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SEC Updates: Including Common Errors in Financial Statements

TOPICS COVERED

SEC UPDATES
MC No. 3 s. 2021

Schedule and Procedure for the Filing of Annual Financial Statements, General Information Sheet and Other Annual Reports (9 March 2021)

MC No. 37 s. 2020
Regulatory Relief Measures to Manage the Effects of the COVID-19 Pandemic (22 December 2020)

MC No. 36 s.2020
2020 Compliance Officer’s Certification (22 December 2020)

MC No. 35 s. 2020
Financial Reporting Relief in Light of Covid-19 Pandemic (28 December 2020)

MC No. 32 s.2020
Basis of Preparation of Audited Financial Statements for BSFIs (17 November 2020)

MC No. 31 s.2020
Non-Imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and other Reportorial Requirements (5 November 2020)

MC No. 30 s.2020
Revision of the General Information Sheet (GIS) of Foreign Corporations to Include Beneficial Ownership Information (13 October 2020)

MC No. 28 s.2020
Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission (27 August 2020)

MC No. 24 s.2020
Guidelines on Posting of: (a) Additional Securities Deposit, (b) Substitution of Securities Deposit, and (c) Change of Resident Agent (24 August 2020)
 

COMMON ERRORS IN FINANCIAL STATEMENTS
 

  • Basis of preparation

  • Auditor’s report

  • Statement of financial position

  • Statement of cash flow

  • Supplemental schedules

  •  General information

  • Financial assets

  • Inventory

  • Investments and consolidation

  • Intangible assets

  • Investment property/ Property, plant and equipment

  • Financial liabilities

  • Equity

  • Retained earnings

  • Revenue

  • Costs and expenses

  • Leases

  • Related party disclosures

  • Business combinations

  • Foreign currency transactions

  • Fair values

  • Retirement benefits

  • Pension reminders

  • Financial risk management

  • Critical accounting estimates

  • Prior period adjustment

  • Events after the reporting period
     

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