Initially reported to the World Health Organisation as an unknown virus in late December 2019, COVID-19 continues to cause extraordinary disruption to the global economy. Uncertainty about the immediate outlook for many companies has increased sharply. This has a consequence for companies and their Boards as they contemplate reporting financial results in the coming months.
在很多方面, the circumstances surrounding COVID-19 are similar to the considerations for climate risk disclosures in financial reporting which were described in our previous article at the following link:
http://sh-tsinghua.com/blog/climate-risk-disclosures-financial-reporting/
And given the scale of COVID-19 and the wide-ranging implications for businesses, all financial report preparers should consider the impact on financial reports arising from this significant global risk. 与此同时, the extent of the risk and the degree to which it may crystallise depends on companies’ specific business circumstances and we cover several key considerations below:
关键的考虑
The key considerations for financial reporting preparers as a result of COVID-19 include:
- Assess whether the financial impacts of COVID-19 are material to the entity, such as:
- 资产减值;
- 贷款和其他金融资产的预期信贷损失;
- Material uncertainties that cast significant doubt on the ability to continue as a going concern, 延伸到未来的成本和澳门官方赌场以及现金流的流动性.
- 考虑调整财务报表, including circumstances where events continue to develop after the end of the reporting period i.e. subsequent events reporting; and
- Determine whether any additional disclosures may be required by the entity.
另外, Company Boards should consider the following measures upon assessing COVID-19 implications to the financial report:
- Evaluate whether those charged with governance have performed adequate risk assessment procedures for the impact of COVID-19, including a heightened awareness of the possibility for inadvertent errors;
- Consider whether financial reporting disclosures are sufficient and adequate;
- 评估旅行禁令是否会影响你的人员, inventory supply chains or key staff potentially causing continued business interruption;
- 查询适用于该业务的任何新的政府援助, including wage subsidies and financial relief; and
- Perform assessment of going concern basis of 澳门赌场官网 using the latest available data.
延期提交公司资料
最近, Australian Government Regulators extended the deadlines for lodgement of Company 税 Returns and Financial Reports. 就提交财务报告而言:
- 公司
ASIC has extended the deadline for unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act 2001 by one month for balance dates from 31 December 2019 to 31 March 2020. 然而, ASIC will continue to assess the impact on financial reporting for balance dates after 31 March 2020. 上市实体, ASIC will consider applications to extend reporting deadlines for individual entities in appropriate circumstances and has adopted a two-month ‘no-action’ position for entities with a financial year end of 31 December 2019 that do not hold their AGM by 31 May 2020. - 慈善机构 & 非营利性组织:
ACNC has approved blanket extensions to charities whose returns are due between 12 March and 30 August 2020. 慈善机构 will now be required to submit their returns by 31 August 2020. 这一建议将随着情况的发展而受到监测, eligible charities will have their due date updated on the ACNC Charity Register.
We understand that many organisations are facing unprecedented challenges. The implications for our economy have been deep and immediate and we remain mindful of the business and personal uncertainty that lies ahead. 随着更多信息的不断涌现, the required financial report disclosures will likely change over time. 与此同时, companies will need to monitor developments to ensure that meaningful disclosures are being prepared.
