The consolidated financial statements give a valuable overview of how well the entire corporation is being managed and are useful in valuing the company as a whole.On the balance sheets, the shares owned by outsiders are shown on the balance sheet as an item.The proposed corporate or partnership name can be verified online via Iregister system of SEC; or thru Name Verification Unit at G/F Secretariat Building, PICC Complex, Roxas Boulevard Pasay City; or thru Satellite Offices and SEC Extension Offices.Company names reserved online must be confirmed at the Name Reservation Unit, G/F Secretariat Building, PICC Complex, Roxas Boulevard Pasay City or at any of the SEC Satellite Offices within four (4) calendar days from date of online reservation.A corporation with authorized capital stock dividend into shares of stock either with or without par value.A stock corporation is engaged in income generating activities and is authorized to declare dividends. It is organized for charitable, religious, educational, professiona, cultural, fraternal, literary, scientific, social civil service, or similar purposes, like trade, industry, agricultural and like chambers, or any combinations thereof.
8, Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements, and revises the existing accounting and reporting requirements for translation of foreign currency transactions and foreign currency financial statements.
Non-confirmation of reservation within the specified period will forfeit the online reservation.
Confirmation is required because the Corporation Code of the Philippines, Sec.
However, when reporting financial information, the parent company is required to submit financial statements that combine their information with that of their subsidiaries.
These documents are called consolidated financial statements and allow the health of the group to be assessed as a whole, rather than piece-by-piece.