SEC Financial Reporting Bulletins Conso Rev 13 March 2013

8/11/2019 SEC Financial Reporting Bulletins Conso Rev 13 March 2013

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REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE

SECURITIES AND EXCHANGE COMMISSIONSEC Building, EDSA, Greenhills, Mandaluyong City

FINANCIAL REPORTING BULLETINS

The Commission adopts in its rules fnancial reporting and auditing standards that arebased on international standards and best practices. To ensure consistency in theimplementation o the rules and to attain air presentation and transparency o fnancialstatements, corporations and their accountants/auditors are mandated to aithully observethe requirements as provided in the SRC Rule 6, as amended, related Circulars and otherpronouncements o the Commission.

The bulletins are issued by the !"ce o the #eneral $ccountant to assist corporations andtheir accountants/auditors in complying %ith their fnancial reporting obligations, and toensure consistency o implementation. These bulletins may include &i' clarifcations onissues pertaining to the implementation o SRC Rule 6, as revised( &ii' responses to

requently)as*ed questions during the submission o fnancial statements( &iii' vie%sregarding accounting)related disclosure practices( and &iv' such other inormation that isuseul to attain consistency in the implementation o the fnancial reporting rules andregulations o the Commission. +cluded rom coverage are matters not o generalapplication or those issues specifc to a particular company.

Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

%%& &'Feb!ua!(

)%&)

SRC Rule'*+ a$

a,en-e-)%&&/

A--itionalo,0onent$o1 "nanial$tate,ent$

&-' The additional components that are submitted%ith the companys fnancial statements,orming part thereo, should necessarily becovered by the Statement o anagements

Responsibility &SR'. Thus, the frst paragrapho the SR must partly read The managementof (name of reporting company) is responsible forthe preparation and fair presentation of the nancialstatements for the year (s) ended (date), includingthe additional components attached therein x

x x.0

&1' The ollo%ing additional components, iapplicable to the company, should be coveredby a legal matter paragraph in the $uditorsReport or a separate report o auditor on eachcomponent2

i. Schedule o receipts and disbursements onon)stoc* and non)proft organi3ations&4art -, 5$'(

ii. Reconciliation o Retained +arnings$vailable or ividend eclaration &4art -,5C'(

iii. Tabular schedule o standards andinterpretations as o reporting date (forlarge and/or publicly-accountable entities)(

iv. Supplementary schedules required by$nne 6)+ (for issuers of securities to the

public)(v. $ map o the conglomerate or group ocompanies %ithin %hich the reportingentity belongs &4art -, 57' (for listedcompanies and investment houses)

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Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

%%) &'Feb!ua!(

)%&)

SRC Rule'*+ a$

a,en-e-)%&&/

E,02a$i$ o1

Matte!0a!a3!a021o!

o,0anie$4it2 a0ital-e"ien( 5

Pa!t I+6.Bi7/

Request or $dditional #round or +emption

8, other than those specifc eemptions

provided under subpar. &viii' items &a' to &c'o 4art 8, par. 9.:&iv', the auditor believesthat the audit report on a company %ith

capital defciency does not %arrant anemphasis matter paragraph, a confrmationmust be obtained rom the Commissionthrough the submission o a position paper.

$ determination %ill be made by the

Commission %hether the circumstance/sdescribed in the position paper %ill qualiyunder item &d' o the eemption list ;i.e., suchother cases %hich the Commission mayconsider as valid ground or considering thecompany as a going concern


3/15

Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

Feb!ua!()%&)

'*+ a$a,en-e-

)%&&/

Di$lo$u!e$o1

!eei7able$#0a(able$4it2 !elate-

0a!tie$eli,inate-

-u!in3on$oli-atio

n Anne8'*5D/

&='&ii' on receivables/payables %ith relatedparties that are eliminated during consolidation,may be incorporated in the applicable schedulesunder $nne 6)+ o 4art 88.

The subect inormation need not becomparative. 8t shall cover only to thosetransactions eliminated at the reporting entityslevel.

This disclosure requirement is applicable only toissuers o securities to the public, companieslisted in an echange and public companies asprovided under 4art 88 o the Rule.

