ASIC is seeking feedback on its proposal to remake five legislative instruments relating to financial reporting relief. The legislative instruments are scheduled to sunset on 1 October 2025.
The legislative instruments are:
- ASIC Corporations (Non-Reporting Entities) Instrument 2015/841
- ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842
- ASIC Corporations (Related Scheme Reports) Instrument 2015/839
- ASIC Corporations (Stapled Group Reports) Instrument 2015/838, and
- ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
We have assessed these instruments and determined that they are operating effectively and efficiently. Consequently, they continue to form a necessary and useful part of the legislative framework.
Under the proposal, the effect of these instruments will remain unchanged. We propose to make minor amendments to ensure the instruments are up-to-date and in line with ASIC’s current drafting style. We also propose to clarify that the relief in ASIC Instrument 2015/251 is not intended to apply to registrable superannuation entities.
Under the Legislation Act 2003, all legislative instruments are automatically repealed, or ‘sunset’, after 10 years, unless ASIC takes action to preserve them.
Providing feedback
ASIC invites feedback on this proposal from industry and interested stakeholders. Submissions should be sent to rri.consultation@asic.gov.au by 5pm AEST on 1 August 2025.
Refer to CS 24 Proposed remake of financial reporting-related legislative instruments.
Background
ASIC Instrument 2015/841 allows non-reporting entities to prepare their financial statements using the concessions and transitional provisions for recognition and measurement in accounting standards which apply to reporting entities.
ASIC Instrument 2015/842 allows entities to disclose a balance sheet showing the financial effect of significant acquisitions or disposals after the balance date in the notes to the financial statements.
ASIC Instrument 2015/839 enables financial statements for related registered schemes to be presented in a single financial report.
ASIC Instrument 2015/838 enables financial statements for stapled groups to be presented in a single financial report.
ASIC Instrument 2015/251 provides externally administered bodies relief from the financial reporting and Annual General Meeting requirements. It also provides financial reporting relief in circumstances where a company, registered scheme, notified foreign passport fund or sub-fund of a retail CCIV is being wound up.
