Securities & Exchange Commission (SEC) issued last 17 October 2023, a notice for all corporations to comply and avail amnesty program to avoid delinquency status. Section 177 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines (RCC), provides that every corporation, domestic or foreign, doing business in the Philippines shall submit to the SEC annual financial statements and a general information sheet (GIS), among other reportorial requirements, annually and within such period as may be prescribed by the Commission. Section 177 of the RCC provides that the Commission may place a corporation under delinquent status should they fail to submit their reportorial requirements three times, consecutively or intermittently, within a period of five years. Based on the records of the Commission as of 12 October 2023, the corporations appearing in the attached list have failed to submit their GIS for three times consecutively or intermittently wi
GLIMPSE OF A CPA'S MIND
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