Submissions

The IPA regularly contributes submissions to Government and regulatory authorities on subjects that will impact, or have the potential to impact, IPA members and the profession as a whole. Submissions are made either jointly by the three professional bodies or each body independently.

These submissions rely on feedback provided by a wide range of members to ensure they accurately reflect the opinions of the profession. Members are encouraged to give feedback so that it may be incorporated into the IPA's full, formal submission. To provide feedback, please contact the Executive General Manager Public Affairs, Vicki Stylianou, via email or phone on (03) 8665 3100.

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JAB: Treasury - Consultation - Future of the Financial Reporting Panel

Thursday, 8 December 2011

The JAB are strongly supportive of maintaining the Financial Reporting Panel (FRP). As an arbiter in technical accounting disputes between ASIC and companies it has the capacity to be an important part of the process to maintain integrity in our financial reporting system.

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JAB - AASB ED 220 Investment Entities

Wednesday, 7 December 2011

The JAB support the primary objective of the exposure draft to address user information needs through an exception based, fair value presentation of investments in controlled entities, however, we do not agree with the proposed narrow scope.

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JAB - IASB ED 2011/4 Investment Entities

Wednesday, 7 December 2011

The JAB consider that when an entity's primary objective in making an investment in an entity is to obtain capital appreciation and/or investment income rather than to obtain benefits through control, the information needs of users are not best met by the presentation of consolidated financial statements.

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IPA - Taxation of Share Buy Backs

Friday, 2 December 2011

As a whole, the IPA supports the Government’s proposed changes to the "Taxation of Share Buy Backs" draft Bill as the measures will provide greater certainty, reduce compliance costs and result in overall balanced outcomes.

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JAB - AUASB ED 03/11 Proposed Standard on Related Services ASRS 4450 Comfort Letter Engagements

Tuesday, 15 November 2011

The JAB are pleased the Board has undertaken this project as there is a need for standards and guidance in this area, tailored for the Australian regulatory environment. Generally we are supportive of the proposals.

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JAB - AUASB ED 02/11 Proposed Standard on Assurance Engagements ASAE 3450 Assurance Engagements involving Corporate Fundraisings

Tuesday, 15 November 2011

The JAB commend the AUASB for undertaking this project as there is a need for updated standards and guidance in this area. We do, however, have some concerns in connection with the standard as proposed.

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JAB - AUASB Assurance Engagements on General Purpose Water Accounting Reports

Monday, 31 October 2011

We recognise and support the need for assurance services to complement the water reporting practice currently being developed by the WASB. We recommended close liaison between the AUASB and WASB and are pleased to see this has occured.

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JAB - APESB ED 03/11 Proposed Amendments to the Definition of Public Interest Entity in APES 110 Code of Ethics for Professional Accountants

Friday, 7 October 2011

The JAB supports the adoption of the proposed definition of the Public Interest Entity in the context of the independence requirements of APES 110. We are of the opinion that the insertion of the two Australian paragraphs provide clarification about the netities that are or are likely to be Public Interest Entities in Australia.

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JAB - IAASB ISAE 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information

Friday, 30 September 2011

The JAB welcome the IAASB's proposed standard. Reporting of non historical financial information is developing rapidly as stakeholders seek further information on which to base policy and other decisions. This companion information is increasingly significant – as is the related assurance that enhances the credibility of this data. Consequently an updated umbrella standard such as proposed ISAE 3000 is very much to be welcomed.

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IPA - Enhancing the value of auditor reporting: exploring options for change

Wednesday, 28 September 2011

The Institute supports the IAASB reopening this issue for discussion. It is important for the profession to periodically reflect on its approach to the manner in which auditors tell the story about the results of a financial statement audit to stakeholders.

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JAB - IPSASB ED Key Characteristics of the Public Sector with Potential Implications for Financial Reporting

Sunday, 28 August 2011

The JAB agree that the ED provides useful background information on key characteristics of the public sector and identifies some potential implications of those key characteristics for financial reporting.

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JAB - APESB CP 01/11 Proposed Definition of Public Interest Entity for the Code

Monday, 1 August 2011

The JAB welcome the APESB's consultation on the issue of what constitutes a Public Interest Entity in the context of the independence requirements of APES 110 Code of Ethics for Professional Accountants.

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