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ASIC extends financial reporting deadlines

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The Australian Securities and Investments Commission (ASIC) has extended the deadline for companies to lodge financial reports by one month for certain balance dates.

“The extended deadlines for lodgement of financial reports will assist those entities whose reporting processes take additional time due to the current remote work arrangements, travel restrictions and other impacts of COVID-19,” the regulator says.

The extension applies to reporting periods up to January 7, with that date reflecting existing seven-day flexibility around the calendar year end, but ASIC has urged companies to lodge within normal timelines where possible.

Listed firms must inform the market if they plan to use the extra time, and ASIC suggest they “may also find it desirable” to explain the reasons for relying on the extended deadlines.