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08/06/2014

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Philippines

Technical Research
Accounting & Auditing News
New SEC Issuances
The Philippine Securities and Exchange Commission (SEC) approed on !arch "# $%&' the amendment o( the proision o( the SRC Rule )* (As
Amended) Part I# paragraphs + (A) & (,) and the issuance o( SEC -inancial Reporting ,ulletin No. &". ,rie( discussions o( these new SEC issuances are
presented /elow0
SEC !emorandum Circular No. + Series o( $%&'# Amendment o( Part &# Paragraphs +(A) & (,) o( SRC Rule )*# as Amended
This SEC !emo supersedes the proision regarding the schedules and documents re1uired to /e attached to the audited (inancial statements o( Non2
stoc3 and non2pro(it organi4ation (para. +(A) o( the SRC Rule )* part I) and o( -oundations (para. +(,) o( the SRC Rule )* part I). This re1uires additional
schedules and documents and includes a (ormat o( the Schedule o( Contri/utions56onations.
SEC -inancial Reporting ,ulletin (-RP) No. %&"# Newl7 Registered Corporation
This -RP clari(ies that su/mission o( Annual -inancial Statements (A-S) is applica/le to all corporations and organi4ations registered with the SEC as o(
the (iscal 7ear# including those newl7 incorporated during the said 7ear.
In addition# this -RP clari(ies that corporations with (iscal 7ear o( 6ecem/er '& that were registered during the last preceding 7ear# regardless o( the date o(
incorporation# must su/mit their A-S in accordance with the Annual Schedule o( -iling o( -inancial Statements indicated in the applica/le Circular o( the
Commission ((or $%&$ A-S# SEC !emorandum Circular No. "# Series o( $%&$ is applica/le). -or those with (iscal 7ear other than '& 6ecem/er# their (irst
A-S shall /e due within &$% da7s a(ter the end o( their (iscal 7ear.
Please contact the Technical Research 8roup at 9)' $ :*& ;%%% local ;%** 5 ;%"* or e2mail phtr<deloitte.com (or 1uestions regarding this pu/lication.
&;th -loor Net =ima Pla4a
:th Aenue corner $)th Street
,oni(acio 8lo/al Cit7# Taguig
&)'+ Philippines
6eloitte re(ers to one or more o( 6eloitte Touche Tohmatsu =imited# a >? priate compan7 limited /7 guarantee# and its networ3 o( mem/er (irms# each o( which is a legall7
separate and independent entit7. Please see www.deloitte.com5ph5a/out (or a detailed description o( the legal structure o( 6eloitte Touche Tohmatsu =imited and its mem/er
(irms.
6eloitte proides audit# tax# consulting# and (inancial adisor7 serices to pu/lic and priate clients spanning multiple industries. @ith a glo/all7 connected networ3 o( mem/er
(irms in more than &:% countries# 6eloitte /rings world2class capa/ilities and high21ualit7 serice to clients# deliering the insights the7 need to address their most complex
/usiness challenges. 6eloitte has in the region o( $%%#%%% pro(essionals# all committed to /ecoming the standard o( excellence.
This pu/lication contains general in(ormation onl7# and none o( 6eloitte Touche Tohmatsu =imited# its mem/er (irms# or their related entities (collectiel7# the A6eloitte
Networ3B) is# /7 means o( this pu/lication# rendering pro(essional adice or serices. ,e(ore ma3ing an7 decision or ta3ing an7 action that ma7 a((ect 7our (inances or 7our
/usiness# 7ou should consult a 1uali(ied pro(essional adiser. No entit7 in the 6eloitte Networ3 shall /e responsi/le (or an7 loss whatsoeer sustained /7 an7 person who
relies on this pu/lication.
C $%&' Naarro Amper & Co.
-inancial Reporting ,ulletin
,ulletin
No.
%&"
6ate Su/Dect !atter Clari(ication56etails
%" !arch
$%&'
Newl72registered
Corporations
>nder Section &+& o( the Corporation Code# eer7 corporation# domestic or
(oreign# law(ull7 doing /usiness in the Philippines shall su/mit to the Securities
and Exchange Commission an annual report o( its opera tions# together with �
a (inancial statement o( its assets and lia/ilities# certi(ied /7 an7 independent
certi(ied pu/lic accountant in appropriate cases# coer ing the preceding �
(iscal 7ear and such other re1uirements as the Securities and Exchange
Commission ma7 re1uire. Such report shall /e su/mitted within such period as
ma7 /e prescri/ed /7 the Securities and Exchange Commission.
