News : Accounting

Unlicensed accountants get new documentation tool

December 10, 2018

Specialised SMSF training firm Smarter SMSF has joined forces with Licensing for Accountants to launch a documentation tool for unlicensed accountants, allowing them to provide execution-only services without providing advice.

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Accounting, Compliance, Education

Limited licensing at odds with FASEA requirements

December 4, 2018

Malavika Santhebennur

The new education requirements for accountants who wish to continue providing financial advice coupled with the limited licensing requirements have made compliance activity excessively onerous for these practitioners, according to an online technical service provider.

FASEA issues foreign qualification guidance

November 29, 2018

Malavika Santhebennur

The Financial Adviser Standards and Ethics Authority (FASEA) today released its policy on foreign qualifications for financial advisers, outlining how new and existing advisers can qualify under the new education standards.

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Accounting, ASIC, Property

Industry echoes execution-only advice warning

November 28, 2018

Malavika Santhebennur

SMSF industry experts have repeated warnings issued by the corporate regulator that there will be a clampdown on client-driven execution-only advice by unlicensed accountants establishing SMSFs for their clients.

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Accounting, Regulation

Substance of advice requires greater focus

November 28, 2018

Krystine Lumanta

The accounting profession must place greater importance on substance over form within the framework of the new licensing regime, an industry executive has said.

Limited licensees urged to register

November 27, 2018

Krystine Lumanta

The impending Financial Adviser Standards and Ethics Authority (FASEA) deadline has caused confusion among accountants with a limited licence, mainly that they will need to be on the adviser register.

New licensing framework recommended

November 26, 2018

Krystine Lumanta

The SMSF Association and industry bodies must work together to formulate a new licensing framework for advice practitioners within the context of the large unmet advice gap, an industry executive has said.

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Accounting, Financial Planning

Accountants risk losing trusted adviser title

November 26, 2018

Malavika Santhebennur

Accountants are jeopardising their role as the trusted adviser for SMSFs by not embracing the licensing regime following the removal of the accountant’s exemption and with financial planners becoming more willing to adapt to new education standards and other regulations.

FASEA exam appropriateness questioned

November 26, 2018

Darin Tyson-Chan

Concern among accountants continues to exist over the appropriateness of the bridging exam the Financial Adviser Standards and Ethics Authority (FASEA) has imposed on existing advisers with a relevant degree currently operating under a limited Australian financial services licence.

CAANZ pleased with FASEA requirements

November 26, 2018

Krystine Lumanta

Chartered Accountants Australia and New Zealand (CAANZ) today welcomed the release of the Financial Adviser Standards and Ethics Authority’s (FASEA) draft legislation for five out of the seven standards.

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