ASIC guidance on new business names register
ASIC has released RG 235 Registering your business name (RG 235) to help businesses prepare for its new national register of business names. Commencing on 28 May 2012 (subject to the passage of legislation through state parliaments), ASIC said the new business names register will allow businesses to register their name nationally through a simple ...more
Financial advice: ASIC shadow shopping research
On 27 March 2012, ASIC released its Shadow shopping study of financial advice which looked at 64 examples of personal financial advice given to real consumers during 2011. While ASIC’s research found that the majority of advice examples reviewed (58%) were “adequate”, 39% of the advice examples were rated as “poor”, with only 2 examples ...more
FoFA Bills pass House of Reps with amendments
The Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011 were passed by the House of Reps on 22 March 2012 with a total of 24 Government amendments . The Bills now move to the Senate. Note that the amendments passed by the House of ...more
FoFA start date to be “voluntary” until 1 July 2013: Minister
On 15 March 2012, the Government announced that the start date for the mandatory application of the Future of Financial Advice (FoFA) reforms will be deferred to 1 July 2013. The Minister for Financial Services and Superannuation, Bill Shorten, said the FoFA reforms will still commence from 1 July 2012 (as originally announced) but the ...more
AASB Issues Revised Exposure Draft on Revenue Recognition
The International Accounting Standards Board (IASB) has issued a re-exposure draft ED/2011/6 entitled “Revenue from Contracts with Customers” (the revised ED). The Australian Accounting Standards Board (AASB) has also issued an equivalent Australian exposure draft, ED 222, with the same title. The revised ED is the next step in developing an entirely new revenue recognition ...more
ASIC Update – CP 173 Trustee Companies: Transfer Determinations by ASIC
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 173 “Trustee companies: Transfer determinations by ASIC” (CP 173), seeking public comment about the Commission’s power to administer the transfer determination provisions of Chapter 5D of the Corporations Act 2001 for trustee companies providing traditional trustee company services. According to the ...more
Review of AASB 1031: Materiality
At its February 2012 meeting, the AASB considered whether AASB 1031 remains necessary in light of the guidance on materiality in other Australian Accounting Standards and the revised IASB Conceptual Framework, which is to be incorporated into the AASB Conceptual Framework. The AASB decided to issue an Exposure Draft proposing to withdraw AASB 1031 and, ...more
AASB Issues Exposure Draft on Improvements to IFRS for 2011
The International Accounting Standards Board (IASB) has issued for public comment Exposure Draft ED/2011/12 “Improvements to IFRSs 2011” with proposed amendments to five International Financial Reporting Standards (IFRSs). The Australian Accounting Standards Board (AASB) has issued an equivalent Australian ED, ED 213 entitled “Improvements to IFRSs”. These amendments are proposed under the annual improvements process, ...more
AASB Issues New Standard on Fair Value Measurement and Disclosure
The International Accounting Standards Board (IASB) has issued IFRS 13 “Fair Value Measurement”, which establishes a single source of guidance for fair value measurements required under International Financial Reporting Standards (IFRSs). The Australian Accounting Standards Board (AASB) has also issued Australian Accounting Standard AASB 13 “Fair Value Measurement” and AASB 2011–8 “Amendments to Australian Accounting ...more
Standardised super investment risk disclosure: industry guidelines
ASFA and the Financial Services Council (FSC) have announced new industry guidelines to standardise the disclosure of investment risk in superannuation funds. Under the guidelines, superannuation funds will provide a “Standard Risk Measure” ranging across 7 risk bands (see below). According to the bodies, this will enable consumers to better understand the investment risk in ...more
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