birthday parties held in friends' residences. Bands that dished out disco tunes during the '70s were  ABBA  with their  song "Dancing Queen";   Donna Summer 's   goosebumps-raising song "Last Dance."  Other bands like  KC and the Sunshine Band ,  The Trammps ,  Van McCoy ,  Gloria Gaynor ,  The Village People ,  Chic , and  The Jacksons   also flooded the radio airwaves in the '70s .   I even followed their progress over the loc
Read more

Grandfather@50

-
Image
I will be turning 50 before the  end of this year, and what better way to usher in my golden boy status is becoming a bonafide grandfather.  I now have a grandson, his name is Samien. He was born on April 25, 2012. His parents say that the name means "to be heard".  I guess their choice was right because when Samien cries, he is really heard by everybody. I noticed remarkable things in Samien.  While just a new born, he showed to us that he has strong legs and arms.  He can push himself upwards in the crib and was tireless in raising his small arms every  now and then.  Also, he is not the quiet type because he always cries and laughs unlike other babies inside the nursery who are peacefully asleep.  At three months old, he speaks amusing although unintelligible syllables.  Also, at three months, he is rather long for babies his age and quite heavy for a three month old baby.  He weighed in at 5 kilogram during his visit to his pediatrician. Samien, quite surprisingly
Read more

Organic Rice in the Philippines For Healthy Living

-
Image
Do you prefer healthy living? Go organic rice! Health buffs would like to get their hands on real organic rice. If you're one of them, do you know which ones are authentic organic rice? This blog will tell you all you need to know about organic rice. Some people think that organic rice is red and brown rice variety only.  Not really. It comes in other varieties and colors such as white, black, etc.  The idea that red and brown alone are organic rice is wrong.  These rice varieties are now sold under specific brands in leading supermarkets in the Philippines, however, not all of them are organic rice. But how will you know if you're buying organic rice or not? Organic rice is farmed without using synthetic fertilizer and chemical pesticide inputs. Besides the inputs, there are other things to consider such as -  How was it planted? What were the farming methods used? Was there contamination along the supply chain until it has reached the end consumer? There are variet
Read more