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ASIC proposes to extend parent entity financial reporting and auditor independence legislative instruments


ASIC proposes to extend the operation of two legislative instruments, ASIC Corporations (Auditor Independence) Instrument 2021/75 and ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195, which are due to expire in April 2024, for a further five years.

We have assessed that these instruments are operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework.

Providing feedback

You are invited to provide feedback on our proposal, including whether the instruments are operating effectively and efficiently and/or whether any amendments are required. Comments should be sent by 8 December 2023 to

Additional information

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ASIC Corporations (Auditor Independence) Instrument 2021/75 allows the lead auditor for the audit to be relieved from the requirement to disclose a contravention of paragraph R510.4(c) of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) in relation to a financial interest held by a relevant person in the relevant entity or a controlled entity in the auditor’s independence declaration pursuant to section 307C of the Corporations Act 2001 in certain limited circumstances.

ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 allows a parent entity which is required to include consolidated financial statements in its financial report to also include its single entity financial statements in that report.

ASIC is Australia’s corporate, markets and financial services regulator.

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