The Australian Securities & Investments Commission (ASIC) is extending the deadline for unlisted entities to lodge their financial reports, giving them a one-month breather.
It was stressed, though, that the extension will only apply where the normal reporting deadline has not already passed. The adjustment relates to balance dates from December 31, 2019 to March 31, 2020.
“For example,” explained the regulator, “the deadline for a December 31, 2019, year-end financial report of a managed investment scheme was March 31, 2020, and no extended period will apply.
“However, the deadline for a proprietary company that is not a disclosing entity is April 30, 2020, and the extended deadline will be May 31, 2020.”
The leeway is aimed at assisting entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions, and other repercussions brought about by the coronavirus pandemic.
ASIC, meanwhile, added: “Where possible, entities should continue to lodge within the 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.”
