Each month, this section features the latest information for public practitioners on:
You can also access the archive of the previous 'Public practice update'.
Your professional obligations
PSL disclosure news: Queensland, Victoria
Professional standards legislation (PSL) in Queensland, Victoria, the Northern Territory and Tasmania differs from legislation in other states and territories with the penalty for non-disclosure of your limited liability.
Victorian PSL liability limited scheme gazetted
The CPA Australia Victorian Professional Standards Scheme was gazetted as a regulation by the Victorian attorney-general on Thursday 21 February.
The commencement date for this scheme is Monday 21 April 2008.
New PSL resources available
A range of new and updated PSL resources are now available, including the You can trust a CPA practitioner brochure, public practice brand guidelines and liability limited disclosure stickers
Trust account reminder
Did you hold trust monies between 1 April 2007 and 31 March 2008?
If the answer is yes, you are reminded of your obligations under APS 10 to have your trust account and trust account records audited within 90 days or such other date as determined by state or territory legislation.
New CPD by-laws for specialist services
New by-laws 4.8 and 4.9 apply to members holding or offering services in a specialist area.
New competency requirements for auditors of SMSFs
Mandatory competency requirements for members auditing self-managed superannuation funds for financial years commencing on or after 1 July 2008 have been developed by CPA Australia.
Early adoption of these requirements is permitted.
Accounting for and auditing of super funds
At a recent quality reviewer training forum, the topic of accountants auditing self managed super funds when they have been involved in the preparation of the accounting records was raised.
As an outcome of this discussion, we draw your attention to the Independence guide: interpretations in a co-regulatory environment.
Taxation services
Members are reminded that APES 220 Taxation services becomes effective from 1 July 2008, replacing the former APS 6 Statement of taxation services.
Quality Review Program 2008
Five hundred and sixty-two members have been selected for review in 2008 under the Quality Review Program.
Members selected for review in 2008 received notification in late February to early March 2008.
Does your PI insurance cover include part IVA protection?
Part IVA of the Income Tax Assessment Act 1936 involves the promotion or investment in schemes or arrangements which are deemed to be in breach of the Act.
It is one of the major exclusions from most professional indemnity (PI) insurance policies offered to accountants.
Directors and officers insurance for not-for-profit work
Indemnity insurance cover is now available for members who are engaged in voluntary work as directors and officers for not-for-profit or voluntary organisations.
Practice in Malaysia
This is the first of a series of articles on practice requirements outside Australia.
AML member forums
If you are unable to attend one of the free Anti-Money Laundering (AML) member forums in March and April you can register for a free DVD of the Melbourne session.
Becoming a firm of the future
Mature-age accountants and the skills shortage
Baby Boomers are redefining what it is to retire and by offering flexible working conditions, small and medium size businesses can tap into the mature-age talent pool to fill skills gaps in their businesses.
30 ways to build your wealth: information kit
CPA Australia has released a new version of its 30 ways to build your wealth information kit. The five online fact sheets are intended to help people develop or re-assess plans for managing money and achieving goals.
Business valuations: an overview
David Bird, chairman of BizExchange, reports that different circumstances will dictate which valuation method is most appropriate in any particular case.
Nominate an outstanding public practitioner
Nominations are open for the Henry Fox award 2008, which is given in recognition of a public practitioner's outstanding contribution to public practice in Victoria. Nominations for the award are considered by the Public Practice Committee who then put forward a candidate to Victorian divisional council for ratification.
Nominations close on Friday 11 April.
Member survey: Asset magazine
CPA Australia is seeking member feedback on the service where Asset magazine is distributed free to practitioners. We want to know:
- if this service has been of value to you
- if you would you like to see it continued
- whether you have any general comments to make about this service
Please provide your feedback to ppcommunique@cpaaustralia.com.au
Your continuing education
Guide to public practice pathways released
The new Guide to public practice pathways has all the information you need to know about public practice including: the benefits of being in public practice; public practice in Australia and overseas; the public practice and limited practice certificates; licensing and registration requirements for specific services; support services; and application process.
Better practice in governance and accounting
Better practice in governance and accounting will provide you with an understanding of your role in governance in both an individual and holistic sense.
This program which is available as a CD-ROM or online consists of five modules, which can be completed separately.
Understanding key accounting standards
Understanding key accounting standards is an e-Learning program which includes information on the presentation of financial statements, cash flow statements, accounting policies, inventories, investment properties, leases, employee benefits, revenue, income taxes, joint ventures and accounting for government grants.
Producing annual financial reports
Producing annual financial reports will give you the knowledge you need to clearly identify your obligations and understand the key framework when preparing your organisations financial reports, through the use of a final trial balance and other background information, incorporating AASB 101.
Pricing and revenue management workshop
Learn how to better manage the revenue streams of your organisation with best practice accounting tools, presented by Greg Pazmandy FCPA.
Auditing perspective of emerging asset accounting
The Auditing perspective of emerging asset accounting workshop will explore auditing issues pertaining to emerging asset accounting, including infrastructure assets, and the interaction between financial reporting and efficient asset management practices.
Preparing and presenting innovative reports
The practical and innovative Preparing and presenting innovative reports workshop reveals the rationale and principles of reporting, plus demonstrates how to align reports to your organisational strategies and business objectives.
Asset valuation and depreciation
The Asset valuation and depreciation workshop examines how to determine the fair value and associated depreciation of an asset in accordance with AASB 116.
Learn key tactics to forge a new career
The 'Shifting gears' workshop, being held across Australia in March and April, will examine the current job market for mature-age accountants and where employment opportunities are available.
Forthcoming events
AML member forums
Free anti-money laundering (AML) seminars will be held around Australia in April.
Victorian Public Accountants Convention
The Victorian Public Accountants Convention will be held in Lorne on 29 31 May.
This event offers pre-convention master classes and new café sessions throughout the convention as well as offering you the opportunity to learn from industry experts and network with your peers.
New South Wales Public Practitioners Conference
The New South Wales Public Practitioners Conference will be held in the Hunter Valley on 29 31 May.
Through keynote presentations and technical sessions find out more about best practice performance, the future outlook for the Australian taxation system, performance drivers for staff behaviour, and the latest compliance issues.
Public practice residentials
Two-day residential courses will be held for public practitioners in New South Wales, Queensland, Victoria and Western Australia.
Your feedback
Following member feedback, the feasibility of introducing a 'print all' functionality is being assessed and we thank you for the suggestion.
CPA Australia seeks your input on issues it should cover on behalf of public practitioners. If you would like to contact us, please email ppcommunique@cpaaustralia.com.au
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