iscoverThe corporate watchdog has extended the deadline for unlisted entities to lodge financial reports.
ASIC shifts deadline for unlisted entity financial reports
07 December 2021
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5 minute read
ASIC has confirmed it has extended the deadline for unlisted entities to lodge financial reports by one month for balance dates from 24 December 2021 to 7 January 2022 (inclusive).
“The extended deadlines will assist with any pressures on resources for the audits of smaller entities and provide adequate time for the completion of the audit process considering challenges presented by COVID-19 conditions,” a statement from ASIC said.
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“ASIC recognises that current audit resources might be affected by the number of subsidiaries of foreign companies reporting at 31 December, increased staff turnover, delays with new secondees from overseas after the lifting of travel restrictions, existing secondees travelling home, staff leave, and reduced virtual secondments from overseas audit firms that have mainly 31 December year end audits.
“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.”
Further, ASIC said it will consider relief for other entities and balance dates on a case-by-case basis, where appropriate.
In terms of reporting periods ending after 7 January 2022, ASIC said it will continue to monitor “how market conditions and COVID-19 related developments are affecting financial reporting and audit obligations for balance dates” after this period.
“At present, there is no indication that further extensions of time will be necessary,” it said.
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