With five key financial reporting relief measures set to expire next year, the Australian Securities and Investments Commission (ASIC) is seeking public feedback on a proposal to remake them before the scheduled repeal on Oct. 1, 2025.
ASIC has reviewed the instruments and concluded that they remain effective and necessary. While no major changes are planned, the regulator is proposing minor amendments to bring the instruments in line with current drafting practices.
Among the proposed updates is a clarification to one of the instruments – ASIC Instrument 2015/251 – to make clear that the relief it offers does not extend to registrable superannuation entities. This instrument provides financial reporting and Annual General Meeting relief for externally administered bodies, as well as for entities undergoing wind-up processes, such as companies, registered schemes, notified foreign passport funds, or sub-funds of retail Corporate Collective Investment Vehicles (CCIVs).
The remaining instruments up for renewal relate to financial statement preparation for specific types of entities. These include allowing non-reporting entities to apply certain accounting standard concessions (ASIC Instrument 2015/841), permitting entities to disclose significant post-balance date acquisitions or disposals in the notes to their financial statements (ASIC Instrument 2015/842), and enabling consolidated financial reports for related registered schemes (ASIC Instrument 2015/839) and stapled groups (ASIC Instrument 2015/838). Relief from financial reporting and AGM requirements is also extended to externally administered bodies and entities being wound up (ASIC Instrument 2015/251).
Public consultation on the proposal is open until 5pm AEST on Aug. 1. Submissions can be sent to rri.consultation@asic.gov.au.
Full details of the consultation are outlined in ASIC’s Consultation Statement 24.
