Chapter 4 of Listing Rules (191 KB)
Update Oct 2004 (115 KB)
Listing Rule Amendments
10 June 2005
Important information for ASX Listed Entities
AIFRS - extension of reporting deadline
Companies will be aware that for reporting periods beginning on or after 1 January 2005, Australian incorporated entities are required under the Corporations Act to apply Australian equivalents to International Financial Reporting Standards (AIFRS).
ASX considers it appropriate to provide some assistance to listed companies in their transition to implementation for the first time of AIFRS. This is consistent with the approach taken in the United Kingdom and the United States.
ASX has decided, as a once-only measure, to extend the reporting deadlines for Half Yearly and Preliminary Final reports in which AIFRS are adopted for the first time or where a disclosure is made on the impact of adoption of AIFRS for the first time under AASB 1047 paragraph 4.2.
ASX proposes to immediately introduce a temporary rule change to facilitate the extension of reporting deadlines, and will shortly write to companies to provide further details of the rules implemented, and the period for which they apply. These rules have been the subject of consultation with ASIC. The rules will be effective from 10 June 2005.
The new rules will be incorporated in a reprint of Chapter 4 'Periodic Disclosure', which will be circulated to companies (and other Listing Rules subscribers). The revised Chapter
4 (PDF 191KB) of the Listing Rules is now available on the ASX website.
AIFRS - disclosure
ASX encourages companies to also review guidance previously issued by ASX in relation to the continuous disclosure obligations associated with adoption of AIFRS. This guidance is also available on
the ASX website
Update October 2004 (115 KB).
We have received a number of queries relating to the extent of accounting policy disclosures required in Appendix 4D; Appendix 4E and Appendix 4F on first adoption of AIFRS or IFRS.
These centre on whether a company has to disclose only the changes to accounting policies resulting from first adoption of AIFRS or IFRS, or whether it has to disclose all the new accounting policies adopted in accordance with AIFRS or IFRS.
The principle underlying the Listing Rules is that all financial reports comply with relevant accounting standards and contain any information that may be needed by an investor to make an informed assessment of the entity's financial performance and financial position. In addition, financial reports should be self explanatory as far as possible and not contain cross-references to material information reported elsewhere by the company.
Normally, the market would expect disclosure of the full set of applicable accounting policies. In the transition to AIFRS or IFRS, companies should also consider what other disclosures are necessary to explain the changes and effect of these changes in accounting policies.
ASX supports companies engaging with the investment community about the impact of AIFRS, provided that the information is first made available to all investors in the market by release through
the ASX Company Announcements Platform.
Proposed Listing Rule amendments - Implementation Date
Earlier this year, ASX foreshadowed a delay in the introduction of listing rule amendments exposed in September
2004. These include rule amendments related to:
- Chairman's open proxies.
- Nomination of directors.
These amendments and a number of other amendments dealing with technical matters and redundant provisions will take effect in the week commencing 18 July 2005.
The amendments relating to the following will be implemented at a later time that will be advised by
- Debt Listings
- Percentage options
Financial Reporting - Rule amendment proposals
ASX has also foreshadowed the release of a small package of minor amendments dealing with financial reporting matters. The package will include changes in basis and reporting requirements introduced by the adoption of IFRS and are intended to rationalise the reporting requirements of listing rule 19.12, specifically the definition of
'net tangible asset backing'.