ASIC remakes instruments that affect financial reporting


Following public consultation, ASIC has remade three legislative instruments that affect financial reporting by companies. The relief is set out in the following new legislative instruments:

  • ASIC Corporations (Audit Relief) Instrument 2016/784 (replaces Class Order 98/1417)
  • ASIC Corporations (Wholly owned Companies) Instrument 2016/785 (replaces Class Order 98/1418)
  • ASIC Corporations (Qualified Accountant) Instrument 2016/786 (replaces Class Order 01/1256).

ASIC remade these instruments without significant changes before they were due to sunset under the Legislation Act 2003.

ASIC has released updated versions of the following documents related to audit relief for certain proprietary companies:

ASIC has also released updated versions of the following documents related to relief for certain wholly owned companies:

The new instruments can be found at legislation.gov.au and the other documents can be found at ASIC’s website.

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ASIC remakes instruments that affect financial reporting

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