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ASIC extends financial reporting deadlines

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Following entreaties by the G100 and other organisations, the Australian Securities and Investment Commission (ASIC) has announced it will extend the deadline for both listed and unlisted companies to lodge financial reports under Chapters 2M and 7 of the Corporations Act by one month for certain balance dates up to and including 7 July 2020 balance dates.

The measure to extended deadlines for lodgement of financial reports has been taken in an attempt to assist those companies whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19.

Unlisted companies will now be able to take one additional month to lodge financial reports for year-ends from 31 December 2019 to 7 July 2020. Listed companies will be able to take one extra month to report for a full year, and half-year financial reports for 21 February 2020 to 7 July 2020 balance dates. 

Listed companies that plan to rely on the extended period for lodgement will be required to inform the market and possibly explain the reasons behind relying on the extended deadlines. An instrument extending the deadlines is expected to be registered on the Federal Register of Legislation by the end of next week.

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