ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842

Administered by Department of the Treasury

Legislation au F2015L01552 Not in force Legislative Instrument

Legislation content

ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842

made under subsection 341(1) of the Corporations Act 2001

Compilation No. 1 

Compilation date: 5/1/2024

Includes amendments up to: ASIC Corporations (Amendment) Instrument 2023/142 [F2024L00024]

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842 that shows the text of the law as amended and in force on 5/1/2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Order

5 Relief for post balance date disclosure

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842.

3 Authority

This instrument is made under subsection 341(1) of Corporations Act 2001.

4 Definitions

(1) In this instrument:

Act means Corporations Act 2001.

relevant entity means company, registered scheme, registrable superannuation entity or disclosing entity.

(2) Information is material in relation to a financial statement if its misstatement in or omission from the statement could influence the economic decisions taken on the basis of the statement.

Part 2—Order

5 Relief for post balance date disclosure

Relief

(1) A relevant entity does not have to comply with Part 2M.3 of the Act, and a retail CCIV does not have to comply with Part 2M.3 of the Act in relation to a sub-fund, to the extent that that Part prevents the notes to the financial statements and consolidated financial statements for a financial year (the relevant period) or half-year (the relevant period) from including a balance sheet (and, where applicable, a consolidated balance sheet) explaining the financial effect of acquisitions (the relevant transactions) and disposals (the relevant transactions) of entities and businesses after the end of the relevant period.

Where relief applies

(2) The relief in subsection (1) is available where both of the following apply:

(a) either:

(i) the relevant transactions have a material effect on the relevant entity or sub-fund (as the case may be) and a single entity balance sheet is included in the notes to the financial statements that is either:

(A) an actual balance sheet drawn up to a point in time after the relevant transactions have occurred; or

(B)  a pro forma balance sheet drawn up on the basis of the relevant entity’s or sub-fund’s (as the case may be) actual balance sheet drawn up at the end of the relevant period or a later date; or

(ii) consolidated financial statements are included in the financial report, the relevant transactions have a material effect on the consolidated entity and a consolidated balance sheet is presented in the notes to those consolidated financial statements that is either:

(A)  an actual consolidated balance sheet drawn up to a point in time after the relevant transactions have occurred; or

(B) a pro forma consolidated balance sheet drawn up on the basis of the consolidated entity’s actual consolidated balance sheet drawn up at the end of the relevant period or a later date;

(b) where a pro forma balance sheet or pro forma consolidated balance sheet is included in a note to the financial statements in accordance with sub-subparagraph (a)(i)(B) or sub-subparagraph (a)(ii)(B):

(i)  the pro forma balance sheet is prepared on a basis consistent with the accounting standards; and

(ii)  the basis of preparation and any key underlying assumptions are disclosed in the note; and

(iii)  any other material transactions or events after balance date are reflected in the note where necessary to ensure that the pro forma balance sheet is not misleading.

 

 

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted

orig = original

am = amended

par = paragraph(s)/subparagraph(s)

amdt = amendment

/sub‑subparagraph(s)

c = clause(s)

pres = present

C[x] = Compilation No. x

prev = previous

Ch = Chapter(s)

(prev…) = previously

def = definition(s)

Pt = Part(s)

Dict = Dictionary

r = regulation(s)/rule(s)

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expires/expired or ceases/ceased to have

rep = repealed

Effect

rs = repealed and substituted

F = Federal Register of Legislation

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LA = Legislation Act 2003

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

o = order(s)

commenced or to be commenced

Ord = Ordinance

 

 

Endnote 3—Legislation history

Name

Registration

Commencement

Application, saving and transitional provisions

ASIC Corporations (Post Balance Date Reporting) Instrument 201/842

30/9/2015 (see F2015L01552)

1/10/2015

 

ASIC Corporations (Amendment) Instrument 2023/142

4/1/2024 (see F2024L00024)

5/1/2024

 

 

