Martin Le Marchant
Director Bishop Collins Audit & Assurance
The corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended the reporting deadline by one month for unlisted entities with balance dates from 31 December 2019 to 31 March 2020.
Many entities are identifying difficulties in complying with their regulatory obligations due to the impact of COVID-19. These difficulties relate, in part, to travel restrictions, remote working arrangements and additional resource constraints.
Of course, entities should continue to lodge within the statutory deadlines having regard to the information needs of financial report users. This relief does not override other obligations an entity may have, particularly in relation to borrowing covenants or other obligations.
The extended deadlines will not apply for 31 December 2019 balance dates if the reporting deadline has already passed. This is relevant to entities such as Australian Financial Service (AFS) Licencees which should have reported by 31 March 2020.
For entities with balance dates beyond 31 March 2020, ASIC is monitoring how market conditions and COVID-19 developments are affecting financial reporting and AGM obligations for these entities.
Bishop Collins Group welcomes inquiries. For advice and recommendations specific to your organisation, please contact Martin Le Marchant or complete the form at the bottom of this article.