SEC filings

3 quick questions. Pick an answer to see why.

1. Kuting Kitchen OPC has one stockholder, Carla. Which does it file with SEC?

A General Information Sheet every year No GIS; it reports its officers on the Form for Appointment of Officers Nothing; OPCs only report to BIR

OPCs don't file a GIS. They file their annual financial statements and report officers on the appointment form instead.

2. Kuting Kitchen's total assets are ₱2.5M, but its sales are ₱4.8M. Are its financial statements audited?

No, assets are under SEC's ₱3M line Yes, BIR requires an audit when gross sales are above ₱3 million a year Only if Carla asks for one

SEC's test is assets or liabilities above ₱3M, but BIR has its own: gross sales above ₱3 million a year. Either one is enough to need a CPA audit.

3. Why does the eAFS upload to BIR come before the SEC filing?

The AFS filed with SEC must show BIR received it: the eAFS TRN or a BIR stamp SEC forwards the statements to BIR eFAST only opens after 30 April

SEC asks for proof that BIR received the statements, and the eAFS Transaction Reference Number counts as that proof.