Recent ASIC Activity And Focus Areas

ASIC activity over the last 6 months has been significant with a range of enforcement and other activity occurring.  Regardless of whether you are governed by the Corporations Act, it is useful to be aware of the changing regulatory environment.

Restatements

There have been two restatements to date in 2026, and the ASIC media releases have included an extract from the entity’s note disclosure in relation to the error.  A high-level overview of media releases and associated references are shown below:

Non-lodgement of financial statements

As reported in previous editions of this newsletter, ASIC has increased their focus on companies that have failed to lodge financial statements, in breach of their obligations under the Corporations Act.

We have seen some of the outcome of this surveillance through recent court cases and infringement notice which are summarised below.  We note that the fines are no longer insignificant, token amounts and each company within the group who has not complied has received a fine.

Court cases

GFG Alliance Group companies 25-141 / 25-278 / 26-041MR

• In June 2025, ASIC took action against three companies in NSW Supreme Court to address failure to lodge annual reports
• Two companies had 2024 financial statements outstanding, one had 2021 – 2024 outstanding
• Court ordered the companies to lodge outstanding reports with ASIC – some extensions granted but latest one was not granted
• The two companies with 2024 financials outstanding have now lodged (one with qualified opinion and the other with disclaimer opinion). Fines of $187,800 each were paid
• March 2026 – ASIC have applied to wind up Liberty Bell Bay on just and equitable grounds for non-lodgement of 2021 – 2025 financial statements
• March 2026 – Liberty Bell Bay has gone into voluntary administration
• 30 April 2026 – ASIC have suspended their wind-up proceedings.

Sheffield Insurance Pty Ltd 25-239 / 25-281MR

• Two directors charged with aiding, abetting, counselling or procuring Sheffield Insurance Pty Ltd failing to lodge financial statements and auditors’ reports from 2019 – 2024
• Matter prosecuted by Director of Public Prosecutions after referral from ASIC
• On 21 November 2025, the directors pleaded guilty and were convicted and fined $15,000 each.

Various public companies 26-058MR

Infringement notices (fines)

Various large proprietary companies 25-298MR

11 companies fined $187,800 and 1 company fined $198,000.

Mecca group 26-057MR

Three Mecca group companies issued infringement notices of $198,000 each for total group fine of $594,000.

Canva group 26-090MR

Four Canva group companies issued infringement notices of $198,000 each for total group fine of $792,000.

We encourage all our readers to ensure that they are aware of and understand their obligations to prepare, have audited and lodge financial statements with a regulatory authority and understand whether there are any breaches.

As a reminder, auditors have an obligation to report late-lodgement to ASIC for their audit clients.

If you discover any inadvertent breaches, then please reach out to your Bentleys contact as soon as possible so we can assist you in reporting to the relevant authority, if appropriate.

Other items

 As a minor administrative point, where you are relying on the ASIC relief which allows rounding in the financial statements, the reference for this should be changed from ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 to ASIC Corporations (Rounding in Financial / Directors’ Reports) Instrument 2026/183 for financial years ending on or after 30 June 2026.

Want to know more about how Bentleys can help you?

For assistance with your financial reporting requirements, contact your local Bentleys audit and assurance advisor. We’re here to help you get where you want to be.