ASIC extends deadlines for financial reports

In a statement released on Friday, ASIC said it had extended the deadlines for lodgement of profit and loss statements, balance sheets and other associated information for unlisted financial services licensees that were bodies corporate and disclosing entities or registered schemes from three months to four months.

In addition, the deadline for profit and loss and balance sheet lodgement for unlisted AFSLs that were not disclosing entities or registered schemes was extended from four months to five months, while the deadline for AFSLs that were not body corporates was pushed out from two months to three months.

The corporate regulator noted the deadline extensions would only apply to entities where their reporting deadline had not already passed.

“The extended deadlines for lodgement by unlisted entities will assist those entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19,” ASIC said.

“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.”

The regulator said it would register a legislative instrument on the federal register of legislation by the end of the week.