AUTHORS

Ralph Martin
Partner
Perth
Ross Shillingford
Manager
Melbourne

New ASIC Corporations Instruments combine a number of existing key exemptions and reliefs to audit and lodgement requirements into a single instrument.  

What has happened?

On 16 September 2026 ASIC released two Corporations Instruments, ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/468 and ASIC Corporations (Auditing) Instrument 2026/469. Links to the full instruments are available here. 
The new instruments replace in total 17 existing legislative instruments related to financial reporting and auditing relief, with ASIC’s stated intention being to enhance usability of the instruments through simplifying the requirements to qualify for relief.  A full list of instruments is below, but the most widely used instruments include

  • Instrument 2017/204 Foreign-Controlled Company Reports which allowed foreign-controlled companies relief from lodgement if they are part of a “small” group. 
  • Instrument 2016/784 Audit Relief which allows large proprietary companies relief from audit if the shareholders agree, and they meet certain solvency and financial soundness thresholds.
  • Instrument 2026/183 Rounding in Financial/Directors' Reports which allows rounding of financial reports to tens, thousands or millions of dollars depending on company size.
     

What are the changes to ASIC’s existing financial reporting and auditing relief regime?

In substance, very little has changed. The new instruments largely preserve the existing exemptions and relief, acting primarily as a regulatory simplification and consolidation exercise, with changes mainly comprised of removal of references to obsolete instruments and class orders, as well as rewording some definitions for clarity.

My company utilises ongoing relief audit and/or reporting relief from one of the replaced instruments - What do we need to do?

In most cases – not much. Entities using the instruments will need to update references to legislative instruments contained in internal compliance documents and templates, as well as in any financial statement disclosures in which they are referenced.  Companies currently drafting their financial statements for the year ended 30 June 2026 should ensure all references are updated. 

Both new instruments are effective and repeal predecessor standards immediately, with the exception of Instrument 2016/784 (Audit Relief) continues to apply to all financial years ending prior to 1 January 2027. 

The release of the new instruments may also act as a reminder for directors to confirm the availability of, and conditions for, any reporting and auditing relief. 
 

When does the new instrument take effect?

Most of the new instrument is applicable with immediate effect.  The only exception to this is the section related to rounding, which takes effect for periods beginning on or after 1 January 2026.  This means that entities currently preparing financial statements for the year ended 30 June 2026 may retain their existing references to Instrument 2026/183.

For further information on financial reporting obligations for Australia proprietary companies, and the exemptions and reliefs available see our article here. 
 

Full list of existing instruments replaced: 

ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/468

ASIC Corporations (Auditing) Instrument 2026/469

 

 

FOR MORE INFORMATION

If you would like to learn more about the topics discussed in this article, please contact your local RSM office.

 

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