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SEC proposes to revise deadlines for filing of FS

SEC proposes to revise deadlines for filing of FS

The SEC has circulated proposed changes to the deadlines for filing of the Financial Statements (FS) of corporations with fiscal year ending December 31. The objective is to do away with mass filing on or close to the current single due date.

The proposed deadlines are staggered based on the last digit of the SEC registration as follows (for 2008 FS to be filed in 2009):

April 6 - 10 1 and 2

April 13 - 17 3 and 4

April 20 - 24 5 and 6

Aptil 27 - May 1 7 and 8

May 4 - 8 9 and 0

Companies whose deadlines are earlier than the April 15 deadline for the filing of the annual income tax return (ITR) should be prepared to file their ITR early since the SEC requires BIR-stamped FS.