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23 MARCH 2012 * THE PENINSULA MANILA, MAKATI CITY, PHILIPPINES * 9:00AM to 5:00PM
When you submit your company’s mandatory yearly financial report to the Securities and Exchange Commission (SEC) this April 2012 deadline, your organization is expected to be compliant and aligned with the revised SRC Rule 68 (version 2011) financial reporting standard and regulation imposed by the SEC. Your 2011 financial statement should reflect this. Penalties to non-compliance should not be an option.
In this 1-day seminar, we will provide you detailed examples, diagrams, and templates for easier understanding and a full grasp of this revised regulation. Topics include the guide and framework for the preparation and presentation of financial statements; special rules and additional disclosure requirements; clarifications on form, order and terminologies; documents to accompany audited financial statements, issues and pervasive findings in financial reports; materiality test on incompleteness or misstatements in the financial statement; remedies and exemptive reliefs; SEC memo circulars and updates related to the topic and many more! This seminar is a must for all types of corporation and is intended to help them cope with the challenges in this era of stricter regulatory environment. This is a one-time only seminar. Attend!
ONE-TIME SEMINAR
REGISTER NOW
Avail of Early Bird and
Group DISCOUNTS
Seminar Investment is P8,250
inclusive of Meals, Resource Kit, &
Certificate of Attendance
Contact Person: Camille Jonas
Manila lines (+632) 556-8968 or 69
Manila Telefax (+632) 842-7148 or 59
Cebu lines (+63 32) 512-3106 or 07
Email: camille@cgbp.org
Check: http://www.cgbp.org
REGISTER NOW
Avail of Early Bird and
Group DISCOUNTS
Seminar Investment is P8,250
inclusive of Meals, Resource Kit, &
Certificate of Attendance
Contact Person: Camille Jonas
Manila lines (+632) 556-8968 or 69
Manila Telefax (+632) 842-7148 or 59
Cebu lines (+63 32) 512-3106 or 07
Email: camille@cgbp.org
Check: http://www.cgbp.org
Lecturer:
Atty. Ma. Gracia Casals-Diaz, CPA - General Accountant, Securities and Exchange Commission. She heads the department in-charge of monitoring and evaluation of financial statements submitted by all corporations in the Philippines. For her dedication in her profession, she has been awarded by the Philippine Institute of Certified Public Accountants (PICPA) as “Young Achiever in Government Service” and is a recipient of a Certificate of Exemplary Service and Conduct given by the SEC.
• Business Owners
• Audit Committee Members
• CFOs
• Compliance Officers
• Management Officers
• CPAs & Lawyers
• Business Consultants
• All corporations registered under
SEC
• Audit Committee Members
• CFOs
• Compliance Officers
• Management Officers
• CPAs & Lawyers
• Business Consultants
• All corporations registered under
SEC
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SEC Revised Regulations on Financial Reporting for Coporations
The Peninsula Manila, Makati City, Philippines
9:00 am to 5:00 pm, Friday, March 23, 2012
COURSE OUTLINE
I. HISTORY AND BACKGROUND OF THE FINANCIAL REPORTING REQUIREMENTS OF THE SEC
II. GENERAL PRINCIPLES AND PRACTICES ADOPTED IN SRC RULE 68
III. DISCUSSION OF THE DEFINITIONS USED IN THE RULE AND BASIS OF EACH
IV. COVERAGE AND EXTENT OF APPLICATION OF THE RULE
V. FINANCIAL REPORTING FRAMEWORKS IN THE PHILIPPINES
a. Philippine Financial Reporting Standards
b. PFRS for Small and Medium Entities
c. Other Acceptable Framework
Common issues and concerns on the coverage under one framework including transition matters will be included in the discussion.
VI. EXEMPTIONS AND EXEMPTIVE RELIEF FROM THE PRESCRIBED FRAMEWORK
a. Exemption of SMEs from Adoption “PFRS for SMEs”
b. Exemptive Reliefs Granted to Publicly-Accountable Entities
c. Other Flexibilities Allowed
The requirements in order to avail of the exemption or exemptive relief shall be dicussed.
VII. RESPONSIBILITIES OVER THE FINANCIAL STATEMENTS
a. Management’s Responsibilities as to -
i. Internal Control
ii. Preparation of Financial Statements
iii. Approval and Authorization
iv. Submission to Regulatory Agencies
b. External Auditor’s Responsibilities as to -
i. Basic Professional Qualifications
ii. Report Form and Contents
iii. Quality Control and Ethics
iv. Accreditation
Pervasive issues and common errors on compliance with the above requirements will be discussed during the seminar.
VIII. DOCUMENTS TO ACCOMPANY THE AUDITED FINANCIAL STATEMENTS
a. Supplemental Written Statement of External Auditor
b. Reconciliation of Retained Earnings
c. Financial Soundness Indicators Summary
d. Matrix showing compliance with prudential requirements
e. Other Supplementary Information
Templated forms will be presented during the seminar for easier guidance and compliance by participants.
IX. OTHER FORMAL REQUIREMENTS UNDER THE RULE
a. Form, Order and Terminology
b. Presentation for Receipt of the Audited Financial Statements
c. Comparative Financial Statements
Common issues and concerns arising from the pre-evaluation of financial statements on due dates will be included in the discussion.
X. ADDITIONAL REQUIREMENTS FOR ISSUERS OF SECURITIES
a. Who are Issuers of Securities?