%%< &'Feb!ua!(

)%&)

Co,0anie$not o7e!e-

Un-e!SRC Rule '*

The fnancial statements o companies notcovered by SRC Rule 6 should be accompaniedby a certifcation under oath by the companys

Treasurer or Chie =inance !"cer. Such =Sshould have at least a Statement o =inancial4osition &:alance Sheet' or a Statement o =und:alance, 8ncome Statement &or a Statement oReceipts and isbursements' and applicableeplanatory notes.

%%= &'Feb!ua!(

)%&)

Co,0anie$4it2 no

o0e!ationbut a!eo7e!e-un-e!

SRC Rule '*

8 no operation only or one &-' year2 a

complete set o audited fnancial statementsmust be submitted by the company despite itsnon)operation

8 no operation or the last t%o &1' years2 The8ncome Statement need D!T be included in theaudited fnancial statements

%%'(as

revised)

)< >anua!()%&6

(The originalF! "o# $%as dated&$ February

'&')

De0o$it$ 1o!Futu!e

Sub$!i0tion$

Setion )).6 o1 PFRS 1o! SME$ an- 0a!. && o1PAS 6), =inancial 8nstruments2 4resentation, defnesan equity instrument as Eany contract that evidencesa residual interest in the assets o an entity aterdeducting all o its liabilities.0 The standards providethat Ea contract that %ill be settled by the entitydelivering a fed number o its o%n equityinstruments in echange or a fed amount o cash or

another fnancial asset is an equity instrument.0

?nder Setion 6' o1 t2e Co!0o!ation Co-e o1 t2eP2ili00ine$&ECode0', a corporation has the po%er toissue or sell stoc*s to subscribers in accordance %iththe Code. The requirements or the issuance oshares are provided under Section 9 o the Code%hich provides, as ollo%s2

?SEC. 6*. Po4e! to in!ea$e o! -e!ea$ea0ital $to;@ inu!+ !eate o! in!ea$ebon-e- in-ebte-ne$$. Do corporation shallincrease or decrease its capital stoc* or incur,create or increase any bonded indebtednessunless approved by a maority vote o the boardo directors and, at a stoc*holdersF meeting duly

called or the purpose, t%o)thirds &1/9' o theoutstanding capital stoc* shall avor theincrease or diminution o the capital stoc*, orthe incurring, creating or increasing o anybonded indebtedness. >ritten notice o theproposed increase or diminution o the capital

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Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

stoc* or o the incurring, creating, or increasingo any bonded indebtedness and o the time andplace o the stoc*holdersF meeting at %hich theproposed increase or diminution o the capitalstoc* or the incurring or increasing o anybonded indebtedness is to be considered, mustbe addressed to each stoc*holder at his place oresidence as sho%n on the boo*s o thecorporation and deposited to the addressee inthe post o"ce %ith postage prepaid, or servedpersonally.

$ certifcate in duplicate must be signed by amaority o the directors o the corporation andcountersigned by the chairman and thesecretary o the stoc*holdersF meeting, settingorth2

$ny increase or decrease in the capital stoc* orthe incurring, creating or increasing o anybonded indebtedness shall require priorapproval o the Securities and +changeCommission.0

Considering the requirements o the Corporation Codeon increase in authori3ed capital stoc* and 4$S 91 orSection 11.9 o 4=RS or S+s defning an equityinstrument as Eany contract that evidences a residualinterest in the assets o an entity ater deducting all oits liabilities,0 it can be held that the contract oragreement bet%een the corporation and itscontracting party &i.e., a stoc*holder or an investor'must create a right in avor o that party to claim overthe residual interest in the net assets o the

corporation. Such right could only arise %hen thereare :oard o irectors and stoc*holders approvalsand, most importantly, regulatory imprimatur over theincrease in capital stoc*.

