Making Financial Reports Turn to Gold

You cannot literally make a financial report turn to gold but you can make it be a tool for your company's gold rush. After the busy season for those in the Accounting Profession, May is then the time to hand-in those reports to external users.

There are two major regulatory agencies which requires the submission of Financial Statements. The first would be the Bureau of Internal Revenue who requires the Financial Statements to be submitted on or before the 15th of April, annually. The second major regulatory agency which needs the Financial Statements is the Securities and Exchange Commission (SEC). Audited Financial Statements are required or used twice in the summer months by the SEC. The first would be on or before the 30th of April (after the Financial Statements have been stamped received by the BIR) and the second is on or before the 30th of May 2008. The second submission requires a format known as General Form for Financial Statements (GFFS). The GFFS is a specifically formated template by the SEC which contains the data from the Annual Audited Financial Statements (AAFS). This is to a requirement for corporations with a gross revenue of at least Five Million Pesos (PHP.5,000,000.00). These Financial Statements are indeed worth in gold judging by their relevance.

Financial statements are relevant not only to the users in the organization but equally more important to entities outside the corporation. These are the regulatory agencies and creditors especially banks who see these financial statements in gold.