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audited financial statement

Post by norataningco on Tue Apr 24, 2012 2:34 pm


hi! pls help me in the interpretation of this financial requirement:

"The prospective bidder’s audited financial statements, showing, among
others, the prospective bidder’s total and current assets and liabilities,
stamped “received” by the BIR or its duly accredited and authorized
institutions, for the preceding calendar year which should not be earlier
than two (2) years from the date of bid submission."

query: does this mean a submission of an audited financial statement for a year which should not be earlier than two (2) years from date of bid submission. For example, if today April 24, 2012 is the bid submission, will the audited financial statement to be submitted be either 2010 or 2011? or both?

thanks!



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Re: audited financial statement

Post by RDV @ GP3i on Tue Apr 24, 2012 2:47 pm

norataningco wrote:
hi! pls help me in the interpretation of this financial requirement:

"The prospective bidder’s audited financial statements, showing, among
others, the prospective bidder’s total and current assets and liabilities,
stamped “received” by the BIR or its duly accredited and authorized
institutions, for the preceding calendar year which should not be earlier
than two (2) years from the date of bid submission."

query: does this mean a submission of an audited financial statement for a year which should not be earlier than two (2) years from date of bid submission. For example, if today April 24, 2012 is the bid submission, will the audited financial statement to be submitted be either 2010 or 2011? or both?

thanks!

Welcome to the forum, atty norataningco.

The requirement, for purposes of eligibility under Sec. 23.1.a(v) and Sec. 24.1.a(v), is the submission of (1) audited financial statement showing current assets and liabilities, among others, (2) with stamped "received by" the BIR/duly accredited and authorized institution, (3) for the preceding calendar year.

So, if the bidding is done in 2012, the preceding calendar year is 2011. Therefore, the financial statement that is required is 2011, which, by this time, should have already been submitted to the BIR. However, if the bidding is done early part of 2012 it is possible that the 2011 audited financial statement may not have yet been submitted to the BIR. In that case, the audited financial statement for 2010 may suffice as it is not earlier than 2 years from 2012.

Based on the foregoing, what is really required is the preceding year's audited financial statement, unless the latter has not yet been submitted to the BIR as the deadline is not yet due.
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Re: audited financial statement

Post by sunriser431 on Tue Apr 24, 2012 4:13 pm

norataningco wrote:
hi! pls help me in the interpretation of this financial requirement:

"The prospective bidder’s audited financial statements, showing, among
others, the prospective bidder’s total and current assets and liabilities,
stamped “received” by the BIR or its duly accredited and authorized
institutions, for the preceding calendar year which should not be earlier
than two (2) years from the date of bid submission."

query: does this mean a submission of an audited financial statement for a year which should not be earlier than two (2) years from date of bid submission. For example, if today April 24, 2012 is the bid submission, will the audited financial statement to be submitted be either 2010 or 2011? or both?

thanks!

May I share opinion on the subject. It depends on the the accounting period used by the business whether it is following the calendar year period or the fiscal year period. The fiscal year means an accounting period of 12 months ending on the last day of any month other than December. If the bidder followed the calendar year period in reporting, they are required to submit the latest AFS which is 2011. However for Fiscal year period the latest AFS sumitted is 2010. bounce
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Re: audited financial statement

Post by norataningco on Tue Apr 24, 2012 4:57 pm

Thank you so much Sir RDV and Sunriser for the enlightenment.. I appreciate your help..:-)

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Re: audited financial statement

Post by sunriser431 on Tue Apr 24, 2012 5:29 pm

norataningco wrote:Thank you so much Sir RDV and Sunriser for the enlightenment.. I appreciate your help..:-)
as always you are welcome. bounce
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Re: audited financial statement

Post by red crimson on Sat Feb 02, 2013 4:44 pm

do we have policies/regulations issued by authorities regarding AFS as previously discussed? we are in discussion with some members of the bac as to whether to accept the 2011 afs of a bidder or not. opening of bid is early part of february, and the company uses the calendar ending in december 31.

please cite for reference in clearing the issue.
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Re: audited financial statement

Post by RDV @ GP3i on Sun Feb 03, 2013 11:03 am

red crimson wrote:do we have policies/regulations issued by authorities regarding AFS as previously discussed? we are in discussion with some members of the bac as to whether to accept the 2011 afs of a bidder or not. opening of bid is early part of february, and the company uses the calendar ending in december 31.

please cite for reference in clearing the issue.

Using the non-discretionary pass-fail criteria, which is to be done for purposes of determining eligibility of bidders, the BAC should consider the submitted AFS if it has stamped received by BIR or its duly accredited and authorized institutions as it is not earlier than 2 years from date of bid submission, in accordance with the requirements under Sec. 23.1.a.v and 24.1.a.v of the IRR.

During post-qualification, should the bidder be subjected to the post-qualification process, if there is already a more updated AFS then the BAC can ask for its submission just for the purpose of verifying and ascertaining if there are any changes in the financial capacity of the bidder which would result to the post-disqualification of the bidder.
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Re: audited financial statement

Post by JEANGAJETE on Tue Apr 14, 2015 12:34 pm

Hello Everyone!

Can I print your conversion as my reference to my Request for Motion for Re-Consideration to be filed? Since, our company disqualified during the bidding held yesterday, April 13, 2015 since the BAC look for 2011 and 2012 AFS in which we dont have it because our company is newly registered one thus we only have 2013 and 2014 AFS duly stamped, received by the BIR. Thank you so much and God bless...


Last edited by JEANGAJETE on Tue Apr 14, 2015 11:11 pm; edited 1 time in total (Reason for editing : spelling)

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Re: audited financial statement

Post by engrjhez® on Wed Apr 15, 2015 8:45 pm

JEANGAJETE wrote:Hello Everyone!

Can I print your conversion as my reference to my Request for Motion for Re-Consideration to be filed? Since, our company disqualified during the bidding held yesterday, April 13, 2015 since the BAC look for 2011 and 2012 AFS in which we dont have it because our company is newly registered one thus we only have 2013 and 2014 AFS duly stamped, received by the BIR. Thank you so much and God bless...

Please be advised that conversations here are for discussion purposes only. They are neither authorities nor "legal basis" for any legal argument.

Unauthorized duplication or reproduction of the contents herein may be subject to copyright laws. Wink
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Re: audited financial statement

Post by JEANGAJETE on Sat Apr 18, 2015 12:54 pm

[quote="engrjhez®"]
JEANGAJETE wrote:Hello Everyone!

ah.ok

Please be advised that conversations here are for discussion purposes only. They are neither authorities nor "legal basis" for any legal argument.

Unauthorized duplication or reproduction of the contents herein may be subject to copyright laws. Wink

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