SEC FRB No. 18 extends effectivity age of FS from 135 to 180 days


The Securities and Exchange Commission has approved Financial Reporting Bulletin (FRB) No. 18 on the age requirement for financial statements (FS) and extended the effectivity of FS from 135 days to 180 days. This is for the purposes of the time a registration statement on SEC Form 12-1 is to become effective.

The Form 12-1 shall be used for registration of securities that are to be sold or offered for sale pursuant to Sections 8 and 12 of the Code.

Part II, Section 4 of SRC Rule 68 of the Securities Regulation Code provides that:

“At the time a registration statement on SEC Form 12-1 is to become effective, the financial information therein shall be as of a date within 135 days from effective date or such longer period which the Commission may allow upon favorable consideration of a written request of the registrant. The factors that may considered in granting the request include the time constraints and the significant circumstances surrounding the given proposed issue.”


In its meeting held on December 22, 2015, the Commission En Banc resolved to issue the said FRB No. 18 which extends the effectivity of FS from 135 days to 180 days.

This reform in financial reporting standard aims to address the recurring requests from companies for exemptive relief to extend the effectivity of their FS. This is also in line with the ASEAN standard for the age requirement for FS which is 180 days.

Accounting & auditing professionals, prospective issuers of securities and other concerned organizations are advised to take note of this new requirement. With the approval of the FRB No. 18, the Commission will no longer entertain further request for extension of the 180-day period.

FRB No. 18 is effective immediately.

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Disclaimer: Opinions expressed in this article are that of the author and information provided are for general conceptual guidance for public information and are not substitute for expert advice. Contact for more information and if you want to avail professional services. Find us on Facebook!

Orlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

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