2017 STATEMENT OF MANAGEMENT’S RESPONSIBILITY (SMR) FOR SEC


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For those searching for a copy of the latest, year 2016 – 2017,  Statement of Management’s Responsibility (SMR) for the Securities and Exchange Commission (SEC).  Here it is:

 

 


LETTER HEAD OF THE COMPANY


           STATEMENT OF MANAGEMENT’S RESPONSIBILITY

_____________, 2017

The Securities and Exchange Commission
SEC Building
Mandaluyong City, Metro-Manila

The management of (PUT THE NAME OF THE COMPANY HERE) is responsible for the preparation and fair presentation of the financial statements, including the schedules attached therein, for the years ended December 31, 2016 and 2015, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s  ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative to do so.

The Board of Directors is responsible for overseeing the Company’s financial reporting process.

The Board of Directors reviews and approves the financial statements including the schedules attached therein, and submits the same to the stockholders.

(PUT THE NAME OF CURRENT CONTRACTED CPA HERE) and (PUT THE NAME OF THE PREVIOUS CPA HERE, IF ANOTHER CPA RENDERED AN OPINION ON THE PREVIOUS FINANCIAL STATEMENTS), the independent auditors, appointed by the stockholders for the period December 31, 2016 and 2015, respectively, have examined the financial statements of the company in accordance with Philippines Standards on Auditing, and in their reports to the stockholders, have expressed their opinion on the fairness of presentation upon completion of such examination.

______________
Chairman of the Board   

______________
Chief Executive Officer

______________
Chief Finance Officer

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Attention Corporation: Risk of paying not less than Php10,000.00 penalty on 1702Q


1702QATTENTION CORPORATION: There is a potentially expensive sting in the tail for pay and file taxpayers who have not yet paid & filed their 2014 second quarter corporate income tax (1702Q). Second quarter covers April, May & June 2014 and the deadline for filing is on the 28th of August or on or before 60 days following the close of each of the quarters.  Anyhow, for corporate taxpayers, the 2014 income tax return will trigger a penalty not less than Php10,000, if not filed. Therefore, it is important, however, to note that the penalty is calculated on your income tax liability, and that this penalty is in addition to the tax liability. Oh yes! aside from the tax payable you will be charged for additional penalty.  You don’t want that do you?  Well of course, the BIR issued a table of compromise penalty depending on the amount of tax involved.   But that is not he point.  Because additional penalties may also apply for non-compliance with filing obligations and worst you will be monitored already.

Thus, if you want to avoid any penalty then make sure you have filed and paid your 1702Q ON OR BEFORE THE DEADLINE.

 

Annual SEC filing of Audited Financial Statements


The Securities and Exchange Commission (SEC) has posted in its website SEC Memorandum Circular No. 16, Series of 2013 dated September 13, 2013 setting forth the schedule of filing of the annual financial statements of companies with fiscal year ends December 31, 2013.

Filing Date Last Digit of SEC Registration/License
April 14, 15, 16, 17, 18 “1” , “2”
April 21, 22, 23, 24, 25 “3” , “4”
April 28, 29, 30, May 2 “5” , “6”
May 5, 6, 7, 8, 9 “7” , “8”
May 12, 13, 14, 15, 16 “9” , “0”

The schedule was issued to maintain organized and orderly filing of annual financial statements.  All corporations may file their AFS regardless of their last numerical digit of their registration or license number prior to April 14, 2014.  On the other hand, late filing shall be accepted starting May 19, 2014, subject to prescribed penalties.

Also, SEC Memorandum Circular No. 16 reminds the AFS filers that SEC will not accept AFS, other than consolidated financial statements, unless stamped “Received” by the Bureau of Internal Revenue or Authorized Agent Banks.    sec

The SEC will pre-screen the AFS and its attached components and failure to comply with any formal requirements under SRC Rule 68, shall be considered a sufficient ground for the denial of the receipt of the financial statements.  The acceptance of the AFS, however doesn’t mean that the financial statements may no longer be subjected to fines that may be imposed for any material deficiency or misstatements.

Here is the link for more info.