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, APESB 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:
Guidelines for meeting upcoming AGM and financial reporting requirements - 20 March 2020
ASIC to provide additional time for unlisted entity financial reports - 9 April 2020
COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs)
ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends 'no action' position for AGMs - 13 May 2020
Focuses for financial reporting under COVID-19 restrictions - 7 July 2020
Listed@ASX Compliance Update – including Continuous Disclosure Obligations - 31 March 2020
Class Waiver Decision - Extended Reporting and Lodgement Deadlines - 16 June 2020
Listed@ASX Compliance Update including - Extended reporting and lodgment deadlines - clarification - 10 August 2020
APRA adapts 2020 agenda to prioritise COVID-19 response - 23 March 2020
AASB – AUASB
AASB-AUASB published a Joint FAQ - March 2020
AASB-AUASB joint publication on Going Concern and Related Assessments - May 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
Impacts of COVID-19 on annual report disclosures – A guide for directors, preparers and auditors - 13 July 2020
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.