A threshold (or the su/mission o( the said audited (inancial statements is
indicated in Section ": o( the Code# as (ollows0
ASEC. ":. Right to (inancial statements. E @ithin ten (&%) da7s
(rom receipt o( a written re1uest o( an7 stoc3holder or mem/er#
the corporation shall (urnish to him its most recent (inancial
statement# which shall include a /alance sheet as o( the end o(
the last taxa/le 7ear and a pro(it or loss statement (or said
taxa/le 7ear# showing in reasona/le detail its assets and lia/ilities
and the result o( its operations.
At the regular meeting o( stoc3holders or mem/ers# the /oard o(
directors or trustees shall present to such stoc3holders or
mem/ers a (inancial report o( the operations o( the corporation
(or the preceding 7ear# which shall include (inancial statements#
dul7 signed and certi(ied /7 an independent certi(ied pu/lic
accountant.
Foweer# i( the paid2up capital o( the corporation is less than
P:%#%%%.%% the (inancial statements ma7 /e certi(ied under oath
/7 the treasurer or an7 responsi/le o((icer o( the corporation.B
Except (or the a/oe limitation on the coerage o( entities whose (inancial report
must /e audited# the proisions o( the Corporation Code do not grant an7
exemption (rom the re1uired su/mission o( annual (inancial statements (A-S). The
(iling re1uirement is applica/le to all corporations and organi4ations registered
with the Commission as o( the (iscal 7ear end including those newl7 incorporated
during the said 7ear.
Corporations with (iscal 7ear o( '& 6ecem/er that were registered during the last
preceding 7ear# regardless o( the date o( incorporation# must su/mit their A-S in
accordance with the Annual Schedule o( -iling o( -inancial Statements indicated
in the applica/le Circular o( the Commission ((or $%&$ A-S# SEC !emorandum
Circular No. "# Series o( $%&$ is applica/le). -or those with (iscal 7ear other than '&
6ecem/er# their (irst A-S shall /e due within &$% da7s a(ter the end o( their (iscal
7ear.B
Source0 http055www.sec.go.ph5accountantsin(o5(r/G&".html
Repu/lic o( the Philippines
6epartment o( -inance
Securities and Exchange Commission
SEC ,uilding# E6SA# 8reenhills# !andalu7ong Cit7
SEC !E!HRAN6>!
Series o( $%&'
To0
Re0
CIRC>=AR NH.
+2222
A== NHN2STHC? AN6 NHN2PRH-IT HR8ANIIATIHNS5 -H>N6ATIHNS
A!EN6!ENT H- PART I# PARA8RAPFS +(A) & (,) H- SRC R>=E )*# AS A!EN6E6
To proide releant in(ormation to users o( (inancial statements o( Non2Stoc3 and
Non2Pro(it Hrgani4ations and -oundations under SRC Rule )*# as amended# the
Commission En ,ane at its meeting held on %" !arch $%&'# approed the amendment o(
Part I# Paragraphs +(A)&(,) o( SRC Rule )*# as amended. The proisions o( the said
Rule as hereina(ter cited shall now read as (ollows0
J+. HTFER 6HC>!ENTS TH ,E -I=E6 @ITF TFE -INANCIA= STATE!ENTS
The (ollowing documents shall /e (iled with the annual audited (inancial statements
and in the interim (inancial statements# i( re1uired herein0
A. Non2stoc3 and non2pro(it organi4ations
A sworn statement o( the organi4ationKs President and Treasurer on
the accurac7 and completeness o( the (ollowing schedules0
i. Schedule o( Receipts or Income Hther Than Contri/utions and
6onations. This schedule shall proide the nature and amount o(
each itemL
ii. Schedule o( Contri/utions and 6onations that is prepared in
accordance with the prescri/ed (orm per Annex JAJL and
iii. Schedule o( 6is/ursements according to sources and actiities.
This schedule shall proide the nature and amount o( each item.
I( material in amount (&%M or more o(. the total)# the details o(
such dis/ursement shall li3ewise /e indicated.
