LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
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 Corporations (Uncontactable Members) Instrument (replaces Class Order 98/101)
- ASIC Corporations (Directors’ Report Relief) Instrument (replaces Class Order 98/2395)
- ASIC Corporations (Synchronisation of Financial Years) Instrument (replaces Class Order 98/96)
- ASIC Corporations (Disclosing Entities) Instrument 2016/190 (replaces Class Orders 98/2016 and 08/15)
- ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 (replaces Class Order 98/100).
ASIC remade these instruments without significant changes before they were due to sunset over the next few years under the Legislation Act 2003.
- 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.