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DETAIL UNANSWERED IN FOFA
The frst tranche of the Future of Financial
Advice (FoFA) draft legislation was released
by the federal government last month
following 18 months of consultation between
government, regulators and industry
The reform package focuses on
increasing the access of affordable advice
to consumers, removing conficts of interest
that exist with various remuneration models,
and improving the trust and confdence in the
fnancial planning industry.
The exposure draft provided the
legislative detail around key FoFA measures,
including the statutory best interest duty,
compulsory renewal requirement (opt-in),
and the enhancement of powers for the
Australian Securities and Investments
Commission. The explanatory material
explained how these parts of the reforms
will apply to advice given by fnancial
planners. The Institute provided feedback
on this draft legislation alongside the other
professional accounting bodies.
The announcement of a replacement
for the accountants’ exemption is a key
reform for the accounting profession.
In the past, the federal government has
recognised the critical role accountants
play in providing non-product advice to
Australians and the Institute has been
working with the government to develop a
suitable replacement. Details on this decision
will be announced with the second tranche
of draft legislation, which will also address
remuneration and conficts of interest.
INSTITUTE NEWS AND
You will have noticed that the Institute
has launched some new communication
channels for members.
Your CA Local News and eBulletin
newsletters have been replaced by a twice
monthly email newsletter called Institute
News which consolidates our local state
news, national Institute news, including
our latest leadership reports and insights
and updates on the Institute’s advocacy
work with government on key policy issues.
Institute News also contains details of
signature events you may be interested in.
Many of our training and development
emails have been consolidated into a single
email called Navigate Online, which is being
distributed twice a month. Use the click
through buttons in Navigate Online to register
and sign up for events of interest.
Australia-based members are also
receiving a regular, hardcopy supplement
called Navigate along with their monthly
OUR FIRST GRADUATES IN MALAYSIA SHINE
Last month, the frst students in Malaysia received their examination certifcates after
successfully completing the Chartered Accountants Programme, which we deliver jointly
with the Malaysian Institute of Certifed Public Accountants (MICPA).
Known in Malaysia as the revised MICPA Programme, the graduation ceremony
comprised 14 students proudly receiving their certifcates from Paul Martins, Senior Trade
and Investment Commissioner, Australian High Commission, Malaysia.
As the Institute’s director Asia, Bill Palmer FCA says the MICPA Programme shows
the power of two leading professional accounting bodies in the Asian region combining
to produce a world class program, which has a common core component around
international standards and a tailored local tax component.
“It enables graduates of the Programme to obtain an international professional passport
and at the same time satisfy domestic registration requirements,” says Palmer.
“This is proving very attractive to top candidates in Malaysia with enrolments under the
combined Programme increasing signifcantly over those previously experienced by the
individual bodies. It is also pleasing to see the overall pass rates under the Programme are
very similar for both Malaysian and Australian candidates.”
The joint programme is part of the Institute’s Memorandum of Understanding with
MICPA, which frst began in February 2009, with the aim to enhance educational
standards in accounting and to encourage professional training across borders.
Charter. Navigate covers training and
development, leadership papers and
knowledge resources, and states events.
Use Navigate as a handy tool to assist you in
planning your professional development.
We will keep you updated as we continue
to improve our communications with
3 steps to select your news preferences:
> Log in to myAccount
> Click through to the profle tab
> Select the Newsletter signups option.
ANNUAL REPORT 2011
Members are advised that the Institute of
Chartered Accountants in Australia Annual
Report 2011 has been published on the
The report outlines the Institute’s
performance in meeting its strategic
objectives for the year ended 30 June 2011.
For several years we’ve been advocating
integrated reporting and we continually seek
to improve our own external reporting to
ensure we’re walking the talk. In addition to
auditing the fnancial statements, this year we
engaged our external auditor, Ernst & Young,
to conduct a limited assurance review on
the non-fnancial information contained in
the annual report. We are one of the frst
member bodies in Australia to undertake this
level of assurance review on our non-fnancial
Pictured (from left to right) are four
of the 14 graduates: Tai June Lee,
Cheryl Lim Lee Jin, Hee Wern Yii
and Christina Ng Po Ni.
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