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CS 24 Proposed remake of financial reporting-related legislative instruments

simple consultation – 24

Released 7 July 2025. Comments close 1 August 2025.

ASIC is seeking feedback on its proposal to remake five legislative instruments relating to financial reporting relief. The legislative instruments are scheduled to sunset on 1 October 2025.

The legislative instruments are:

We have assessed these instruments and determined that they are operating effectively and efficiently. Consequently, they continue to form a necessary and useful part of the legislative framework.

Under the proposal, the effect of these instruments will remain unchanged. We propose to make minor amendments to ensure the instruments are up-to-date and in line with ASIC’s current drafting style. We also propose to clarify that the relief in ASIC Instrument 2015/251 is not intended to apply to registrable superannuation entities.

Under the Legislation Act 2003, all legislative instruments are automatically repealed, or ‘sunset’, after 10 years, unless ASIC takes action to preserve them.

Providing feedback

We invite feedback on our proposal from industry and interested stakeholders. You should send your submission to rri.consultation@asic.gov.au by 5 pm AEST on Friday 1 August 2025.

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous, we will not be able to contact you to discuss your feedback should we need to.

We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.

Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.

Background

ASIC Instrument 2015/841 allows 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.

ASIC Instrument 2015/842 allows entities to disclose a balance sheet showing the financial effect of significant acquisitions or disposals after the balance date in the notes to the financial statements.

ASIC Instrument 2015/839 enables financial statements for related registered schemes to be presented in a single financial report.

ASIC Instrument 2015/838 enables financial statements for stapled groups to be presented in a single financial report.

ASIC Instrument 2015/251 provides externally administered bodies relief from the financial reporting and annual general meeting requirements. It also provides financial reporting relief in circumstances where a company, registered scheme, notified foreign passport fund or sub-fund of a retail corporate collective investment vehicle (CCIV) is being wound up.

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Submissions