{"id":"F2021L00329","name":"ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195","slug":"asic-corporations-parent-entity-financial-statements-instrument-2021-195","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":101534,"registerId":"commonwealth-F2021L00329-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195\n\nAbout this compilation\n\nCompilation No. 2\n\nThis is a compilation of ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 as in force on 23 March 2024. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc72228287)\n\n[1 Name of legislative instrument](#_Toc72228288)\n\n[3 Authority](#_Toc72228289)\n\n[4 Definitions](#_Toc72228290)\n\n[Part 2—Relief Orders](#_Toc72228291)\n\n[5 Financial reporting relief to include parent entity financial statements](#_Toc72228292)\n\n[6 Conditions](#_Toc72228293)\n\n[Part 3—Repeal](#_Toc72228294)\n\n[7 Repeal](#_Toc72228295)\n\n[Endnotes](#_Toc72228296)\n\n[Endnote 1—Instrument history](#_Toc72228297)\n\n[Endnote 2—Amendment history](#_Toc72228298)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195.\n\n3 Authority\n\nThis instrument is made under subsection 341(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nentity means a company, registered scheme, registrable superannuation entity or disclosing entity.\n\nsingle entity financial statements means financial statements referred to in paragraph 295(2)(a) or 303(2)(a) of the Act.\n\nPart 2—Relief Orders\n\n5 Financial reporting relief to include parent entity financial statements\n\nFinancial year\n\n(1) An entity that includes consolidated financial statements in its financial report for a financial year does not have to comply with subsections 292(1) and 314(1) of the Act to the extent that:\n\n(a) subsection 295(2) of the Act prevents the inclusion of single entity financial statements in the financial report; and\n\n(b) paragraph 295(3)(a) of the Act requires the inclusion of the information specified by regulation 2M.3.01 of the Corporations Regulations 2001.\n\nHalf-year\n\n(2) An entity which is a disclosing entity that includes consolidated financial statements in its half-year financial report does not have to comply with section 302 of the Act to the extent that subsection 303(2) of the Act prevents the inclusion of single entity financial statements in the half-year financial report.\n\n6 Conditions\n\nThe entity must comply with the requirements of Part 2M.3 of the Act:\n\n(a) where subsection 5(1) applies—as if the single entity financial statements were required to be included in the financial report under subsection 295(2); and\n\n(b) where subsection 5(2) applies—as if the single entity financial statements were required to be included in the half-year financial report under subsection 303(2).\n\n  \n\nPart 3—Repeal\n\n7 Repeal\n\nThis instrument is repealed at the start of 1 April 2029.\n\n  \n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration     | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | ---------------------------- | -------------------- | ---------------------------------------------- |\n| 2021/195          | 25/3/2021 (see F2021L00329)  | 26/03/2021           |                                                |\n| 2021/381          | 10/5/2021 (see F2021L00560)  | 11/5/2021            | -                                              |\n| 2024/187          | 22/03/2024 (see F2024L00363) | 23/03/2024           | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected               |\n| ------------------ | -------------------------- |\n| Section 2          | rep. s48D LA               |\n| Section 4          | am. 2024/187               |\n| Section 7          | am. 2021/381; am. 2024/187 |","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing relief from duplicate financial reporting requirements for parent entities. The 2024 amendment merely updated definitions and extended the repeal date, without expanding the scope beyond the original intent of reducing regulatory burden for financial reporting."},"complexity_factors":["Only 7 operative sections with minimal text","Just 4 defined terms in the interpretation section","Simple conditional structure: if X applies, then Y relief granted, subject to Z condition","No nested exceptions or complex cross-referencing beyond basic Corporations Act citations","Straightforward sunset provision with fixed date","Total length under 2 pages of substantive content"],"plain_english_summary":"This instrument lets companies, registered schemes and registrable superannuation entities omit separate single‑entity financial statements from annual and half‑year reports when they already include consolidated statements. They must still prepare the single‑entity statements in accordance with the Corporations Act’s requirements (just not lodge or publish them), reducing duplication and compliance costs. The relief expires on 1 April 2029."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"Amendments recorded in the endnotes show changes to definitions (s 4 amended by 2024/187) and to the repeal provision (s 7 amended by 2021/381 and 2024/187). Those amendments altered the instrument's coverage and temporal scope by updating which entities and statements are captured and by changing its duration."},"complexity_factors":["Cross-references to multiple Corporations Act provisions and a Corporations Regulation (ss 292, 295, 303, 314, reg 2M.3.01) increase legal reading burden.","Relief is conditional and qualified (relief only 'to the extent that' specified provisions apply), requiring factual and legal assessment by preparers.","The instrument imposes a compliance obligation to meet Part 2M.3 'as if' the excluded statements were included (s 6), creating a legal fiction practitioners must implement.","Applies to several entity types defined in s 4, so entities must check whether they fit the definition.","Time-limited repeal (s 7) and recorded subsequent amendments mean users must track current status and amendment history (endnotes)."],"plain_english_summary":"This instrument allows entities that prepare consolidated financial statements to omit parent‑entity (single‑entity) financial statements from annual or half‑year reports when other Corporations Act provisions prevent their inclusion, provided the entity supplies the information required by the Regulations and complies with Part 2M.3 ‘as if’ the single‑entity statements were included (see ss 5–6; s 7). It affects companies, registered schemes, registrable superannuation entities and disclosing entities and is time‑limited (repeal 1 April 2029)."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-parent-entity-financial-statements-instrument-2021-195","history":"/api/acts/asic-corporations-parent-entity-financial-statements-instrument-2021-195/history","analysis":"/api/acts/asic-corporations-parent-entity-financial-statements-instrument-2021-195/analysis","conflicts":"/api/acts/asic-corporations-parent-entity-financial-statements-instrument-2021-195/conflicts","importantCases":"/api/acts/asic-corporations-parent-entity-financial-statements-instrument-2021-195/important-cases","documents":"/api/acts/asic-corporations-parent-entity-financial-statements-instrument-2021-195/documents"}}