Controversial APES 230 ethical requirements proposed by the Accounting Professional & Ethical Standards Board (APESB) were again absent from the agenda at an APESB meeting yesterday, continuing the uncertainty over whether strict requirements would be scaled back.
In January the APESB announced it would be delaying the implementation of the new requirements for one year, until 1 July 2014, in the face of renewed representations from accounting bodies.
The Institute of Public Accountants (IPA) has been one of the most vocal opponents of aspects of the proposals, in particular a proposed ban on all commissions, including insurance commissions sales, that goes beyond what was outlined in Future of Financial Advice (FOFA) reforms.
Vicki Stylianou, executive general manager public affairs, IPA, told InvestorDaily that the institute had initially been expecting the issue to be raised yesterday and could not get a fix on when the subject may be raised at an APESB meeting, but that she believes the board is continuing to have internal discussions about it.
“It creates a lot of uncertainty; we were hoping they would make a decision and announcement sooner rather than later,” she said.
The IPA is not expecting a major scaling back of requirements but remains hopeful, she said.
The IPA will continue to maintain its stance that unless APES 230 is scaled back to be more in line with FOFA then it will be going ahead with its own pronouncement. “The IPA is committed to proceeding on the basis of FOFA,” she said.
“At the moment it’s a bit of ‘wait and see’ – we want to be put out of our misery so to speak, but we will continue with the position we’ve had from beginning.”
