COVID-19 is having a substantial impact on the Australian financial reporting system.
Accordingly, in March 2020 the FRC established an FRC COVID-19 Working Group to ensure a coordinated approach by regulators and standard setters, and to ensure such response was timely.
The FRC COVID-19 Working Group comprises senior representatives from FRC, ASIC, ASX, APRA, AASB, AUASB and Treasury.
Its purpose is to continuously monitor the financial and reporting issues and consequent regulatory implications of COVID-19.
To date, the following key guidance has been issued via the representative organisation's established communication mechanisms:
ASIC
Guidelines for meeting upcoming AGM and financial reporting requirements
ASIC to provide additional time for unlisted entity financial reports
COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs)
ASX
Listed@ASX Compliance Update – including Continuous Disclosure Obligations
APRA
APRA adapts 2020 agenda to prioritise COVID-19 response
AASB – AUASB
AASB-AUASB published a Joint FAQ
AASB-AUASB joint publication on Going Concern and Related Assessments
Visit the Auditing and Assurance Standards Board website to access additional COVID-19 FAQ's for Auditors.
Treasury
Temporary relief for financially distressed businesses
Modification of continuous disclosure obligations
A more extensive list of guidance issued, including that issued by accounting bodies and accounting firms, can be found on the AASB website at COVID-19 Guidance and on the AUASB website at COVID-19 Guidance.
The FRC COVID-19 Working Group will continue to focus on issues requiring regulatory action and is committed to ensuring such action is timely.
Media inquiries:
Email: frcsecretariat@treasury.gov.au