ASIC announces financial reporting relief

The Australian Securities and Investments Commission (ASIC) has announced a number of changes to Class Order 98/1418 Wholly-owned entities, which provides certain wholly-owned subsidiaries with relief from the requirement to prepare financial reports. The changes will enable more companies to rely on the relief and reduce the administrative work for group companies.

ASIC has also announced new relief under Class Order 08/15 Disclosing entities – half-year financial reporting relief. CO 08/15 relieves a disclosing entity from the requirement to prepare and lodge a half-year financial report and directors’ report during the first financial year of the entity, where that first financial year lasts for eight months or less.