March 18, 2019
SEC NOTICE
| SUBJECT | : | Clarifications on the Filing of Audited Financial Statements Pursuant to the Revised Corporation Code of the Philippines |
WHEREAS, on February 20, 2019, the Republic Act No. 11232 or the Act Providing for the Revised Corporation Code (the "Revised Code") was approved which took effect on February 23, 2019.
WHEREAS, Section 177 of the Revised Code requires that:
"Except as otherwise provided in this Code or in the rules issued by the Commission, every corporation, domestic or foreign, doing business in the Philippines shall submit to the Commission:
a) Annual financial statements audited by an independent certified public accountant: Provided, That if the total assets or total liabilities of the corporation are less than Six hundred thousand pesos (P600,000.00), the financial statements shall be certified under oath by the corporation's treasurer or chief financial officer . . . x x x." (emphasis supplied)
WHEREAS, the Commission has identified the following areas for clarification arising from the above provision which may be raised by the public:
1. The impact of Section 177 in the preparation and submission of...
