AFS licensees now have an additional month to lodge their financial statements with ASIC. A recently registered Instrument has resulted in the extension of the financial reporting deadline for both listed and unlisted entities. The purpose of the instrument is to assist entities affected by the impacts of COVID-19 by allowing them more time to report and conduct their audits.
The instrument extends the deadline to lodge profit and loss statements, balance sheets, and other associated financial information for:
- AFS licensees that are not body corporates from 2 months to 3 months;
- listed AFS licensees from 3 months to 4 months;
- unlisted AFS licensees that are body corporates and also disclosing entities from 3 months to 4 months; and
- unlisted AFS licensees that are body corporates and are not disclosing entities from 4 months to 5 months.
ASIC notes that where possible, entities should continue to lodge their financial statements and report to members within the statutory deadlines considering the information needs of shareholders, creditors and other users of their financial reports, or to ensure other obligations are met.
The extension will only apply for financial statements lodged respective of financial years that conclude between 31 December 2019 and 7 July 2020.
If you are uncertain as to whether the above extension dates apply to you, please contact us.