May 7, 2020
SEC MEMORANDUM CIRCULAR NO. 17-20
| TO | : | All Concerned Corporations |
| SUBJECT | : | Extension of the Deadline for the Submission of 2020 Annual Reports and/or Audited Financial Statements of Companies with Fiscal Year Ending 31 January 2020 to 30 April 2020, Including the Applicable Quarterly Reports |
As the Corona Virus Disease 2019 (COVID-19) continues to spread globally and is causing serious business and economic disruptions, the extent and duration of the effect on business remains unclear. The Commission recognizes the degree of difficulty in the preparation of the financial statements and in the completion of statutory audits brought about by the challenges in the application of certain accounting standards and in the execution of statutory audits of the affected companies within the first and second quarters of the year.
In view of the foregoing and in line with the Office of the President's declaration of state of public health emergency (Proclamation No. 922, dated 08 March 2020) and the Republic Act No. 11469 Section 4 (z), the Commission applies measures to ease the regulatory burden on the...