8n vie% o the oregoing, an entity shall classiy acontract to deliver its o%n equity instruments underequity as a separate account &e.g., eposit or Stoc*Subscription' rom E!utstanding Capital Stoc*0 i andonly i, all o the ollo%ing elements are present as oend o the reporting period2

&-' T2e uni$$ue- aut2o!ie- a0ital $to; o1 t2e

entit( i$ in$u9ient to o7e! t2e a,ount o1$2a!e$ in-iate- in t2e ont!at@&1' T2e!e i$ Boa!- o1 Di!eto!$: a00!o7al on t2e

0!o0o$e- in!ea$e in aut2o!ie- a0ital$to; 1o! 42i2 a -e0o$it 4a$ !eei7e- b(t2e o!0o!ation/@

&9' T2e!e i$ $to;2ol-e!$: a00!o7al o1 $ai-0!o0o$e- in!ea$e@ an-

&5' T2e a00liation 1o! t2e a00!o7al o1 t2e0!o0o$e- in!ea$e 2a$ been "le- 4it2 t2eCo,,i$$ion.

8t is understood rom the oregoing that there is asubscription agreement %hich, among other things,

states that the corporation is not contractually obligedto return the consideration received and that thecorporation is obliged to deliver a fed number o itso%n shares o stoc* or a fed amount o cash orproperty paid or to be paid by the contracting party.

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Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

8n its fnancial statements or the reporting period, thecorporation shall disclose at a minimum the ollo%inginormation %ith respect to the subect transaction,among other things2

&a' the value received and nature o such

consideration &%hether cash or noncash and inoncash, the basis o measurement'(

&b' the relationship %ith the contracting party &i.e.,stoc*holder, investor, or other related party&indicate relationship'(

&c' the treatment used in the recognition o thetransaction &%hether as an equity or a liability'and the reason or such recognition(

&d' i the transaction has been recogni3ed as anequity, the act that the corporation has met allthe conditions required or such recognition as atthe end o the reporting period &disclose relevantdates o approvals and fling'(

&e' inormation about the increase in the authori3edcapital stoc* &i.e., old and ne% authori3ed capitalstoc*, number o shares, par value per share,etc.'( and

&' i the approval is obtained subsequently beorethe issuance o the fnancial statements, the dateo the Commissions approval.

$ll companies that adopted either 4=RS or S+s orthe ull 4=RS as their fnancial reporting rame%or*

should have observed the strict defnition o equity

instruments under Section 11.9 or 4$S 91 that have

been eGective since B- Hanuary 1B-B and B- Hanuary1BB@, respectively.

%% 6 A0!il)%&)

State,ent o1Mana3e,ent

:$Re$0on$ibilit

(SMR/

&-' =or issuers o securities to the public, the SRshall be attached to both the consolidatedfnancial statements and the parentcompanys fnancial statements or fling %iththe Commission.

&1' 4aragraph &iv' o 4art 8 &1'&:'&iv' o the Rule isalso applicable to representative o"cesestablished in the 4hilippines. Thus, the SRshall be signed by its local manager or chierepresentative in the 4hilippines.

&9' 8 the fnancial statements or fling arecomparative, the SR has to be comparative,even i the independent auditors or thecomparative periods are diGerent.

The ollo%ing is an illustration on ho% the lastparagraph o the SR may be %orded in sucha case2

E(name of audit rm) and (indicateprior year auditor), the independentauditors appointed by the stocholders

for the period *ecember +&, '&& and'&, respectively, have examined theconsolidated nancial statements ofthe company in accordance %ith

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Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

hilippine tandards on .uditing, and intheir reports to the stocholders (ormembers), have expressed theiropinion on the fairness of presentationupon completion of such examination#0

%%* 6 A0!il)%&)

S,all an-Me-iu,5

$ie- Entitie$SME$/

?nder 4art 8 &1'&$'&ii'&b' o the Rule, certain typeso S+s may be eempted rom the mandatoryadoption o the 4hilippine =inancial ReportingStandard &4=RS' or S+s and may instead apply,at their option, ull 4=RS. S+s that availed othe eemption and applied the ull 4=RS are notconsidered as large and/or publicly)accountableentities, and thereore are not required to fle thetabular schedule o all eGective standards andinterpretations under the 4=RS as o year)end, asrequired under 4art 8 &5'&H' o the Rule.