Endnote 4—Amendment history

Provision affected

How affected

s 2

rep LA s 48D

s 4

am 2023/142

s 5

am 2023/142

 

 

 

 

 

Overview

The ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842 was enacted to provide relief to companies and other entities from certain financial reporting requirements when dealing with post balance date acquisitions and disposals. This legislative instrument was made under the authority of subsection 341(1) of the Corporations Act 2001, which allows the Australian Securities and Investments Commission (ASIC) to make rules regarding the administration of the Act. The primary policy objective of this instrument is to streamline the reporting process for entities by allowing them to include balance sheets in their financial statements that explain the financial effects of post balance date transactions, provided that these transactions have a material impact on the entity's financial position. This relief applies to companies, registered schemes, registrable superannuation entities, and disclosing entities, facilitating more accurate and timely financial disclosures.

Scope and Application

The ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842 applies to certain entities under the Corporations Act 2001, including companies, registered schemes, registrable superannuation entities, and disclosing entities collectively referred to as "relevant entities." This legislation provides relief for these entities regarding the disclosure of post balance date acquisitions and disposals. Specifically, it exempts these entities from complying with certain parts of the Act that would otherwise prevent the inclusion of balance sheets in financial statements that explain the financial impact of transactions occurring after the balance date. The relief is contingent upon the materiality of the transactions and the inclusion of either an actual or a pro forma balance sheet in the financial statements, provided it adheres to accounting standards and accurately reflects any subsequent material events. This legislative instrument, made under the authority of the Corporations Act, aims to streamline reporting processes while ensuring the integrity and relevance of financial disclosures. The geographic and jurisdictional reach of the ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842 is inherently tied to the entities it governs, which are subject to the Corporations Act 2001. As such, it applies nationally across Australia, impacting entities registered under the Act regardless of their location within the country. The legislation does not explicitly exclude any particular types of entities or transactions, but its application is contingent on the conditions outlined, such as the materiality of transactions and the preparation of compliant balance sheets. While the primary legislation provides the foundational framework, any extensions or restrictions to its application may be further detailed through subordinate instruments or regulations, ensuring the instrument remains adaptable to evolving financial reporting standards and practices.

Key Provisions

The ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842, made under subsection 341(1) of the Corporations Act 2001, provides relief for certain entities in relation to post balance date disclosures. Section 5 of the Instrument allows a relevant entity, such as a company or a disclosing entity, to not comply with certain parts of the Corporations Act if those provisions prevent the financial statements from including necessary balance sheets that explain the financial effects of post balance date acquisitions and disposals. This relief is conditional upon the materiality of the transactions and the inclusion of a properly prepared balance sheet or pro forma balance sheet in the financial statements. The Instrument imposes specific obligations on the entities it governs. For instance, if the relief is to apply, the transactions must have a material effect on the entity, and a single entity or consolidated balance sheet must be included in the financial statements. This balance sheet can either be an actual balance sheet drawn up after the relevant transactions or a pro forma balance sheet prepared on the basis of the entity's balance sheet at the end of the relevant period or later. If a pro forma balance sheet is used, it must be prepared in accordance with the accounting standards, and the basis of preparation along with any key assumptions must be disclosed in the financial statements. Additionally, any other material transactions or events after the balance date must be reflected in the note to prevent the pro forma balance sheet from being misleading. There are no explicit offences or penalties outlined in the Instrument itself for failure to comply with its provisions. However, entities that do not comply with the Corporations Act, including the parts from which relief is granted, may face penalties under the Act. The penalties can include fines and, in some cases, imprisonment, depending on the severity and intent behind the breach. For example, under the Corporations Act, directors can be fined up to $210,000 and, in more serious cases, may be subject to imprisonment for up to five years for breaches of disclosure requirements. It is essential for entities to ensure they are aware of and comply with both the Instrument and the overarching Act to avoid such consequences.

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Regulatory Standards
Enforcement Powers

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.