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.