ASIC Extends Reporting Deadline for Unlisted Entities

TheAustralian Securities and Investments Commission (ASIC) announced this Thursday that it would extend the deadline for unlisted entities to lodge their financial reports by one month for balance dates from 31 December 2019 to 31 March 2020.

Financial reports under Chapters 2M and 7 of the Corporations Act 2001 are applicable to the extended deadline. The regulator has extended the deadline as it acknowledges that the reporting processes for companies may take extra time amid the COVID-19 pandemic, as many staff are working from home, as well as travel restrictions and other impacts could affect reporting.

“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,” ASIC said in its statement today.

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