,. -oundations
A sworn statement o( the organi4ationKs President and Treasurer on
the accurac7 and completeness o( the (ollowing schedules0
i. Schedule o( Sources o( -unds Hther Than Contri/utions and
6onations. This schedule shall proide the nature and amount o(
each itemL
ii. Schedule o( Contri/utions and 6onations that is prepared in
accordance with the prescri/ed (orm per Annex JAJL and
iii. Schedule o( 6is/ursements according to sources and actiities.
This schedule shall proide the nature and amount o( each item.
I( material in amount (&%M or more o( the total)# the details o(
such dis/ursement shall li3ewise /e indicated.
i. Schedule o( application o( (unds with the (ollowing in(ormation on
actiities accomplished# on2going and planned0
(a) Complete name# address and contact num/er o( proDect
o((icer2in2 chargeL and
(/) Complete address and contact num/er o( proDect o((ice.
. As supporting documents to the a/oe in(ormation# copies o( the
certi(ications (rom the H((ice o( the !a7or or the Fead o( either
the 6epartment o( Social @el(are and 6eelopment. or
6epartment o( Fealth# on the existence o( the su/Dect program or
actiit7 in the localit7 on which it exercises Durisdiction.
-or purposes o( the a/oe re1uirements# contri/utions or donations
reporta/le on the Schedule per paragraphs A(ii) and ,(ii) shall /e grants#
/e1uests# deises# and gi(ts o( mone7 or propert7# amounting to
P&%%#%%%.%% or more (rom each contri/utor or donor. A contri/utor or
donor includes indiiduals# partnerships# corporations# associations#
trusts and organi4ations.J
The old proisions
here/7 deleted.
o( Part I# Paragraphs +(A)&(,) o( SRC Rule )*# as amended# are
This Circular shall coer annual (inancial statements (or the period ended 6ecem/er '&#
$%&$ and onwards.
!arch G" G# $%&'. !andalu7ong Cit7# Philippines.
LK."K22
TERESITA N. FER,HSA
Chairperson
Annex JAJ
Page & o( $
SCFE6>=E
Name o( -oundation5Hrgani4ation
-or the 7ear ended
H- CHNTRI,>TIHNS56HNATIHNS
SEC Registration No.
I eaOti( I Contri/utors56onors
(a)
No.
(/)
Name and address
&
(c)
Nationalitt
(d)
Total Contri/utions
(e)
T7pe o( Contri/ution'
P .
CashP
Noncash
(Complete Part 5I i there is
a noncash contri/ution)
CashP
Noncash.
(Complete Part 5I i there is
a noncash contri/ution)
Cash
Noncash
(Complete Part 5I i t ere is
a noncash contri/ution)
CashP
Noncash
(Complete Part 5I i there is
a noncash contri/ution)
$
P .
'
P .
a
6
+
P .
:
P .
PPPPash
(Complete Part 5I iPreis
a noncash contri/ution)
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(Complete Part 5I i( there is
a noncash contri/ution)
Q
)
P .
6
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CashP
Noncash
(Complete Part 5I i there is
a noncash contri/utionR
Cash
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a noncash contri/utionR
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(Complete Part 5I i t ere is
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Cash
Noncash
(Complete Part 5I i t ere is
a noncash contri/utionR
Cash
Noncash
*
P . a
R
R
,
;
P .
&%
P .
&& Hthers (aggregate o( all contri/utions
which are indiiduall7 /elow P&%%#%%%.%%)
2 /7 nationalit7
P .
A contri/utoror donor includes indiiduals# partnerships# corporations# associations# trusts and organi4ations.
I( supranationalorgani4ation#indicate place o( principal o((ice or domicile.
' Contri/utionsor donations reporta/le on the Schedule are contri/utions# donations# grants# /e1uests# deises# and gi(ts o(
mone7 or propert7# amounting to P&%%#HHH.HH or more (rom each contri/utor or donor.
&
$
Page $ o( $
Name o( -oundation5Hrgani4ation
-or the 7ear ended
SEC Registration No.
&
P.artal I Noncash
(a)
No.
(rom
Part
6escription
Proeert7
(/)
o( noncash propert7 gien
(c)
-air !ar3et Sal ue
(or estimate)
(d)
6ate receied
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Signed under oath /7 the (ollowing0
Signature
Printed Name o( President
Signed this GG da7 o( G
G
Signature
Printed Name o( Treasurer
G
G

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