ASIC has reissued a regulatory guide to streamline guidance on financial reporting and audit relief and reflect changes to legislation.

Regulatory Guide 43 Financial reporting and audit relief (RG 43) provides guidance to entities seeking relief from the financial reporting and audit requirements of the Corporations Act 2001 (Corporations Act).

The changes:

• reflect legislative reforms since the guidance was last updated
• incorporate other relevant ASIC guidance, including Regulatory Guide 29 Financial reporting by Australian entities in dual listed company arrangements (RG 29), and
• simplify the existing guidance.

As part of these changes, RG 29 has been withdrawn.

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CS 42 Proposed updates to guidance on financial reporting and audit relief in RG 43

Background

ASIC’s reissue of RG 43 follows public consultation with industry and replaces the guidance issued in 2011.

RG 43 provides guidance for entities including companies, disclosing entities, registered managed investment schemes, corporate collective investment vehicles and registrable superannuation entities, their directors and auditors. It explains:

• how ASIC exercises its powers to grant relief from the financial record keeping, financial reporting and audit requirements of Pts 2M.2, 2M.3 and 2M.4 (other than Div 4) of the Corporations Act, and
• how to apply for individual relief if an entity is unable to rely on existing class relief.

ASIC is Australia’s corporate, markets and financial services regulator.