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:
APRA adapts 2020 agenda to prioritise COVID-19 response - 23 March 2020
AASB – AUASB
AASB-AUASB published a Joint FAQ - March 2020
Visit the Auditing and Assurance Standards Board website to access additional COVID-19 FAQ's for Auditors.
Temporary relief for financially distressed businesses - 21 April 2020
Modification of continuous disclosure obligations - 25 May 2020
AICD / CA ANZ / CPA Australia
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.