ASIC is seeking further feedback on a proposal to streamline 17 financial reporting and auditing relief instruments into two, as part of our ongoing commitment to regulatory simplification.
The two draft instruments are:
- ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/XXX (the draft Financial Reporting Instrument), and
- ASIC Corporations (Auditing) Instrument 2026/XXX (the draft Auditing Instrument).
The new instruments will make it easier for users to understand available relief and reduce the number of legislative instruments dealing with financial reporting and auditing.
These changes respond to stakeholder feedback received about the consolidation pilot in Report 813 Regulatory simplification (REP 813) and that is outlined in Report 830 Regulatory simplification progress report (REP 830).
Copies of the draft instruments are available at CS 54 Proposed consolidation of financial reporting and auditing instruments.
Providing feedback
Submissions should be sent to rri.consultation@asic.gov.au by 5pm AEST on 10 July 2026.
Background
The draft Financial Reporting Instrument consolidates the following instruments:
- ASIC Corporations (Reporting by Stapled Entities) Instrument 2023/673
- ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195
- ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307
- ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204
- ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183
- ASIC Corporations (Disclosing Entities) Instrument 2016/190
- ASIC Corporations (Synchronisation of Financial Years) Instrument 2016/189
- ASIC Corporations (Directors’ Report Relief) Instrument 2016/188
- ASIC Corporations (Electronic Lodgment of Financial and Sustainability Reports) Instrument 2026/59
- ASIC Corporations (Disregarding Technical Relief) Instrument 2026/180
- ASIC Corporations (Post Balance Date Reporting) Instrument 2025/437
- ASIC Corporations (Non-Reporting Entities) Instrument 2025/436
- ASIC Corporations (Related Scheme Reports) Instrument 2025/438
- ASIC Corporations (Stapled Group Reports) Instrument 2025/439
The draft Auditing Instrument consolidates the following instruments, removing requirements in section 6(i), (s) and (v) of ASIC Corporations (Audit Relief) Instrument 2016/784 (Instrument 2016/784):
- ASIC Corporations (CCIV Auditors) Instrument 2024/668
- ASIC Corporations (Auditor Independence) Instrument 2021/75
- ASIC Instrument 2016/784
Related information
CS 54 Proposed consolidation of financial reporting and auditing instruments
