Following public consultation, ASIC has remade five legislative instruments that affect financial reporting by particular types of entities.

The relief applies to proprietary companies, non-reporting entities, stapled security issuers, registered schemes and entities generally and is set out in the following new legislative instruments:

• ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 (replaces Class Order 05/638)
• ASIC Corporations (Non-Reporting Entities) Instrument 2015/841 (replaces Class Order 05/639)
• ASIC Corporations (Stapled Group Reports) Instrument 2015/838 (replaces Class Order 05/642)
• ASIC Corporations (Related Scheme Reports) Instrument 2015/839 (replaces Class Order 06/441)
• ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842 (replaces Class Order 05/644).

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

Background

The instruments:

• Allow certain large proprietary companies to retain their exemption from lodging financial reports with ASIC in circumstances that do not detract from the conditions underlying their exempt status
• Allow 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
• Enable financial statements for stapled groups and for related registered schemes to be presented in a single financial report
• Allow entities to disclose a balance sheet showing the financial effect of significant acquisitions or disposals after the reporting date in the notes to the financial statements.

ASIC received three submissions in response to its consultation on remaking this relief, under Consultation Paper 233 Remaking class orders on financial reporting (CP 233). No objections were raised to our proposals to remake the instruments and therefore we remade the instruments substantially in the form consulted on.

ASIC Corporations (Amendment and Repeal) Instrument 2015/843 revokes the previous instruments.