ASIC to Extend Deadlines for Unlisted Entities to Lodge Financial Reports

ASIC will extend the deadline for unlisted entities to lodge financial reports by one month for balance dates from 24 June 2022 to 7 July 2022. 

The extended deadlines will assist with any pressures on resources for the financial reporting and audits of smaller entities and provide adequate time for the completion of the audit process considering challenges presented by COVID-19 conditions. 

Following industry engagement, ASIC recognises that company and audit firms may have reduced staff numbers due to varying travel restrictions and increased staff resignations in the last two years. There may be higher staff absences due to recent and expected increases in COVID-19 case numbers. Some companies may be required to prepare consolidated financial statements for the first time. There may also be a need to make more difficult judgments on asset values, provisions and disclosures given changed economic and other conditions.

Directors of some unlisted companies may be asked by their auditors to facilitate the spreading of deadlines for lodging audited financial reports. Directors should consider the information needs of shareholders and other users of their financial reports, as well as meeting borrowing covenants or other obligations, when deciding whether to depart from the normal statutory deadlines.