The Australian Corporations Act was enacted in 2001 to consolidate all state acts to have a uniform applicability. With the passing of the legislation, Australian Securities and Investment Commission (ASIC) was formed to safeguard the sections of the the Corporations Act 2001 ('Act').
There has been proposals for amendment to the Act for financial reporting provisions under the Act.
http://www.ey.com/Publication/vwLUAssets/Corporations_Act_2001_proposed_simplifications/$FILE/Corporations_Act_2001_%20proposed_simplifications.pdf
Corporations Act 2001
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/
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