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October 21, 2010

Australia calls for financial advisory standard deferral

Australia’s professional accounting bodies are calling on standard setters to defer issuing a financial advisory services standard until after the outcome of government reforms on the financial planning industry.

In a joint submission to the Australian Professional and Ethical Standards Boards, the bodies said to avoid duplication of regulation, the government’s Future of Financial Advice (FoFA) reforms should be completed before setting a realistic timeframe for changes to accounting standards.

CPA Australia, the Institute of Chartered Accountants of Australia and the National Institute of Accountants issued the advice in a comment document for the proposed APES 230 Financial Advisory Services standard.


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