One month extension of reporting deadlines for unlisted entities

The Australian Securities and Investments Commission (ASIC) announced in their recent Media Release that it would again extend reporting deadlines. The reporting deadlines will be extended by one month for entities with reporting dates from 24 June to 7 July 2022 (inclusive), but only for unlisted entities. This is due to the staff shortages that are currently being experienced by companies and their auditors. These extended deadlines will also assist entities in preparing their general purpose, including consolidated, financial statements for the first time.

The one-month extension is only for unlisted entities reporting to ASIC under:

• Chapter 2M of the Corporations Act 2001
• Chapter 7 of the Corporations Act 2001 (AFS licensees).

The relief does not apply to registered foreign companies.

Annual reporting deadlines

The revised Chapter 2M annual reporting deadlines are:

Type of entity	Usual ASIC deadline	Extended ASIC deadline
Unlisted disclosing entity	3 months	4 months
Unlisted registered scheme	3 months	4 months
Other unlisted public company	4 months	5 months
Proprietary companies	4 months	5 months

The revised Chapter 7 annual reporting deadlines for AFS licensees to lodge their profit or loss statement, balance sheet, and associated information with ASIC are:

Type of entity	Usual ASIC deadline	Extended ASIC deadline
Unlisted AFS licensees – body corporates that are disclosing entities/registered schemes	3 months	4 months
Unlisted AFS licensees – body corporates that are not disclosing entities/registered schemes	4 months	5 months
AFS licensees that are not body corporates	2 months	3 months

Half-year reporting deadlines

Unlisted disclosing entities (i.e. companies and registered schemes) also have an additional month to lodge their half-year financial reports with ASIC. This means that unlisted disclosing entities will have 75 days plus one month, rather than the usual 75-day deadline.

Other deadlines extended

The deadlines have also been extended by one month for sending reports to members, public companies holding Annual General Meetings, and compliance plan audits for registered schemes.

‘Grandfathered’ large proprietary companies

Large ‘grandfathered’ proprietary companies will retain their grandfathered status, but must disclose that they have applied the ASIC relief to report one month after the normal reporting deadline in their directors’ report.

Need assistance?

Please contact our IFRS & Corporate Reporting team if you would like further information, or require assistance with any financial reporting matters.