ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMsNovember 11, 2020

ASIC will extend the deadline for both listed and unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act (the Act) by one month for certain balance dates up to and including 7 January 2021 balance dates. The extended deadlines for lodgement of financial reports will assist those entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19. Where possible, entities should continue to lodge within the normal statutory deadlines, having regard to the information needs of shareholders, creditors and other users of their financial reports, or to meet borrowing covenants or other obligations.

This additional relief announced today builds on earlier relief announced for unlisted entities with 31 December 2019 to 7 July 2020 year ends (refer: 20-084MR ASIC to provide additional time for unlisted entity financial reports and 20-113MR ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs) and will extend deadlines for lodging financial reports for all listed and unlisted entities for balance dates to 7 January 2021 where the reporting deadline has not already passed.

Unlisted entities will be able to take one additional month to lodge financial reports for year ends from 31 December 2019 to 7 January 2021. Listed entities will be able to take one additional month to report for full year and half-year financial reports for 21 February 2020 to 7 January 2021 balance dates. (The 7 January 2021 date accommodates entities that use a provision in the Corporations Act that allows their financial year to be changed by plus or minus 7 days each year).

Listed entities will be required to inform the market when they rely on the extended period for lodgement. These entities may also find it desirable to explain the reasons for relying on the extended deadlines. Instruments extending the deadlines are expected to be registered on the Federal Register of Legislation by the end of next week.

refer full details here >>>>20-276~1

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