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’.
No substantive amendments were made to any of the repealed class orders.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.
Entities should ensure references to the relevant instruments are updated as appropriate in any financial reports or directors’ resolutions.
CO 98/100 was repealed effective on 1 April 2016.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:
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.
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.