News : Accounting

Accounting, Education, Financial Planning

FASEA exam appropriateness questioned

November 26, 2018

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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Accounting, Administration

Class integrates with Xplan

November 22, 2018

Malavika Santhebennur

Class today announced its new data feed integration with IRESS’s wealth management software, Xplan, which will allow a shared single view of investments and other data for financial advisers, accountants and their clients.

Licensing regime a one-dimensional view on advice

November 21, 2018

Malavika Santhebennur

The limited licensing regime for accountants is proving to be too onerous and has failed to recognise financial advice is not a monolithic unit, according to new online marketplace and platform offering OpenInvest.

FASEA lacks limited licensee details

November 20, 2018

Krystine Lumanta

The latest round of legislative instruments and the updated standard blueprint from the Financial Adviser Standards and Ethics Authority (FASEA) provide little to no help to those providing SMSF advice under limited licences, according to wealthdigital.

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Accounting, ATO

New SMSFs favour specialists over generalists

November 15, 2018

Malavika Santhebennur

New business generated by specialist SMSF firms is nearly three times that of generalist practices as new SMSFs prefer specialists, especially those with a larger number of funds, research released this week revealed.

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Accounting, Documentation, Regulation

TBAR will raise technology use by accountants

November 15, 2018

Malavika Santhebennur

Transfer balance account report (TBAR) requirements will force accountants to refocus on how they will use technology in their practices to service their SMSF clients, a technical expert has said.

Licensing framework fails to kick goals: report

November 12, 2018

Malavika Santhebennur

The removal of the accountant’s exemption in 2016 has failed on the government’s objective of improving access to SMSF advice, with over 35 per cent of practices having no licence, according to a new study released today.

Accountants given added SMSF advice warning

November 7, 2018

Krystine Lumanta

An audit expert has said unlicensed accountants must take even greater care when providing execution-only services to their clients in the midst of the banking royal commission as it still may be taken as advice.

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Accounting, Education

FASEA can’t steer accounting business structuring

November 7, 2018

Malavika Santhebennur

The Institute of Public Accountants (IPA) has reiterated its stance that the body developing the new education standards for financial advisers should not dictate to accountants how they should structure their businesses.

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