ASIC remakes instruments that affect financial reporting

Following public consultation, ASIC has remade five legislative instruments that affect financial reporting by disclosing entities and entities generally. The relief is set out in the following new legislative instruments:

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

The instruments:

  • relieve entities of the obligation to send a hard copy of the directors’ report, financial report and auditor’s report to members who are uncontactable
  • allow entities to transfer some information from the directors’ report to the financial report or to a separate document accompanying both the directors’ report and financial report
  • allow entities to synchronise their financial year with that of a foreign parent where that foreign parent has an obligation under a foreign law to synchronise the financial years of controlled entities with its own
  • relieve entities from reporting as disclosing entities if they cease to be disclosing entities before the reporting deadline for a financial year
  • relieve disclosing entities which have a first financial year of 8 months or less from preparing a half-year financial report and directors’ report during that financial year; and
  • allow entities to round amounts disclosed in the directors’ report and financial report.

For the full announcement, click here.


Read Also: