MANILA, Philippines - With the deadline of corporations to submit their 2010 financial report by April 2011, the Securities and Exchange Commission (SEC) for the very first time will be checking and monitoring all the financial statements of SME Corporations (with assets of P3 million to P350 million and liabilities of P3 million up to P250 million) if they have complied with the New Accounting and Financial Reporting Rules since it took effect in January 2010.
To help corporations deal with this challenge of aligning their financial reports to the new standard, the Center for Global Best Practices (www.cgbp.org; tel (02) 556-8968/69 or (02) 842-7148/59) will be holding the last run of the CPE-accredited seminar titled, “New Accounting Rules for Small and Medium Enterprises (SMEs)” on March 4, 9 a.m. to 5 p.m. at the Peninsula Manila, Makati City.
Firms among the top 20,000 corporations with investments in associate corporations or partnerships covered by the new rules, would want to know how this will impact on your company’s earnings. Banks, creditors or any other financial institutions would want to learn how the new accounting rules are changing the financial ratios of SME borrowers and how these impact on their credit standing or credit worthiness to ensure that there is no breach in your covenant with their debtors.
This special event will feature Ma. Gracia Casals-Diaz, CPA, the general accountant of the Securities and Exchange Commission. Her office is in charge of reviewing all financial reports of SME corporations to ensure compliance to the new accoun-ting rules required by the SEC.
Awarded by the Philippine Institute of Certified Public Accountants (PICPA) as the “Young Achiever in Government Service,” Atty. Diaz will compre-hensively discuss the official inter-pretation and best practices imple-mentation of the new accounting rules.
Interested parti-cipants may call Katrina Viray or email mailto:Katrina@cgbp.org. Pre-registration is required.