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 - AASB Exposure Drafts ED 198 and ED 202R Proposed Amendments related to Tier Two Disclosures under the RDR

Wednesday, 2 February 2011

While the JAB understand the AASB's objective in issuing EDs 198 and 202R is to ensure that standards issued by the AASB contain Tier Two requirements we have serious reservations about the issuing of these EDs as it exposes the domestic standard setter to a series of risks and inefficiencies.

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JAB - Treasury Exposure Draft - Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011

Monday, 24 January 2011

We note that this ED implements some of the recommendations made by the Productivity Commission and that the recommendations relating to the remuneration report in s300A have been referred to CAMAC for consideration. We recommend that all changes to legislation relating to the reporting of remuneration are deferred to be released for consultation with changes arising from CAMAC's recommendations.

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JAB - AASB Exposure Draft ED 205 Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation

Monday, 10 January 2011

The JAB support the AASB's proposal to reduce the need for intermediary parents to produce consolidated accounts, apply the equity method and apply proportionate consolidation when this is done in the parent higher up in the group.

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JAB - IASB Comments on Effective Dates and Transition Methods

Wednesday, 22 December 2010

The JAB consider that the single date approach to be the best option to give December year ends enough time to get systems in place for getting comparative year data. We also consider that early adoption should be permitted, but with certain exceptions for related standards.

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JAB - AASB ITC 24 Comment on Effective Dates and Transition Methods

Wednesday, 22 December 2010

The JAB consider that the single date approach to be the best option to give December year ends enough time to get systems in place for getting comparative year data. We also consider that early adoption should be permitted, but with certain exceptions for related standards.

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JAB - IASB Exposure Draft ED/2010/8 Insurance Contracts

Tuesday, 30 November 2010

The JAB support the proposals in the ED, althought changes will be required to the transitional provisions in order to ensure the proposals are acceptable to the insurance industry in Australia.

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JAB - IASB Exposure Draft ED/2010/9 Leases

Friday, 19 November 2010

The JAB support the decision to develop a holistic lease accounting model to replace the existing requirements and we believe there are conceptual merits with some of the proposals. However, we are not convinced that the proposed Standard is effective in addressing the criticisms of the existing lease accounting model.

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JAB - AASB Exposure Draft ED 202R Leases

Friday, 19 November 2010

The JAB support the decision to develop a holistic lease accounting model to replace the existing requirements and we believe there are conceptual merits with some of the proposals. However, we are not convinced that the proposed Standard is effective in addressing the criticisms of the existing lease accounting model.

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JAB - IASB Comments on D1/2010/1 Stripping Costs in the Production Stage of a Surface Mine

Thursday, 18 November 2010

We do not support the issue of the interpretation, as we do not consider there to be significant divergence in practice amongst entities currently applying IFRS.

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JAB - IASB Comments on ED/2010/11 Deferred Tax: Recovery of Underlying Assets (Proposed Amendments to IAS 12)

Monday, 8 November 2010

As the JAB identified in our response to the initial exposure draft on IAS 12 Income Taxes, we do not support the determination of the tax base based on a 'sale' assumption rather than an 'expected use' assumption. The 'sale' assumption will not report the true tax consequences of a transaction in some circumstances.

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JAB - APESB ED 03/10 Proposed Standard: APES 110 Code of Ethics for Professional Accountants

Friday, 22 October 2010

APESB has adopted the same effective date for the proposed APES 110 as is the effective date for the IESBA Code issued in July 2009. The consequences are that members of the the Australian accounting bodies will have a highly constrained period in which to accommodate and implement the new APES 110.

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JAB - Proposed Standard APES 230 Financial Advisory Services

Friday, 22 October 2010

The JAB believe that any professional standard for members providing financial advice must meet the principal objective of assisting the availability of quality, affordable and understandable financial planning advice throughout Australia, including all regional areas. We also believe that there is a need to ensure there is both an obligation and guidance to protect clients from inappropriate remuneration structures.

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