ASIC will extend the deadline for unlisted entities to lodge financial reports by one month for balance dates from 24 June 2022 to 7 July 2022 (inclusive).
The extended deadlines will assist with any pressures on resources for the financial reporting and audits of smaller entities and provide adequate time for the completion of the audit process considering challenges presented by COVID-19 conditions.
Following industry engagement, ASIC recognises that company and audit firms may have reduced staff numbers due to varying travel restrictions and increased staff resignations in the last two years. There may be higher staff absences due to recent and expected increases in COVID-19 case numbers. Some companies may be required to prepare consolidated financial statements for the first time. There may also be a need to make more difficult judgments on asset values, provisions and disclosures given changed economic and other conditions.
Directors of some unlisted companies may be asked by their auditors to facilitate the spreading of deadlines for lodging audited financial reports. Directors should consider the information needs of shareholders and other users of their financial reports, as well as meeting borrowing covenants or other obligations, when deciding whether to depart from the normal statutory deadlines.
The relief announced today follows earlier relief announced for certain reporting periods ending up to 7 January 2022:
20-084MR ASIC to provide additional time for unlisted entity financial reports;
20-113MR ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs;
20-276MR ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs; and
21-082MR ASIC to extend deadlines for 30 June 2021 financial reports and amends ‘no action’ position for AGMs; and
21-323MR ASIC to extend deadlines for 31 December 2021 unlisted entity financial reports.
ASIC will consider relief for other entities and balance dates on a case-by-case basis, as appropriate.
