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Published
By James A. Loyola
The Securities and Exchange Commission (SEC) has extended the deadlines for annual reporting and audited financial statements of companies with fiscal years ending in the midst of the COVID-19 pandemic.
The Commission resolved to allow companies with fiscal years ending between January 31, 2020 and March 31, 2020 to submit their annual reports and / or audited financial statements within 60 calendar days from the regular filing deadlines. .
For example, a publicly listed company or issuer of registered securities whose fiscal year ended January 31, 2020 may submit its annual report and audited financial statements until July 14, 2020 or 60 days after the due date. original from May 15, 2020.
In the meantime, a corporation other than a publicly listed company and an issuer of securities registered with the same fiscal year may submit its audited financial statements until July 29, 2020 or 60 days after the original deadline of June 30, May 2020.
The SEC also granted companies with fiscal years ending April 30, 2020 an extension of 45 calendar days from the regular filing deadline.
Accordingly, a publicly-listed company or issuer of registered securities will have until September 27, 2020 to comply with the disclosure requirement. All other corporations can submit their audited financial statements until October 12, 2020.
In addition, the Commission extended the term for the filing of quarterly reports for the first quarter of the companies covered for a period of 45 calendar days from the regular filing deadlines.
The extension will apply automatically without the need for requests from covered companies, which include publicly listed companies and other registered issuers of securities.
However, publicly traded companies and other issuers of securities registered under the supervision of the SEC’s Department of Market and Securities Regulation must submit the special disclosure form, SEC Form 17-LC, at least five calendar days before the regular filing deadline.
Listed companies must continually observe their disclosure obligations under Republic Act No. 8799, or the Securities Regulation Code, and the Consolidated Listing and Disclosure Rules of the Philippine Stock Exchange.
All material information must be disclosed in a timely manner. In cases where the company’s operations are materially affected by the COVID-19 pandemic, disclosures about the financial impact or any other material aspect should be made immediately.
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