%% 6 A0!il)%&)

Mi!oEntitie$

&-' ?nder S+CFs Dotice o 8mplementation#uidelines on 4=RS or S+s dated =ebruaryI, 1B-B, micro entities have the option to useany o these bases o accounting in thepreparation o their fnancial statements2 &a'ull 4=RS, &b' 4=RS or S+s, or &c' anotheracceptable basis o accounting.

?nder 4art 8 &1'&$'&iii' o the Rule, microentities have the option to use as theirfnancial reporting rame%or* the income tabasis, accounting standards in eGect as oecember 9-, 1BB5 or 4=RS or S+s.

icro entities %hich have previously adoptedull 4=RSs in accordance %ith S+Cs Dotice o8mplementation #uidelines on 4=RS or S+sdated =ebruary I, 1B-B are allo%ed tocontinue the use o ull 4=RS. Devertheless,micro entities may also choose to changetheir fnancial reporting rame%or* to one othe options made available under the Rule.Such change should be accounted or inaccordance %ith 4$S , .ccounting olicies,hanges in .ccounting 0stimates and 0rrors#

&1' icro entities are not required to disclose inthe notes to the fnancial statements theirrationale or choosing a particular fnancialreporting rame%or* available to them.

&9' icro entities that continue to use ull 4=RSare not required to fle the tabular schedule oall the eGective standards and interpretationsunder the 4=RS as o year)end as requiredunder 4art 8 &5'&H' o the Rule.

%&% 6 A0!il)%&)

Entitie$ int2e 0!oe$$

o1 "lin3 t2ei!"nanial

=inancial statements to be fled by entities or thepurpose o issuing any class o instruments&%hether shares o stoc* or bonds' in a publicmar*et are required to comply %ith the provisions

6


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Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

$tate,ent$1o! t2e

0u!0o$e o1i$$uin3 an(

la$$ o1in$t!u,ent$

42et2e!$2a!e$ o1$to; o!

bon-$/ in a0ubli,a!;et

o 4art 88 o the Rule, including $nnees 6) and6)+. Ji*e%ise, the ollo%ing documents are tobe fled %ith the fnancial statements, as requiredby 4art 8, Section 5 o the Rule2

(1 8ssuers o securities to the public and stoc*corporations %ith unrestricted retainedearnings in ecess o -BBK o paid)in capitalstoc* ) $ Reconciliation o Retained +arnings$vailable or ividend eclaration %hichshall present the prescribed adustments asindicated in $nne 6)C o this Rule.

&1' Jisted companies and investment housesthat are part o a conglomerate or group ocompanies ) $ map sho%ing therelationships bet%een and among thecompanies and its ultimate parent company,middle parent, subsidiaries or co)subsidiaries, and associates.

&9' Jarge and/or publicly)accountable entities )$ schedule, in table ormat, sho%ing in thefrst column a list o all the eGectivestandards and interpretations under the4=RS as o year)end, and an indicationopposite each in the second column on%hether it is L$doptedL. LDot adoptedL orLDot applicableL.

The above components should be covered by an

auditors report.

%&& 6 A0!il)%&)

Non5$to;an- non5

0!o"to!3aniation

$

The provisions o 4art 8 &9'&iv'&v' o the Rule,regarding capital defciency, shall not beapplicable to non)stoc* and non)proft orga)ni3ations %ith negative und balance.

%&) 6 A0!il)%&)

Anne8 '*5E S2e-ule A.

FinanialA$$et$

I$$ue!$ o1Seu!itie$ tot2e Publi/

The schedule shall be applicable or $vailable)=or)Sale &$=S', =air Malue through 4roft or Joss&=M4J' and 7eld)to)aturity &7T' investments.Joans and Receivables shall be included in the

schedule only i the inormation requirements areapplicable.

=or eample, trade receivables o a reportingentity need not be included in this Schedule $ butJong)term Commercial 4apers classifed underJoans and Receivables shall be included.

Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

&6 )< >anua!()%&6 P!e$entationo1 Relate-Pa!t(

Di$lo$u!e$

4hilippine $ccounting Standard &4$S' 15 provides thatan entity should disclose inormation about thetransactions and outstanding balances necessary oran understanding o the potential eGect o therelationship on the fnancial statements-. $t a

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minimum, the disclosures shall include2&a' the amount o the transactions(&b' the amount o outstanding balances and their

terms and conditions, including %hether theyare secured, and the nature o the considerationto be provided in settlement, and details o anyguarantees given or received(

&c' provisions or doubtul debts related to theamount o outstanding balances(

&d' the epense recogni3ed during the period inrespect o bad or doubtul debts due romrelated parties.1

4$S 15 also provides that the said disclosures shall bemade separately or each o the ollo%ing categories2&a' the parent( &b' entities %ith oint control orsignifcant inNuence over the entity( &c' subsidiaries(&d' associates( &e' oint ventures in %hich the entity isa venture( &' *ey management personnel o the entityor its parent( and &g' other related parties.9

To attain the obective o 4$S 15 o providing anunderstanding o the potential eGect o the

relationship on the fnancial statements, the ollo%ingrequirements under the said standard must beobserved by corporations2

-. The required disclosures on transactions andoutstanding balances shall be made separately oreach o the ollo%ing categories2 &a' the parent( &b'entities %ith oint control or signifcant inNuenceover the entity( &c' subsidiaries( &d' associates( &e'

oint ventures in %hich the entity is a venture( &'*ey management personnel o the entity or itsparent( and &g' other related parties.

1. =or each o said category, the ollo%ing inormationshall be provided2&a' the amount o the transactions(&b' the amount o outstanding balances and their

terms and conditions, including %hether theyare secured, and the nature o theconsideration to be provided in settlement, anddetails o any guarantees given or received(

&c' provisions or doubtul debts related to theamount o outstanding balances(

&d' the epense recogni3ed during the period inrespect o bad or doubtul debts due romrelated parties.

9. The presentation shall be made in columnar ormataccording to the above categories and disclosureitems.

Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

&< )< >anua!()%&6

P!e$entationReoniliation

o1 Retaine-Ea!nin3$

?nder paragraph 5&C' o SRC Rule 6, as amended,issuers o securities to the public, and stoc* corporations%ith unrestricted retained earnings in ecess o -BBK opaid)in capital stoc*, are mandated to submit %ith theiraudited fnancial statements a econciliation ofetained 0arnings .vailable for *ividend *eclaration

%hich should present the prescribed adustments as

1"aragra#h 1! o$ "AS 24%2"aragra#h 1! o$ "AS 24%3"aragra#h 1& o$ "AS 24%

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indicated in $nne 6)C o the Rule.

The amount o retained earnings o a company shouldbe based on its separate &Estand alone0' fnancialstatements and not on its consolidated fnancialstatements i it is a parent company. This is becausethe retained earnings based on the consolidatedfnancial statements include surplus o the subsidiaries%hich are not yet actual earnings o the parent unlessreleased by the subsidiaries in the orm o dividends.

The reconciliation o retained earnings o the parentcompany shall ho%ever, be submitted %ith theconsolidated fnancial statements pursuant to SRCRule 6, as amended.

To avoid inconsistencies in the balances, theReconciliation should be presented as ollo%s2

8tems $mountUna00!o0!iate- Retaine- Ea!nin3$+be3innin3

4

A-ju$t,ent$(see ad1ustments in previous year2s

econciliation)

Una00!o0!iate- Retaine- Ea!nin3$+ a$a-ju$te-+ be3innin3

4

Net Ino,e ba$e- on t2e 1ae o1 AFSLe$$ Non5atual#un!ealie- ino,enet o1 ta8

+quity in net income oassociate/oint venture

?nreali3ed oreign echange gain )net &ecept those attributable toCash and Cash +quivalents'?nreali3ed actuarial gain

=air value adustment &1 gains'

=air value adustment o 8nvestment4roperty resulting to gain $dustmentdue to deviation rom 4=RS/#$$4)gain

!ther unreali3ed gains oradustments to the retained earningsas a result o certain transactionsaccounted or under the 4=RS

A-- Non5atual lo$$e$ epreciation on revaluation

increment &ater ta' $dustment due to deviation rom

4=RS/#$$4 O lossJoss on air value adustment o

investment property &ater ta'Net Ino,e Atual#Realie-

4

Una00!o0!iate- Retaine- Ea!nin3$+ a$a-ju$te-+ en-in3

4

Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

&= )< >anua!()%&6

A00!o0!iationo1 Retaine-

Ea!nin3$ 1o!Bu$ine$$E80an$ion

4$S - prescribes that the notes to fnancial statementso corporations shall disclose among others,

inormation that is relevant to an understanding o thefnancial statements.

