There is a strong belief the Accounting Professional and Ethical Standards Board (APESB) will address crucial retrospectivity elements of its APES 230 in the wake of strong representations made by the key accounting bodies the Institute of Chartered Accountants Australia (ICAA) and CPA Australia.
The APESB earlier this week announced that in response to the additional representations from the two accounting bodies it would not be making a final determination on the controversial APES 230 until next month and that, in turn, it would be delaying the start date for the standard until 1 July next year, "to allow stakeholders additional time to implement APES 230 once it is issued".
The APESB concession follows weeks of furious lobbying by the key accounting bodies amid threats by members that the APESB's seemingly fixed position on APES 230 would justify their resignations from the accounting organisations.
The Institute of Public Accountants (IPA) had earlier declared that it would not be adhering to the APESB APES 230 requirement and would be establishing its own standard.
The central issue for accountants involved in financial planning is that the APES 230 standard, as it is currently structured, goes much further than the requirements imposed on financial planners under the Future of Financial Advice (FOFA) arrangements.
Acknowledging the APESB's move, both CPA Australia and the ICAA made clear the extent of lobbying that had taken place and the fact they believed the APESB had failed to consider a "number of important issues" in developing the APES 230 standard.
"The two bodies continue to analyse the latest proposals from the APESB and will consider all options in regard to how we may respond," the two accounting bodies said in a joint statement.
"Once this analysis has been completed, CPA Australia and the Institute will then be able to advise members of their joint response and position in relation to APES 230."
