ASIC has remade five legislative instruments that provide financial reporting relief following a recent consultation with industry. The legislative instruments were scheduled to sunset on 1 October 2025.
The remade legislative instruments are:
- ASIC Corporations (Non-Reporting Entities) Instrument 2025/436
- ASIC Corporations (Post Balance Date Reporting) Instrument 2025/437
- ASIC Corporations (Related Scheme Reports) Instrument 2025/438
- ASIC Corporations (Stapled Group Reports) Instrument 2025/439, and
- ASIC Corporations (Externally-Administered Bodies) Instrument 2025/584.
The remade instruments expire on 1 October 2030.
Consultation and feedback
On 7 July 2025, ASIC announced its intention to remake five legislative instruments providing financial reporting relief and sought feedback on the proposal by 1 August 2025.
ASIC received one submission in response to the public consultation. The submission agreed that the instruments are operating effectively and efficiently and supported remaking them.
The submission also made suggestions in relation to three of the instruments. These suggestions, and our responses, are summarised below.
ASIC Corporations (Related Scheme Reports) Instrument 2015/839
In relation to ASIC Instrument 2015/839, the submission suggested extending the scope of the relief to include sustainability reports.
In Consultation Paper 380 Sustainability reporting (CP 380), published in November 2024, ASIC had sought feedback on whether ASIC Instrument 2015/839 should be extended to sustainability reports and, if so, how climate statements should be presented in the sustainability report.
ASIC did not receive any detailed submissions, either in response to CP 380 or as part of this consultation process, addressing that question. Accordingly, we have decided not to extend the scope of the relief at this time.
For the time being, we will consider applications for related scheme relief for sustainability reports on a case-by-case basis for reporting entities relying on the relief in ASIC Instrument 2025/438. Applications should address:
- how one of the subparagraphs in s342(1) of the Corporations Act 2001 applies, and
- how it is proposed that the climate statements of the related schemes will be presented in the sustainability report.
ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251
In relation to ASIC Instrument 2015/251, the submission suggested extending the relief to entities being voluntarily deregistered on the basis that these companies will have minimal assets or liabilities and, accordingly, the preparation of financial reports is unwarranted on cost-benefit grounds.
We do not support extending the relief to all deregistering companies because deregistration may be delayed, challenged or otherwise be declared invalid. Further, the policy intent of the instrument is to reduce the regulatory burden on financially distressed entities under external administration: see Regulatory Guide 174 Relief for externally administered companies and registered schemes being wound up (RG 174) at paragraph 44.
ASIC Corporations (Non-Reporting Entities) Instrument 2015/841
In relation to ASIC Instrument 2015/841, the submission suggested limiting the timeframe of the relief given the Australian Accounting Standards Board’s projects on the not-for-profit and public sector financial reporting frameworks which may limit or remove the need for relief in the short-to-medium term. We have limited the effect of the relief in ASIC Instrument 2025/436 to a period of five years and will continue to monitor the need for the relief in future.
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Submissions to CS 24 Proposed remake of financial reporting-related legislative instruments
Background
ASIC Instrument 2025/436 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. The remade instrument replaces ASIC Corporations (Non-Reporting Entities) Instrument 2015/841.
ASIC Instrument 2025/437 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. The remade instrument replaces ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842.
ASIC Instrument 2025/438 enables financial statements for related registered schemes to be presented in a single financial report. The remade instrument replaces ASIC Corporations (Related Scheme Reports) Instrument 2015/839.
ASIC Instrument 2025/439 enables financial statements for stapled groups to be presented in a single financial report. The remade instrument replaces ASIC Corporations (Stapled Group Reports) Instrument 2015/838.
ASIC Instrument 2025/584 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 corporate collective investment vehicle (CCIV) is being wound up. The remade instrument replaces ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
Under the Legislation Act 2003, all legislative instruments are repealed automatically or ‘sunset’ after 10 years unless ASIC takes action to remake them.
ASIC Instruments 2025/436, 2025/437, 2025/438 and 2025/439 are included in ASIC’s pilot to consolidate financial reporting, accounting and audit instruments. These instruments remain fully operational while the pilot is being consulted on. For more information on this pilot, and to provide feedback, see Report 813 Regulatory Simplification (REP 813).
