Current state of play
Over the last two years ASIC has made several announcements for both listed and unlisted entities to extend the deadline to lodge financial reports under the Corporations Act 2001 (Corps Act) by one-month. The ASIC relief does not apply to registered foreign companies.
The most recent announcement extends the financial statement deadline for unlisted entities with balance dates between 24 December 2021 and 7 January 2022 for one month.
The following table is the current state of play for June 2022 and December 2021 reporting dates:
| Entities reporting to ASIC | |||
|---|---|---|---|
| Listed entities | Unlisted disclosing entities and unlisted registered schemes | Other unlisted entities | |
| Balance dates between 24/12/2021 and 07/01/2022 | No extension relief available | 1 month extension (i.e. 3 mths to 4 mths) |
1 month extension (i.e. 4 mths to 5 mths) |
| Balance dates between 08/01/2022 and 23/06/2022 | No extension relief available | No extension relief available | No extension relief available |
| Balance dates between 24/06/2022 and 07/07/2022 | No extension relief available | 1 month extension (i.e. 3 mths to 4 mths) |
1 month extension (i.e. 4 mths to 5 mths) |
| Balance dates after 07/07/2022 | Not currently intending to extend | Not currently intending to extend | Not currently intending to extend |
In addition, ASIC has made several announcements on the timing for public companies to hold their AGM. The following table summarises the current state of play:
| AGMs | |||
|---|---|---|---|
| Listed public companies | Public companies limited by guarantee | Other public companies, (not listed or limited by guarantee) |
|
| Balance dates between 24/12/2021 and 07/01/2022 | No extension relief available |
1 month extension (i.e. 5 mths to 6 mths) |
1 month extension (i.e. 5 mths to 6 mths) |
| Balance dates between 24/06/2022 and 7/07/2022 | No extension relief available |
1 month extension# (i.e. 5 mths to 6 mths) |
1 month extension# (i.e. 5 mths to 6 mths) |
| Balance dates after 07/07/2022 | Uncertain^ | Uncertain^ | Uncertain^ |
# Based on ASIC media release (22-187MR) — ASIC should update AI 2021/770 before the end of July 2022.
^ASIC will continue to monitor to determine if relief should be provided past 7 July 2022 balance dates.
In all other cases, whether it be reporting deadline relief or further AGM relief, entities may apply for individual relief, with ASIC, should a further extension be needed.
Before taking the one month extension offered entities should consider other contractual obligations which may require financial statements to be made available. For example, borrowing covenants which require the financial report by a prescribed deadline.
Download the report
Further detail on the above measures can be found in the PDF version of the Reporting Update.
