Comment
Author: Admin | 2025-04-28
Developments in the last six monthsASIC’s releases since over the six months include:1. ASIC’s financial reporting focus areas for directors, preparers and auditors for 30 June 2021 reporting (see Media Release 21-129MR ASIC highlights focus areas for 30 June 2021 financial reports under COVID-19 conditions (10 June 2021)). Changes in focuses include:a. The impact of changing circumstances under COVID-19 conditions on asset values, provisions, going concern and on disclosures of key assumptions, risks, strategies and future prospects;b. The treatment of any impairment reversals for non-IFRS profit measures;c. The implementation of the IFRS Interpretations Committee agenda decision on cloud computing costs; andd. Climate disclosures;2. An updated version of the ASIC COVID-19 FAQs (see COVID-19 Implications for financial reporting and audit: Frequently Asked Questions (FAQs)). Updates include the relevant other matters in this list, changes to JobKeeper and insolvency provisions, and developments relating to ‘casual employees’;3. ASIC’s review of 31 December 2020 financial reports (see Media Release 21-135MR ASIC review of 31 December 2020 financial reports (16 June 2021)), which includes references to two media releases on individual matters;4. One month extensions of time for listed and unlisted entities for periods ending 23 June 2021 to 7 July 2021 (excluding registered foreign companies) and a ‘no action’ position on the timing of AGMs for years ending up to 7 July 2021 (see Media Release 21-082MR ASIC to extend deadlines for 30 June 2021 financial reports and amends ‘no action’ position for AGMs (23 April 2021), ASIC Corporations (Extended Reporting and Lodgment Deadlines – Unlisted Entities) Instrument 2020/395, ASIC Corporations (Extended Reporting and Lodgment Deadlines – Listed Entities) Instrument 2020/451 and ASIC Corporations (Amendment) Instrument 2021/381);5. ASIC’s media release on virtual AGMs (see Media Release 21-061MR ASIC adopts ‘no-action’ position and re-issues guidelines for virtual meetings (29 March 2021)). The ASIC ‘no action’ position on virtual AGMs was an interim measure pending possible legislative amendments. The Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 includes proposed amendments for virtual meetings and is currently before the Senate (see https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6674). The Bill has been referred to the Senate Economics References Committee (see https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Upcoming_hearings);6. ASIC’s media release and instruments on the treatment of leases by AFS licensees that are lessees for their financial condition requirements (see Media Release 21-088MR ASIC allows certain AFS licensees to use lease assets to satisfy their licence financial requirements (29 April 2021), ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229 and ASIC Corporations (Amendment) Instrument 2021/230);7. The replacement for ASIC’s sunsetted instrument that allowed full parent entity financial statements to be included with consolidated financial statements (see ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195);8. ASIC’s new instrument on the reporting of certain minor inadvertent breaches of the investment
Add Comment