Our monthly Clarity in financial reporting newsletter informs you of key focus areas in financial reporting for the month: actions, developments, and dates
Key actions: Australian listed entities that participated in the JobKeeper scheme should make disclosure to the ASX or other market operators using the newly released ASIC template and guidance and ASX requests.
Further to our September 2021 newsletter, ASIC has released a notice and guidance to help listed entities comply with their new obligation to disclose information about JobKeeper payments to the market which was introduced into the Corporations Act 2001 by the Treasury Laws Amendment (2021 Measures No. 2) Act 2021.
As a result of the amendments, s.323DB of the Corporations Act 2001 requires Australian listed entities to announce prescribed information to the market about JobKeeper payments.
ASIC has provided:
In Listed@ASX Compliance Update 09/21, the ASX asks entities listed on the ASX use the ASIC form to provide the required information on JobKeeper payments. The Jobkeeper disclosure should be released to the market as a standalone announcement and the header/title of the announcement should clearly state that it is a ‘Jobkeeper payments notice’.
The ASX notes that listed entities that have received a Jobkeeper payment in a prior financial year and lodged their annual report for that year before 14 September 2021, have until 13 November 2021 to give their notice to the ASX. Other entities have 60 days from when their annual financial statements are lodged.
Entities should be aware of the following:
Why does it matter? Ensure you are aware of the latest developments.
A summary of recent developments:
The TCFD was established by the Financial Stability Board (FSB) in December 2015 and released its widely accepted recommendations on climate-related financial disclosures in 2017. The TCFD has recently published three documents:
ASIC has updated its frequently asked questions on COVID-19 implications for financial reporting and audit to include additional commentary on proposed changes to aged care bed licences.
Under the proposals announced in the 2021-22 Federal Budget, aged care bed licences would be discontinued from 1 July 2024 as part of a series of reforms. The Federal Department of Health subsequently released a discussion paper in September 2021 dealing with the proposed transition to the new regime.
New commentary added to the end of ASIC FAQ 9D notes that entities with bed licence intangible assets should consider a number of factors, including:
ASIC has released amendments to ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 that provide:
The amendments are effective from 6 October 2021. More information can be found in ASIC 21-263MR ASIC provides relief for companies in external administration.