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ASIC proposes to remake financial reporting legislative instrument


Key points

ASIC proposes to remake ASIC Class Order [CO 13/1050] Financial reporting by stapled entities.

Under the Legislation Act 2003, legislative instruments cease automatically, or ‘sunset’, after 10 years, unless they are remade before the sunset date. The purpose of sunsetting is to ensure that instruments are kept up to date and only remain in force while they are fit for purpose, necessary and relevant.

We have assessed that ASIC Class Order [CO 13/1050] Financial reporting by stapled entities, which is due to sunset on 1 October 2023, is operating effectively and efficiently, and continues 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 instrument is operating effectively and efficiently and/or whether any amendments are required. Comments should be sent by 13 September 2023 to

Additional information

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ASIC Class Order [CO 13/1050] Financial reporting by stapled entities allows stapled entities which are disclosing entities to present combined financial statements or consolidated financial statements of the stapled group where they have prepared combined financial statements or consolidated financial statements for a previous reporting period, notwithstanding that the entities may not meet the requirement to prepare consolidated financial statements under Accounting Standard AASB 10 Consolidated Financial Statements. Class Order [CO 13/1050] also allows the stapled entities relief to continue to present their respective financial statements together in a single financial report.

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

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