Unaudited pro forma financial statements - SEC 2025

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The SEC requires publicly traded companies to provide GAAP-compliant audited financial statements. Private companies may be subject to GAAP requirements to satisfy lenders, insurance companies, or certain classes of shareholders, but many private companies dont issue audited financial statements.
Under Regulation S-X, Article 11, a registrant may be required to provide pro forma financial information in several circumstances, including those in which: A significant business acquisition has occurred or is probable. The disposition of a significant portion of a business has occurred or is probable.
The internal finance team compiles the income statement, balance sheet, and cash flow statement for this quarter. These documents are labeled as Unaudited since they havent been reviewed by an external auditor. These statements serve for internal performance tracking and are shared with the board of directors.
Both the BIR and the SEC require businesses to collaborate with third-party auditors to guarantee that their financial statements are free of prejudice and errors.
Pro forma statements are not required to adhere to GAAP standards and are unaudited. They can be issued to the public where the information is useful to investors. The format of pro forma financial statements is similar to the format of historical financial statements.

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Financial statements: The financial statements would include the companys balance sheet, income statement, and cash flow statement. Additional sections: Additional sections may discuss the companys management team and legal proceedings.
SEC rules require the company issuing securities to present audited income statements and balance sheets with a clean audit report.
Under the Securities and Exchange Commission (SEC) and by the Revised SRC Rule 68, the following are the companies that are required to submit an AFS to the SEC: Stock corporations with total assets or liabilities of P600,000 or more. Non-stock corporations with total assets or total liabilities of P600,000 or more.

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