Our monthly Clarity in financial reporting newsletter informs you of key focus areas in financial reporting for the month: actions, developments, and dates.
Following our update in November 2020 about the announcements by ASIC and the ASX that extended reporting and lodgement deadlines would be available for half-years and full years ending up to 7 January 2021, ASIC has published ASIC Corporations (Amendment) Instrument 2020/1080 to give effect to the deadline extensions. The instrument amends the dates only and the other requirements remain the same as at June 2020.
We have published a Clarity newsletter to provide an easy-to-follow summary of the deadlines for December 2020 reporting periods.
More information: Clarity publication Financial reporting deadlines for December 2020
Action: Refer to the latest versions of our model financial statements and Australian financial reporting guide for the December 2020 reporting season and ensure you understand how they work together.
We have overhauled the models series in the current period. As a result of these changes, there will be the following documents going forward:
(1) This will be updated as required – when major changes occur
(2) This will be updated for December and June (what’s new and Australian-specific considerations)
(3) This will be updated for each December reporting period
(4) The December 2020 version of this document will be issued early 2021.
More information: Model financial statements
Two minute update
Why now? The following publications and developments are relevant for the December 2020 reporting season.
A quick summary of recent developments:
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