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Exposure Draft 04/23 APES 310 Client Monies
IPA also supports the proposal that the amendments will be effective for engagements commencing on or after 1 April 2024, with earlier adoption permitted.
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Independent review of Commonwealth Disaster Funding
This submission draws extensively from our joint submission to the Independent Evaluation of the JobKeeper Payment. We believe the lessons learned from the design and delivery of COVID business support can be applied to enhance business support provided following future disasters. This submission responds to questions 1 and 5 from the briefing paper.
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Financial Services Legislation – Interim Report C (“Interim Report C”)
Joint Associations submission - Financial Services Legislation – Interim Report C (“Interim Report C”) as part of the Australian Law Reform Commission’s inquiry into the Review of the Legislative Framework for Corporations and Financial Services Regulation (“the inquiry”). The Joint Associations agree with the finding of the Financial Services Royal Commission; that the existing legislative framework for corporations and financial services regulation is unnecessarily complex, fails to communicate fundamental norms, and hinders compliance.
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Treasury Consultation Paper “Climate-related financial disclosure
Consistent with our submission to the first consultation paper issued in December 2022, IPA supports the majority of the proposals in the Consultation Paper. IPA is pleased to note that the proposed requirements incorporate the stakeholder feedback on the first consultation paper and accordingly provide a framework that is workable and proportionately targeted.
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Treasury Laws Amendment (Measures for Consultation) Bill 2023: Small business energy incentive
The IPA is supportive of initiatives that encourage and help small business entities to transition to electrification from fossil fuels and/or more energy efficient assets or improvements that lead to more efficient energy use.
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Exposure Draft 03/23 Proposed Guidance Note APES GN 30 Outsourced Services
IPA is supportive of the range of proposed amendments to address the two matters identified in the Board’s post-implementation review of APES 305 and APES GN 30 and to incorporate quality management-related conforming amendments arising from changes made to APES 320 Quality Managements for Firms that provide Non-Assurance Services and ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements.
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Exposure Draft 02/23 Proposed Standard APES 225 Valuation Services
IPA is supportive of the range of proposed amendments to align the requirements of APES 225 with APES 110 and to incorporate quality management-related conforming amendments arising from changes made to APES 320 Quality Managements for Firms that provide Non-Assurance Services.
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Treasury Laws Amendment (Measures for Consultation) Bill 2023: Non-arm’s length expense rules for superannuation funds
Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, SMSF Association, and The Tax Institute do not endorse the measures contained in the exposure draft.
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Joint Submission - Modernising Australia’s Anti-Money Laundering and Counter-Terrorism Financing Regime
The Joint Accounting Bodies support the inclusion of services provided by tranche-two entities and the proposed reforms to modernise the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act). An effective regime that detects and prevents criminal activity protects all Australians and the reputation of the nation as a whole as a modern, fair and transparent place to do business.
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Consultation Paper – Review of Professional Partnership Acquisitions – Lodgement Frequency Proposal
The joint accounting bodies were concerned by the proposed changes to the timings of future lodgements, following a partnership acquisition, as detailed in consultation paper Review of Professional Partnerships Acquisitions – Position and Consultation Paper (the Position Paper) released by Queensland Revenue Office (QRO) in August 2022.