16RU-002 ASIC remakes financial reporting class orders

16RU-002 ASIC remakes financial reporting class orders

ASIC has recently remade the rounding and electronic dual lodgment class orders relating to financial reporting as new legislative instruments. The remade legislative instruments are no longer referred to as ‘class orders’.

Related content

No substantive amendments were made to any of the repealed class orders. Both instruments commence on 1 April 2016, the day after they were registered.

  • Class Order 98/100 Rounding in Financial Reports and Directors’ Reports (CO 98/100) has been remade as ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 (Rounding instrument)
  • Class Order 98/104 Dual Lodgment Relief and Class Order 00/2451 Electronic Lodgment of Certain Reports with the ASX – Approval have been remade as one instrument: ASIC Corporations (Electronic Lodgment of Financial Reports) Instrument 2016/181 (Electronic lodgment instrument)

Entities should ensure references to the relevant instruments are updated as appropriate in any financial reports or directors’ resolutions.

Rounding instrument

CO 98/100 was repealed effective on 1 April 2016. The new Rounding instrument, however, included transitional provisions, providing time for entities to amend references in financial and directors’ reports. The application of the Rounding instrument and CO 98/100 is as follows.

Financial or directors’ report for a financial year or half year ending:

  • Before 30 June 2016 – CO 98/100 Rounding in Financial Reports and Directors’ Reports still applies. Retain references to CO 98/100.
  • On or after 30 June 2016 – ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 applies. Update references regarding rounding of amounts to this instrument.

Apart from the change of reference highlighted above, there is no impact of the making of the Rounding instrument. The Rounding instrument continues with the same effect and conditions of the class order on which it is based: CO 98/100.

Electronic lodgment instrument

The Electronic lodgment instrument continues the relief previously provided allowing entities listed on the Australian Stock Exchange and a number of other Australian regulated markets to lodge reports electronically with the relevant market operator without also having to separately lodge the reports with ASIC.

Action point

  • Update references in directors’ reports and financial reports for reporting periods ending on or after 30 June 2016 for ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191

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