ASIC listens (or does it)?

ASIC has released new guidance for completing initial statutory reports (ISRs) and supplementary statutory reports (SSRs).

In response to liquidator feedback, ASIC will no longer issue automated requests for a supplementary report on receipt of an initial report, instead encouraging liquidators to use their own professional judgment as to whether a SSR is desirable. Liquidators can still apply for assetless administration funding for such reports. ASIC may still request an SSR where they are considering particular conduct.

Credit where credit is due. This very sensible reform gives liquidators much greater control of where they choose to apply their limited resources.

On the other hand, the new guide for completing a 22-page ISR questionnaire is 62 pages long, so I am left wondering how this task can be completed in the 1 hour ASIC estimate in RG16?