Guide des États Financiers PDF (Philippines)

A financial statement is the report card of a business. In the Philippines, understanding these documents is crucial not just for internal decisions but for strict compliance with the Bureau of Internal Revenue (BIR) and the Securities and Exchange Commission (SEC).

High-Volume Keywords Overview

Many business owners search for a financial statement example or financial statement sample to guide their preparation. Below, we break down the 5 mandatory components required by Philippine Financial Reporting Standards (PFRS).

#### 1. Statement of Financial Position (Balance Sheet)

Often called the balance sheet, this statement typically has the highest search volume ("statement of financial position" - 8.1K, "balance sheet" - 320+). It represents your company's financial health at a specific point in time.

Formula:

> Assets = Liabilities + Equity

Key Elements:

• Current Assets: Cash, Accounts Receivable, Inventory
• Non-Current Assets: Property, Plant, and Equipment (PPE)
• Liabilities: Payables, Loans
• Equity: Share Capital, Retained Earnings

> Pro Tip: For BIR compliance, ensure your assets match your depreciation schedules submitted.

#### 2. Statement of Comprehensive Income (Income Statement)

Commonly known as the income statement, this reports your financial performance over a period. It details how net income is transformed into profit or loss.

Common Line Items:

• Revenue/Sales: Gross earnings from goods or services.
• Cost of Sales: Direct costs of producing goods.
• Operating Expenses: Rent, salaries, utilities.

#### 3. Statement of Cash Flows

Shows the movement of cash in and out of the business. It is categorized into three activities:

• Operating: Cash from main business activities.
• Investing: Cash for purchasing assets like equipment.
• Financing: Cash from loans or owners' capital.

#### 4. Statement of Changes in Equity

Detals changes in the owner's interest in the company during the period, including:

• Additional investments
• Dividends paid
• Net income/loss for the year

#### 5. Notes to Financial Statements

(High SEO Value: "notes to financial statements" - 1.6K searches)

Often overlooked, the Notes to Financial Statements are mandatory. They provide the narrative explanation for the numbers in the other four statements.

What must be included?

• Summary of significant accounting policies (e.g., how you calculate depreciation).
• Breakdowns of large line items (e.g., list of "Other Operating Expenses").
• Disclosures of risks and uncertainties.

When do you need audited financial statements?

According to the BIR and SEC, companies must submit FS audited by an independent CPA if they meet specific thresholds.

BIR Thresholds for Mandatory Audit

Under the implementation of the TRAIN Law and CREATE Law updates:

• Gross Quarterly Sales/Earnings > ₱3,000,000: Mandatory CPA Audit.
• Gross Annual Sales < ₱3,000,000: Optional audit; can submit unaudited FS (sworn definition).

(Search Volume for "audited financial statements bir": 590/mo)

The "Am I Compliance Ready?" Checklist

Use this quick checklist before you file:

• [ ] Bookkeeping Complete: All journals and ledgers are closed.
• [ ] Trial Balance Balanced: Debits equal Credits.
• [ ] Adjusting Entries Posted: Depreciation, accruals, and deferrals recorded.
• [ ] CPA Signature: Independent auditor has signed (if >₱3M sales).
• [ ] Statement of Management Responsibility: Signed by the President/Owner.
• [ ] Tax Returns Filed: Income Tax Return (ITR) matches figures in FS.

Once your financial statement example PDF is ready, filing is the next step.

1. BIR Submission (eAFS)

The BIR now uses the eAFS (Electronic Audited Financial Statements) system.

• File Format: PDF only.
• Naming Convention: Strict rules apply (e.g., Tin-Year-FormType.pdf).
• Deadline: Typically April 15 for calendar year entries.

2. SEC Submission (e-FAST)

For corporations, use the SEC Electronic Filing and Submission Tool (e-FAST).

• Format: AllFS (Audited Financial Statement), GIS (General Information Sheet).
• Schedule: Based on the last digit of your SEC registration number.

> Warning: Late filing penalties in the Philippines are cumulative. Mark your calendars!

Tax Calendar: Key Deadlines

| Document | Deadline |

|----------|----------|

| BIR Form 1701 (Self-Employed) | April 15 |

| BIR Form 1702 (Corporations) | April 15 |

| Audited FS (to SEC) | April - May (Check SEC Schedule) |

| 1st Quarter ITR | May 15 |