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)

ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends 'no action' position for AGMs

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.