March 26, 1958
RULES REQUIRING THE KEEPING OF ACCOUNTING RECORDS AND FILING OF ANNUAL FINANCIAL STATEMENTS BY CORPORATIONS (AS AMENDED)
In order to keep stockholders and those dealing with corporations transacting business in the Philippines, whether domestic or foreign, properly informed as to their financial status, and for the proper execution of all the laws administered by this Office, the Commission, pursuant to the powers vested in it by Republic Act 1143 and Commonwealth Act 287, hereby promulgates the following rules for the information and guidance of all concerned. digest
1. All corporations, whether domestic or foreign, transacting business in the Philippines, excepting those hereinafter specified, shall keep proper books of accounts and other financial records, vouchers and papers, showing all business transactions including the receipts and disbursements of funds, the purposes for which they have been spent and the authorizations therefor.
2. At the end of its fiscal year, each such corporation must prepare a balance sheet and related profit and loss statement. These financial statements must be duly audited and certified by an independent certified public accountant,...
