IPA releases exposure draft for Financial Planning Services Standard

The Institute of Public Accountants (IPA) has released an exposure draft of a Pronouncement of the Board of Directors (Pronouncement 11: Financial Planning Services) as a viable alternative to APES 230, the standard for financial advisory services promulgated by the Accounting Professional and Ethical Standards Board (APESB).

"After extensive consultation with our members, the IPA has developed the exposure draft which provides practical alignment with Future of Financial Advice legislation, whilst maintaining the high ethical and professional standards imposed by APESB," said IPA chief executive officer, Andrew Conway.

"The IPA is of the firm view that the additional components imposed by the IPA on members such as:

a) Adherence to APES 110 (Code of Ethics for Professional Accountants), b) Professional Indemnity insurance requirements, c) My Public Accountant Orientation Program, d) Continuing Professional Education requirements and audit thereof, e) Use of IPA's innovative online practice quality assurance system, are all additional measures that effectively address the public interest.

"This Pronouncement seeks to provide certainty to our members while ensuring they are able to continue to provide high quality, affordable advice to their clients." said Mr Conway.

Please click here to download a copy of the Exposure Draft.