On 7 July 2025, the Australian Securities and Investments Commission (ASIC) announced that it was seeking feedback on proposals to remake five legislative instruments relating to financial reporting relief.

Background

Under the Legislation Act 2003, all legislative instruments are automatically repealed, or ‘sunset’, after 10 years, unless ASIC takes action to preserve them.

Legislative instruments

ASIC is seeking feedback to remake five legislative instruments which are scheduled to sunset on 1 October 2025. It has assessed these instruments and determined that they are operating effectively and efficiently. The legislative instruments are:

  • 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 is being wound up.

Minor changes

Whilst ASIC states that under its proposal the effect of above instruments will remain unchanged it will make minor amendments to ensure they are up-to-date and in line with ASIC’s current drafting style. ASIC also proposes to clarify that the relief in ASIC Instrument 2015/251 is not intended to apply to registrable superannuation entities.

Next steps

The deadline for comments on ASIC’s proposal is 1 August 2025.