ASIC proposes to consolidate financial reporting and auditing relief instruments

[Newsroom](https://www.asic.gov.au/newsroom) PrintShare - [X Opens in new window](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fnews-items%2Fasic-proposes-to-consolidate-financial-reporting-and-auditing-relief-instruments%2F&text=ASIC%20proposes%20to%20consolidate%20financial%20reporting%20and%20auditing%20relief%20instruments) - [Facebook Opens in new window](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fnews-items%2Fasic-proposes-to-consolidate-financial-reporting-and-auditing-relief-instruments%2F) - [LinkedIn Opens in new window](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fnews-items%2Fasic-proposes-to-consolidate-financial-reporting-and-auditing-relief-instruments%2F) - [Email Opens in new window](mailto:?subject=ASIC%20proposes%20to%20consolidate%20financial%20reporting%20and%20auditing%20relief%20instruments&body=An%20article%20from%20ASIC%3A%0D%0A%0D%0AASIC%20proposes%20to%20consolidate%20financial%20reporting%20and%20auditing%20relief%20instruments%0D%0A%0D%0Ahttps%3A%2F%2Fwww.asic.gov.au%2Fabout-asic%2Fnews-centre%2Fnews-items%2Fasic-proposes-to-consolidate-financial-reporting-and-auditing-relief-instruments%2F) ASIC is seeking further feedback on a proposal to streamline 17 financial reporting and auditing relief instruments into two, as part of our ongoing commitment to regulatory simplification. The two draft instruments are: - _ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/XXX_(the draft Financial Reporting Instrument), and - _ASIC Corporations (Auditing) Instrument 2026/XXX_(the draft Auditing Instrument). The new instruments will make it easier for users to understand available relief and reduce the number of legislative instruments dealing with financial reporting and auditing. These changes respond to stakeholder feedback received about the consolidation pilot in Report 813 _Regulatory simplification_( [REP 813](https://www.asic.gov.au/regulatory-resources/find-a-document/reports/rep-813-regulatory-simplification/)) and that is outlined in Report 830 _Regulatory simplification progress report_ ( [REP 830](https://www.asic.gov.au/regulatory-resources/find-a-document/reports/rep-830-regulatory-simplification-progress-report/ "REP 830 Regulatory simplification progress report")). Copies of the draft instruments are available at [CS 54 _Proposed consolidation of financial reporting and auditing instruments_](https://www.asic.gov.au/regulatory-resources/find-a-document/consultations/cs-54-proposed-consolidation-of-financial-reporting-and-auditing-instruments/ "CS 54 Proposed consolidation of financial reporting and auditing instruments"). ## Providing feedback Submissions should be sent to [rri.consultation@asic.gov.au](mailto:rri.consultation@asic.gov.au) by **5pm AEST on 10 July 2026.** ## Background The draft Financial Reporting Instrument consolidates the following instruments: - [_ASIC Corporations (Reporting by Stapled Entities) Instrument 2023/673_](https://www.legislation.gov.au/F2023L01277/latest/text) - [_ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195_](https://www.legislation.gov.au/F2021L00329/latest/text) - [_ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307_](https://www.legislation.gov.au/F2017L00392/latest/text) - [_ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204_](https://www.legislation.gov.au/F2017L00307/latest/text) - [_ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183_](https://www.legislation.gov.au/F2026L00352/latest/text) - [_ASIC Corporations (Disclosing Entities) Instrument 2016/190_](https://www.legislation.gov.au/F2016L01328/latest/text) - [_ASIC Corporations (Synchronisation of Financial Years) Instrument 2016/189_](https://www.legislation.gov.au/F2016L01325/latest/text) - [_ASIC Corporations (Directors’ Report Relief) Instrument 2016/188_](https://www.legislation.gov.au/F2016L01323/latest/text) - [_ASIC Corporations (Electronic Lodgment of Financial and Sustainability Reports) Instrument 2026/_ 59](https://www.legislation.gov.au/F2026L00362/latest/text) - [_ASIC Corporations (Disregarding Technical Relief) Instrument 2026/180_](https://www.legislation.gov.au/F2026L00360/latest/text) - [_ASIC Corporations (Post Balance Date Reporting) Instrument_ _2025/437_](https://www.legislation.gov.au/F2025L01160/latest/text) - [_ASIC Corporations (Non-Reporting Entities) Instrument 2025/436_](https://www.legislation.gov.au/F2025L01159/latest/text) - [_ASIC Corporations (Related Scheme Reports) Instrument_ _2025/438_](https://www.legislation.gov.au/F2025L01161/latest/text) - [_ASIC Corporations (Stapled Group Reports) Instrument_ _2025/439_](https://www.legislation.gov.au/F2025L01162/latest/text) The draft Auditing Instrument consolidates the following instruments, removing requirements in section 6(i), (s) and (v) of [_ASIC Corporations (Audit Relief) Instrument 2016/784_](https://www.legislation.gov.au/F2016L01542/latest/text) (Instrument 2016/784): - [_ASIC Corporations (CCIV Auditors) Instrument 2024/668_](https://www.legislation.gov.au/F2024L01087/latest/text) - [_ASIC Corporations (Auditor Independence) Instrument 2021/75_](https://www.legislation.gov.au/F2021L00549/latest/text) - [ASIC Instrument 2016/784](https://www.legislation.gov.au/F2016L01542/latest/text) ## Related information [CS 54 _Proposed consolidation of financial reporting and auditing instruments_](https://www.asic.gov.au/regulatory-resources/find-a-document/consultations/cs-54-proposed-consolidation-of-financial-reporting-and-auditing-instruments/ "CS 54 Proposed consolidation of financial reporting and auditing instruments") **ASIC is Australia’s corporate, markets and financial services regulator.** ## Topics [auditors](https://www.asic.gov.au/newsroom/search/?tag=auditors) [companies](https://www.asic.gov.au/newsroom/search/?tag=companies) [financial reporting](https://www.asic.gov.au/newsroom/search/?tag=financial%20reporting) [financial services](https://www.asic.gov.au/newsroom/search/?tag=financial%20services) [managed investment schemes](https://www.asic.gov.au/newsroom/search/?tag=managed%20investment%20schemes) [superannuation](https://www.asic.gov.au/newsroom/search/?tag=superannuation) [sustainable finance](https://www.asic.gov.au/newsroom/search/?tag=sustainable%20finance)