Changes to ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191
Changes to ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191
On 27 June 2022, the Australian Securities and Investments Commission (ASIC) revised its Legislative Instrument dealing with rounding in financial reports and the directors’ report.
ASIC Corporations (Amendment) Instrument 2022/519 amends Legislative Instrument 2019/191 so that:
- Sub-funds of a corporate collective investment vehicle (CCIV) can round various amounts disclosed in their financial reports and directors’ reports
- Entities preparing Tier 2 general purpose financial statements (GPFS) using the Simplified Disclosures contained in AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities can only round the following amounts if the group (or entity if the financial statements are not consolidated) has total assets exceeding $1 billion:
- Share-based payment expense recognised in profit or loss for the period
- The carrying amount of liabilities at the end of the reporting period arising from share-based payment transactions
- Audit fees
- Key management personnel compensation in total
- Key management personnel compensation provided by a management entity
- Disclosures about the terms and conditions of related party transactions
- Entities preparing Tier 2 GPFS (Simplified Disclosures) can only round the following amounts to the nearest cent:
- Description of each type of share-based payment arrangement, including the terms
- Number and weighted average exercise prices of share options outstanding at the beginning of the period, granted, forfeited, exercised or expired during the period, outstanding at the end of the period, and exercisable at the end of the period.
More information
Please refer to ASIC Corporations (Amendment) Instrument 2022/519 for more information.