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Financial Statement Letter

Financial Statement Letter Template for Philippines

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Key Requirements PROMPT example:

Financial Statement Letter

"I need a Financial Statement Letter for our tech startup's Series B funding round, addressing our financial position as of March 2025, with specific focus on our revenue growth and compliance with Philippine startup regulations."

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Document background
The Financial Statement Letter is a crucial document in Philippine business practice, typically used when formal written confirmation or professional opinion is required regarding an organization's financial information. It serves multiple purposes, including regulatory compliance, stakeholder communication, and business transactions. The letter must comply with Philippine Financial Reporting Standards (PFRS), the Securities Regulation Code, and other relevant local legislation. It's commonly required for business transactions, regulatory filings, loan applications, or stakeholder communications. The document includes detailed financial information, professional opinions, and necessary disclaimers, all while maintaining compliance with Philippine accounting and legal standards. The format and content are influenced by both international accounting standards and local Philippine regulatory requirements, making it a hybrid document that meets both global and local needs.
Suggested Sections

1. Letterhead and Date: Professional letterhead including firm details, registration numbers, and current date

2. Recipient Information: Complete name and address of the recipient organization or individual

3. Subject Line: Clear indication of the letter's purpose and the financial period covered

4. Opening Statement: Formal introduction stating the purpose of the letter and the scope of financial information being addressed

5. Scope of Review: Description of what financial information has been reviewed and the period covered

6. Basis of Preparation: Statement of the accounting standards and principles used in preparing the financial information

7. Management Responsibility Statement: Acknowledgment of management's responsibility for the preparation and fair presentation of the financial information

8. Financial Position Summary: Key findings or summary of the financial position being reported

9. Limitations and Disclaimers: Any limitations in scope or use of the letter

10. Closing Statement: Professional closing with any necessary declarations or confirmations

11. Signature Block: Authorized signatory details including professional credentials and firm details

Optional Sections

1. Compliance Statement: Additional paragraph confirming compliance with specific regulatory requirements, used when addressing regulatory bodies or when specifically requested

2. Going Concern Assessment: Statement about the entity's ability to continue as a going concern, included when there are specific concerns or when required by circumstances

3. Subsequent Events: Discussion of significant events after the reporting period, included when relevant events have occurred

4. Special Purpose Framework: Additional explanations when financial information is prepared using a special purpose framework, included when not using standard PFRS

5. Third Party Usage Statement: Specific statements about third-party usage limitations, included when the letter may be shared with other parties

Suggested Schedules

1. Financial Statements Summary: Condensed version of the relevant financial statements being discussed

2. Key Financial Metrics: Summary of important financial ratios and metrics referenced in the letter

3. Specific Calculations: Detailed calculations or analyses referenced in the main letter

4. Supporting Documents List: Index of documents reviewed or referenced in forming the letter's conclusions

5. Professional Credentials: Copies of relevant professional licenses and certifications of the signatory

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Reporting Period
Financial Statements
PFRS
Material Information
Fair Presentation
Going Concern
Internal Control
Management
Governing Body
Professional Standards
Applicable Financial Reporting Framework
Audit
Review Engagement
Material Misstatement
Significant Risk
Related Parties
Subsequent Events
Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Accounting Policies
Regulatory Requirements
Professional Judgment
Reasonable Assurance
Limited Assurance
Scope Limitations
Qualified Opinion
Emphasis of Matter
Relevant Industries

Banking and Financial Services

Insurance

Real Estate

Manufacturing

Retail

Technology

Healthcare

Energy

Telecommunications

Construction

Mining

Agriculture

Transportation and Logistics

Education

Professional Services

Relevant Teams

Finance

Accounting

Compliance

Legal

Internal Audit

Treasury

Risk Management

Corporate Governance

Financial Planning and Analysis

External Reporting

Corporate Affairs

Relevant Roles

Chief Financial Officer

Financial Controller

Certified Public Accountant

Finance Director

Audit Manager

Financial Analyst

Compliance Officer

Treasury Manager

Financial Reporting Manager

Corporate Secretary

Risk Management Officer

Managing Partner

Financial Services Director

Chief Executive Officer

Board Director

Industries
Securities Regulation Code (Republic Act No. 8799): Provides the framework for securities regulation in the Philippines, including requirements for financial statements and disclosures for publicly listed companies
Philippine Financial Reporting Standards (PFRS): The localized version of International Financial Reporting Standards (IFRS), setting out the standards for financial reporting and accounting in the Philippines
Corporation Code of the Philippines (Batas Pambansa Blg. 68): Governs corporate operations including financial reporting requirements and corporate responsibilities regarding financial statements
Code of Ethics for Professional Accountants in the Philippines: Establishes ethical standards and professional responsibilities for accountants preparing financial statements
Philippine Accountancy Act of 2004 (Republic Act No. 9298): Regulates the practice of accountancy in the Philippines and sets standards for financial reporting and auditing
BSP Circular No. 1074 (2020): Bangko Sentral ng Pilipinas guidelines on financial reporting requirements for banks and financial institutions
National Internal Revenue Code: Contains provisions on financial reporting requirements for tax purposes and compliance with tax regulations
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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