By: Hergie Ann De Guzman The Philippine Securities and Exchange Commission (SEC), amid the COVID-19 pandemic and implemented Community Quarantine, has been continuously providing the public with convenient ways on how companies could comply with the SEC’s reportorial requirements without compromising the public’s health condition. Below are the policies implemented by the SEC to ensure proper compliance of registered companies even during the pandemic. Covered Reports Audited Financial Statements (AFS), General Form for Financial Statements (GFFS), and Special Form for Financial Statements (SFFS) SEC Memorandum Circular No. 5 s.2020 issued on March 12, 2020 extends the submission of the AFS, [...]
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By: Hergie Ann De Guzman, CPA The Bureau of Internal Revenue (BIR) has issued last April 30, 2020 Revenue Regulations (RR) No. 11-2020 dated April 29, 2020 to further extend the deadline of filing/submission of returns/reports and payment of taxes due to the extended Enhanced Community Quarantine (ECQ). Taxpayers who will file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time before the extended due date. An amendment that will result in additional tax can still be paid without penalties provided that it should be done not later than [...]
By: Arianne Keith Velasquez, CPA Battling with the unseen opponent due to the COVID-19 is the greatest struggle Philippines and the rest of the world has been dealing with the past months which sprouted to different socio-economic problems especially those in the business sector. Employers are in constant search of the best formula to meet the needs of its employees without compromising the continuance of the business in a long term perspective. With the existence of the fixed costs in the pursuit of business, employers tend to be out and about in the generation of income even at this trying time [...]
By: Michael John D. Natabla, CPA Have you ever experienced to commit yourself in something, to give your 100% and more, but still you haven’t received the result that you have expected? Or, have you ever had countless sleepless nights just to submit your deliverable on time but despite your best effort, you still haven’t met the deadline? One way or another, it happens to all of us. As long as you are doing something worthwhile, there is always a risk of failure. Denis Waitley once said that failure is something we can avoid only by saying nothing, doing nothing [...]
By: Seala Marie Asis, CPA Wrapping the financial year ending December 31, 2019 could have been one of the most common works of Philippine accountants this first quarter of 2020. In this article, let's deal about one of the most important reports, every SEC registered entities in the Philippines must properly comply with - the Annual Financial Statements. The Securities and Exchange Commission (SEC) through SEC Memorandum Circular No. 2 Series of 2020 issued on January 21, 2020 has prescribed the related guidelines on filing of the Annual Financial Statements (AFS) of entities registered in the Philippines. Who are covered by SEC [...]