=or corporations %ith ecess retained earnings, theirfnancial statements must contain relevant inormation

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in connection %ith Section 59 o the Corporation Code&the ECode0' %hich provides in part2

Stoc* corporations are prohibited romretaining surplus profts in ecess o onehundred &-BBK' percent o their paid)incapital stoc*, ecept2

a. %hen justifed by defnite

corporate expansion projects orprograms approved by theboard o directors( or

b. %hen the corporation is prohibitedunder any loan agreement %ith anyfnancial institution or creditor,%hether local or oreign, romdeclaring dividends %ithout itsconsent, and such consent has notyet been secured( or

c. %hen it can be clearly sho%n thatsuch retention is necessary under

special circumstances obtaining inthe corporation, such as %hen thereis need or special reserve orprobable contingencies.0 &emphasis,ours'

The above provisions indicate that the retention orepansion proects must be defnite and approved bythe :oard o irectors.

4ursuant to 4$S -, the ollo%ing disclosures arerelevant to provide an understanding on the impact othe retention o earnings on the fnancial statements

and thus, must be provided therein2

&. Detail$ o1 t2e e80an$ion e.3.+ -e$!i0tion o1t2e 0!ojet+ ti,eline/ to !en-e! t2e 0!ojet-e"nite@

). T2e -ate o1 t2e a00!o7al b( t2e Boa!- o1Di!eto!$ o1 t2e 0!ojet.

Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

&' )< >anua!()%&6

Li$t o1Eeti7e

Stan-a!-$ an-Inte!0!etation

$ a$ o1Dee,be! 6&+

)%&)/

?nder paragraph 5&H' o SRC Rule 6, as amended, largeand/or publicly)accountable entities are required tosubmit %ith their audited fnancial statements aschedule, in table ormat, sho%ing in the frst column alist o all the eGective standards and interpretationsunder the 4=RS as o year)end, and an indicationopposite each in the second column on %hether it is

E$dopted3, E"ot adopted3or "ot applicable3.

To comply %ith the said requirement, the ollo%ing listmust be accomplished, audited by the companyseternal auditor and submitted %ith annual fnancial

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statements2

COMPAN NAME

PHILIPPINE FINANCIAL REPORTING STANDARDS ANDINTERPRETATIONSEeti7e a$ o1 Dee,be! 6&+ )%&)

A-o0te-

NotA-o0te

-

NotA00liable

F!a,e4o!; 1o! t2e P!e0a!ation an- P!e$entation o1

Finanial State,ent$Conceptual =rame%or* 4hase $2 !bectives and qualitativecharacteristics

PFRS$ P!atie State,ent Mana3e,ent Co,,enta!(

P2ili00ine Finanial Re0o!tin3 Stan-a!-$

PFRS &Re7i$e-/

=irst)time $doption o 4hilippine =inancial ReportingStandards

$mendments to 4=RS - and 4$S 1A2 Cost o an8nvestment in a Subsidiary, Hointly Controlled +ntity or$ssociate

$mendments to 4=RS -2 $dditional +emptions or=irst)time $dopters

$mendment to 4=RS -2 Jimited +emption romComparative 4=RS A isclosures or =irst)time$dopters

$mendments to 4=RS -2 Severe 7yperinNation andRemoval o =ied ate or =irst)time $dopters

$mendments to 4=RS -2 #overnment Joans

PFRS ) Share)based 4ayment

$mendments to 4=RS 12 Mesting Conditions andCancellations

$mendments to 4=RS 12 #roup Cash)settled Share)based 4ayment Transactions

PFRS 6Re7i$e-/

:usiness Combinations

PFRS


12/15

PHILIPPINE FINANCIAL REPORTING STANDARDS ANDINTERPRETATIONSEeti7e a$ o1 Dee,be! 6&+ )%&)

