ASX listed entities can now take advantage of extended reporting deadlines for 31 December 2020

In November 2020 Accounting News, we noted how ASIC extended the annual and half-year lodgement deadlines for entities reporting under Part 2M and Chapter 7 of the Corporations Act 2001. We also noted that listed entities could not take advantage of the extended deadlines until the ASX had made a Class Waiver (i.e. a temporary exemption to the reporting deadlines in Chapter 4 of the ASX listing rules). On 29 December 2020, the ASX issued this Class Waiver so listed companies are now able to report one month later.

There is no extension for registered foreign entities, including where they are listed on the ASX.

Announcement to market required prior to usual lodgement deadline

It is important to note that the extended deadlines do not automatically apply to ASX listed entities. The extensions are not available for foreign registered entities, and Australian entities can only lodge within the extended time frame if an announcement is made to the market to that effect.

The Class Waiver only permits listed entities to report to the ASX within the extended one-month deadline period if, at the same time, or prior to the unreviewed half-year accounts/ audited annual accounts being given to the ASX, the entity makes an announcement to the market that:

It is relying on the relief to extend the lodgement date for the reviewed half-year financial statements/annual financial statements, the directors’ report, directors’ declaration and auditor’s independence declaration, and
It will immediately make a further announcement to the market if it becomes aware that there will be a material difference between its unreviewed and reviewed half-year accounts, or between its unaudited and audited annual accounts.

Half-years ending 31 December 2020

The table below shows time frames within which listed entities must give half-year documents to the ASX:

Type of entity	When to lodge?	What to lodge?
Non-miners and non-explorers	Within two months (28 February 2021)	Appendix 4D Unreviewed half-year accounts¹
Non-miners and non-explorers	Within 106 days (16 April 2021)	Reviewed half-year financial statements in accordance with AASB 134 Interim Financial Reporting Includes directors’ report, directors’ declaration and auditor’s independence declaration
Mining exploration entity or oil & gas exploration entity	Within 75 days (16 March 2021)	Unreviewed half-year accounts¹
	Within 106 days (16 April 2021)	Reviewed half-year financial statements in accordance with AASB 134 Interim Financial Reporting Includes directors’ report, directors’ declaration and auditor’s independence declaration

Note 1: The unreviewed half-year accounts should comprise similar information to what is required in Appendix 4E, i.e. the four primary financial statements together with a selection of explanatory notes. A full set of half-year financial statements as required by AASB 134 is not required.

Years ending 31 December 2020

If using the extended reporting deadline, annual documents must be provided to the ASX as follows:

Type of entity	When to lodge?	What to lodge?
Non-miners and non-explorers	Within two months (28 February 2021)	Appendix 4E
Non-miners and non-explorers	Within four months (30 April 2021)	Audited annual financial statements in accordance with all Australian Accounting Standards Includes directors’ report, directors’ declaration and auditor’s independence declaration
Mining exploration entity or oil & gas exploration entity	Within three months (31 March 2021)	Unaudited annual accounts²
	Within four months (30 April 2021)	Audited annual financial statements in accordance with all Australian Accounting Standards Includes directors’ report, directors’ declaration and auditor’s independence declaration

Note 2: The unaudited annual accounts should comprise similar information to what is required in Appendix 4E, i.e. the four primary financial statements together with a selection of explanatory notes. A full set of annual financial statements applying all Australian Accounting Standards is not required.

More information

Please read the Class Waiver for further details and contact BDO’s IFRS Advisory team if you require assistance with these requirements.