Financial statements from the Philippines

Schmidt & Schmidt offers financial statements from Uzbekistan in electronic form and their translations into English.

According to the current law companies registered in the Philippines are required to file annual financial statements.

The filing of annual accounts in the Philippines is governed by the Tax Code and other regulations.

International Financial Reporting Standards (IFRS) are currently used in Philippines. They are used by large public companies. Also, IFRS standards can be used by small and medium-sized businesses.

Companies are required to submit annual financial statements to the Securities and Exchange Commission. In addition, companies selling their shares publish financial statements through the stock exchange.

Large companies are required to conduct an audit by the end of the year.

Full annual financial statement includes:

• Balance sheet
• Profit and loss report
• Notes

Access to reporting documentation is carried out through a special online service of the Securities and Exchange Commission. The option is available only to authorized users and is paid. For information, you need to know the full name of the company and its registration number.

In addition, through the website of the stock exchange, you can get annual financial reports of companies trading in their shares.

Financial statements provide detailed information about a company’s financial state, solvency and performance of an enterprise. Depending on the size of the enterprise, its financial statement can contain up to several hundred pages.

Financial statements can provide valuable information about potential business partner which can be used for making decisions like purchasing capital shares or goods or taking legal action to collect debts. Financial statements are provided in accordance with the Philippine legislation and legal requirements on personal data protection.

On our website, you can make a preliminary request if a certain company’s financial statements are obtainable.