The Australian corporate regulator said on Tuesday that it had urged companies to make full disclosures of impact of COVID-19 and rising interest rates on asset valuations in their upcoming full-year and half-year results.

The Australian Securities and Investments Commission (ASIC) said in a statement that directors should ensure that investors are duly informed of the impact of changing and uncertain economic and market conditions on financial position and future performance.

"Impacts on asset values and provisions should be assessed, and uncertainties, key assumptions, business strategies and risks disclosed," its Commissioner Danielle Press said.

The ASIC asked to take certain conditions into consideration including COVID-19 and restrictions during the trading period, impact of rising interest rates and inflationary impacts, among others on property valuations, while preparing financial reports for the upcoming earnings season.

Australia has borne the brunt of higher interest rates ever since the country's central bank started raising its key policy rates since May 2022, which have in turn pushed commercial rents higher, making fewer retail businesses less viable.

(Reporting by Archishma Iyer in Bengaluru; Editing by Rashmi Aich)