Reasons for the additional requirements
b. Mandatory Auditor’s Opinion for Issuers of Securities
And Exemption from the rule
c. Periodic Presentation
i. Registration Statement
1. Audited Annual Financial Statements
2. Interim Financial Statements
3. Age Requirement for Financial Statement
ii. Annual Reports
iii. Schedules
iv. Information Statements
d. Interim Financial Statements
i. Contents
ii. Periodic Presentation
e. Pro-forma Financial Information and Financial Statements of Business Acquired or to be Acquired
i. Applicability
ii. Periodic Presentation
iii. Form and Contents
iv. Attestation of External Auditors
f. Consolidated Financial Statements
i. Issuers with significant foreign company-subsidiary
ii. Issuers of securities with subsidiaries
XI. PENALTIES FOR VIOLATION OF THE RULE
a. Late Filing
b. Material Deficiency
c. Material Misstatement or Deviation
d. Other Non-Compliance with any Other Requirement
The test of materiality under relevant Rules and Guidelines will also be discussed.
Clarifications will be made on common issues being raised as to materiality of findings on the submitted financial statements. Statistics on pervasive findings and penalties according to industry will be presented during the seminar.
II. GENERAL PRINCIPLES AND PRACTICES ADOPTED IN SRC RULE 68
III. DISCUSSION OF THE DEFINITIONS USED IN THE RULE AND BASIS OF EACH
IV. COVERAGE AND EXTENT OF APPLICATION OF THE RULE
V. FINANCIAL REPORTING FRAMEWORKS IN THE PHILIPPINES
a. Philippine Financial Reporting Standards
b. PFRS for Small and Medium Entities
c. Other Acceptable Framework
Common issues and concerns on the coverage under one framework including transition matters will be included in the discussion.
VI. EXEMPTIONS AND EXEMPTIVE RELIEF FROM THE PRESCRIBED FRAMEWORK
a. Exemption of SMEs from Adoption “PFRS for SMEs”
b. Exemptive Reliefs Granted to Publicly-Accountable Entities
c. Other Flexibilities Allowed
The requirements in order to avail of the exemption or exemptive relief shall be dicussed.
VII. RESPONSIBILITIES OVER THE FINANCIAL STATEMENTS
a. Management’s Responsibilities as to -
i. Internal Control
ii. Preparation of Financial Statements
iii. Approval and Authorization
iv. Submission to Regulatory Agencies
b. External Auditor’s Responsibilities as to -
i. Basic Professional Qualifications
ii. Report Form and Contents
iii. Quality Control and Ethics
iv. Accreditation
Pervasive issues and common errors on compliance with the above requirements will be discussed during the seminar.
VIII. DOCUMENTS TO ACCOMPANY THE AUDITED FINANCIAL STATEMENTS
a. Supplemental Written Statement of External Auditor
b. Reconciliation of Retained Earnings
c. Financial Soundness Indicators Summary
d. Matrix showing compliance with prudential requirements
e. Other Supplementary Information
Templated forms will be presented during the seminar for easier guidance and compliance by participants.
IX. OTHER FORMAL REQUIREMENTS UNDER THE RULE
a. Form, Order and Terminology
b. Presentation for Receipt of the Audited Financial Statements
c. Comparative Financial Statements
Common issues and concerns arising from the pre-evaluation of financial statements on due dates will be included in the discussion.
X. ADDITIONAL REQUIREMENTS FOR ISSUERS OF SECURITIES
a. Who are Issuers of Securities?
Reasons for the additional requirements
b. Mandatory Auditor’s Opinion for Issuers of Securities
And Exemption from the rule
c. Periodic Presentation
i. Registration Statement
1. Audited Annual Financial Statements
2. Interim Financial Statements
3. Age Requirement for Financial Statement
ii. Annual Reports
iii. Schedules
iv. Information Statements
d. Interim Financial Statements
i. Contents
ii. Periodic Presentation
e. Pro-forma Financial Information and Financial Statements of Business Acquired or to be Acquired
i. Applicability
ii. Periodic Presentation
iii. Form and Contents
iv. Attestation of External Auditors
f. Consolidated Financial Statements
i. Issuers with significant foreign company-subsidiary
ii. Issuers of securities with subsidiaries
XI. PENALTIES FOR VIOLATION OF THE RULE
a. Late Filing
b. Material Deficiency
c. Material Misstatement or Deviation
d. Other Non-Compliance with any Other Requirement
The test of materiality under relevant Rules and Guidelines will also be discussed.
Clarifications will be made on common issues being raised as to materiality of findings on the submitted financial statements. Statistics on pervasive findings and penalties according to industry will be presented during the seminar.
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SEMINAR FEE PER PERSON: P 8,250 (Fee covers Meals, Resource Kit, Certificate of Attendance)
GET AS MUCH AS 15% DISCOUNT! AVAIL OF ANY OR ALL OF THE FOLLOWING:
• Less 5% for early registrants (on registrations made on or before February 23, 2012)
• Less 5% for early payment (if made on or before March 13, 2012)
• Less 5% for group registration (minimum of 3 participants)
SEMINAR FEE PER PERSON: P 8,250 (Fee covers Meals, Resource Kit, Certificate of Attendance)
GET AS MUCH AS 15% DISCOUNT! AVAIL OF ANY OR ALL OF THE FOLLOWING:
• Less 5% for early registrants (on registrations made on or before February 23, 2012)
• Less 5% for early payment (if made on or before March 13, 2012)
• Less 5% for group registration (minimum of 3 participants)