Boardroom Brief Week Commencing 17 February 2025
From gtlaw.com.au: This week’s boardroom brief unpacks key corporate, regulatory, and legal updates, including ASX’s expectations for increased market activity, ASIC’s interim stop orders … read more
Professional Practice
Anti-money laundering rules ‘inflexible’ for small firms
From www.accountantsdaily.com.au: Professional bodies have raised concerns that the proposed updates to AUSTRAC’s anti-money laundering and counter-terrorism financing rules lack flexibility for sole practitioners … read more
The rise and rise of the portfolio career
From www.icaew.com: Dani Wainwright transitioned from a senior finance role at a FTSE 100 retailer to a portfolio career as a fractional FD, enabling … read more
ASIC proposes further relief from reportable situations
From asic.gov.au: ASIC proposes additional relief for Australian financial services and credit licensees to ease compliance with the reportable situations regime.
The relief would … read more
DBFO too ‘modest’ in reforming advice
From www.professionalplanner.com.au: Michelle Levy expressed concerns at the Professional Planner Advice Policy Summit about the government’s lack of ambition in implementing reforms from her … read more
Coalition & Labor back risk commission caps removal
From www.professionalplanner.com.au: Coalition MP Bert van Manen and former NSW Premier Nathan Rees have advocated for the removal of commission caps on risk insurance … read more
No change to wholesale client test thresholds
From hallandwilcox.com.au: The Parliamentary Joint Committee on Corporations and Financial Services has decided not to raise the financial thresholds for wholesale investor and client … read more
AICPA, NASBA propose new pathway to licensure
From www.journalofaccountancy.com: (US context) The AICPA and NASBA propose changes to the Uniform Accountancy Act, introducing a new pathway to CPA licensure based on … read more
Accountant Shortage
From futurefirm.co: (US context) The accounting industry is facing a significant shortage, with over 300,000 professionals having left the field and a 7.4% decrease … read more
The case for sustainability service lines
From www.icaew.com: (UK context) ICAEW’s Sustainability Accelerator Programme focuses on helping accountants build a business case for sustainability service lines, emphasising that sustainability is … read more
‘Flawed’ client-agent linking system
From www.accountantsdaily.com.au: The founder of Two Sides Accounting, Natalie Lennon, criticises the Australian Tax Office’s client-agent linking system as “fundamentally flawed,” highlighting its inefficiency … read more
ATO updates client verification guidance
From www.accountantsdaily.com.au: The ATO has clarified that client-to-agent linking cannot serve as a method for verifying a client’s identity, emphasizing that practitioners must still … read more
Updated Guidance on Financial Services
From sophiegrace.com.au: ASIC’s updated guidance allows AFS Licensees to use website disclosure information as an alternative to providing a Financial Services Guide.
The update, … read more