Reporting deadlines

ASIC extends reporting deadlines for 30 June 2021 financial statements

In its Media Release MR 21-082 on 23 April 2021, the Australian Securities and Investments Commission (ASIC) announced that it will again extend reporting deadlines by one month due to COVID-19, this time for entities with reporting dates from 23 June 2021 to 7 July 2021 (inclusive). This follows previous extensions granted for 30 June 2020 and 31 December 2020 annual reporting periods.  

It is important to note that these extensions do not apply to entities with reporting dates from 8 January 2021 to 22 June 2021 because there does not appear to be a general lack of resources to meet financial reporting and audit obligations for this period. However, ASIC will consider requests for relief by such entities on a case-by-case basis.

Which entities can make use of the one-month extension?

Entities required to lodge financial reports with ASIC under Chapter 2M and Chapter 7 (AFS licensees) of the Corporations Act 2001 can lodge their financial reports one month later. However, lodging later should not be the default position unless the entity is experiencing real challenges producing the financial report and having it audited. Directors should consider the information needs of shareholders and other users of financial statements, and ensure that they adhere to any borrowing covenants when deciding to use the extension.

There is no extension for foreign registered companies because they do not fall into either Chapter 2M or Chapter 7 of the Corporations Act 2001.

Summary of revised Chapter 2M ANNUAL REPORTING DEADLINES

The table below highlights usual reporting deadlines as well as the one-month extension for entities reporting under Chapter 2M.

Type of entityUsual ASIC deadlineMR 21-082 extended deadlines
Listed entities3 months4 months
Unlisted disclosing entities3 months4 months
Unlisted registered schemesNote13 months4 months
Other unlisted public companies4 months5 months
Proprietary companies4 months5 months

Note1: As a result of this one-month extension, deadlines for lodging compliance plan audit reports will automatically be extended to 4 months 

Summary of revised Chapter 2M HALF-YEAR REPORTING DEADLINES

The table below highlights usual reporting deadlines as well as the one-month extension for entities reporting under Chapter 2M.

Type of entityUsual ASIC deadlineMR 21-082 extended deadlines

Listed entities

75 days

75 days plus one month

Unlisted disclosing entities

75 days

75 days plus one month

Summary of revised Chapter 7 ANNUAL REPORTING DEADLINES for the Profit and Loss and Balance Sheets and associated information

The table below highlights usual reporting deadlines as well as the one-month extension for entities reporting under Chapter 7.

Type of entityUsual ASIC deadlineMR 21-082 extended deadlines

Unlisted AFS licensees – Body corporates and disclosing entities/registered schemes

3 months

4 months

Unlisted AFS licensees – Body corporates but not disclosing entities/registered schemes

4 months

5 months

Not body corporates

2 months

3 months

A note of caution for ASX listed entities

ASX listed entities should note that the one-month extension does not automatically apply to ASX lodgements until the ASX issues a Class Waiver to permit late lodgements. If this is similar to the Class Waiver covering 30 June 2020 and 31 December 2020 reporting dates, we expect that it will require the entity to make an announcement to the market of its intention to rely on the extension relief. We will update you in future editions of Accounting News when the new Class Waiver is issued for reporting dates from 23 June 2021 to 7 July 2021 (inclusive).

Does ASIC’s ‘no action’ position continue for AGMs?

Yes. Media Release MR 21-082 notes that for reporting dates up to and including 7 July 2021, ASIC will continue to adopt a ‘no action’ position where public companies hold their AGMs within seven months of reporting date. This means that public companies also have additional time to distribute financial reports to members prior to the AGM.

Does the extension also apply to ‘grandfathered’ large proprietary companies?

‘Grandfathered’ large proprietary companies are required to have their financial statements audited within four months of the end of the financial year, but are exempt from lodging these with ASIC.

‘Grandfathered’ large proprietary companies will not lose their ‘grandfathered’ status if they make use of the one-month extension to have their audit completed within five months instead of four. However, the directors must disclose that the company has applied the relief to report one month later.