A-o0te-

NotA-o0te

-

NotA00liable

PFRS &% Consolidated =inancial Statements

PFRS && Hoint $rrangements

PFRS &) isclosure o 8nterests in !ther +ntities

PFRS &6 =air Malue easurement

P2ili00ine Aountin3 Stan-a!-$

PAS &Re7i$e-/

4resentation o =inancial Statements

$mendment to 4$S -2 Capital isclosures

$mendments to 4$S 91 and 4$S -2 4uttable =inancial8nstruments and !bligations $rising on Jiquidation

$mendments to 4$S -2 4resentation o 8tems o !therComprehensive 8ncome

PAS ) 8nventories

PAS Statement o Cash =lo%s

PAS * $ccounting 4olicies, Changes in $ccounting +stimatesand +rrors

PAS &% +vents ater the :alance Sheet atePAS && Construction Contracts

PAS &) 8ncome Taes

$mendment to 4$S -1 ) eerred Ta2 Recovery o?nderlying $ssets

PAS &' 4roperty, 4lant and +quipment

PAS & Jeases

PAS &* Revenue

PAS & +mployee :enefts

$mendments to 4$S -I2 $ctuarial #ains and Josses,#roup 4lans and isclosures

PAS &A,en-e-/

+mployee :enefts

PAS )% $ccounting or #overnment #rants and isclosure o#overnment $ssistance

PAS )& The +Gects o Changes in =oreign +change Rates

$mendment2 Det 8nvestment in a =oreign !peration

PAS )6Re7i$e-/

:orro%ing Costs

PAS )eb Site Costs

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Bulletin No.

Date SubjetMatte!

Cla!i"ation#Detail$

%& % Ma!2)%&6

Ne4l(5!e3i$te!e-

Co!0o!ation$

?nder Section -5- o the Corporation Code, every corporation, domesticor oreign, la%ully doing business in the 4hilippines shall submit to theSecurities and +change Commission an annual report o its operations,together %ith a fnancial statement o its assets and liabilities, certifedby any independent certifed public accountant in appropriate cases,covering the preceding fscal year and such other requirements as theSecurities and +change Commission may require. Such report shall besubmitted %ithin such period as may be prescribed by the Securities and+change Commission.

$ threshold or the submission o the said audited fnancial statements isindicated in Section A@ o the Code, as ollo%s2

ES+C. A@. ight to nancial statements# 5>ithin ten &-B'days rom receipt o a %ritten request o any stoc*holder ormember, the corporation shall urnish to him its most recentfnancial statement, %hich shall include a balance sheet aso the end o the last taable year and a proft or loss

statement or said taable year, sho%ing in reasonabledetail its assets and liabilities and the result o itsoperations.$t the regular meeting o stoc*holders or members, theboard o directors or trustees shall present to suchstoc*holders or members a fnancial report o the operationso the corporation or the preceding year, %hich shallinclude fnancial statements, duly signed and certifed by anindependent certifed public accountant.

7o%ever, i the paid)up capital o the corporation is lessthan 4@B,BBB.BB the fnancial statements may be certifed

under oath by the treasurer or any responsible o"cer o thecorporation.0

+cept or the above limitation on the coverage o entities %hose fnancialreport must be audited, the provisions o the Corporation Code do not grantany eemption rom the required submission o annual fnancial statements&$=S'. The fling requirement is applicable to all corporations andorgani3ations registered %ith the Commission as o the fscal year endincluding those ne%ly incorporated during the said year.

Corporations %ith fscal year o 9- ecember that %ere registered during thelast preceding year, regardless o the date o incorporation, must submittheir $=S in accordance %ith the $nnual Schedule o =iling o =inancial

Statements indicated in the applicable Circular o the Commission &or 1B-1$=S, S+C emorandum Circular Do. A, Series o 1B-1 is applicable'. =or those%ith fscal year other than 9- ecember, their frst $=S shall be due %ithin-1B days ater the end o their fscal year.0

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SEC Financial Reporting Bulletins Conso Rev 13 March 2013

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