Extension of Filing of the 2019 Annual Reports Including the Applicable Quarterly Reports for Year 2020 and 2019 Audited Financial Statements (AFS)

March 12, 2020SEC MEMORANDUM CIRCULAR NO. 05-20TO :All Concerned Corporations   SUBJECT :Extension of Filing of the 2019 Annual Reports Including the Applicable Quarterly Reports for Year 2020 and 2019 Audited Financial Statements (AFS) The Commission, in line with the Office of the President's declaration of state of public health emergency (Proclamation No. 922, dated 08 March 2020), is cognizant that the Philippines and other countries are continuing to implement travel restrictions/ban and intensive health screening measures at transport hubs, including airports, sea ports and border crossings, as well as necessity to implement temporary suspension of business operations, in order to contain the spread of COVID-19 (formerly 2019-novel coronavirus '2019-nCoV' disease). These travel restrictions/ban and/or temporary suspension of business operations pose specific challenges on the preparation and subsequent audit of the annual financial statements (AFS) of Philippine companies with domestic and/or foreign business operations affected by COVID-19. In particular, information or documents in the preparation of AFS could not be available, and certain audit procedures could not yet be performed and may lead to delays in...