Finance wise has been concerned for some time that the accountants will suddenly wake up and realize that the accountants’ exemption has expired. It is apparent from the many practices we visit that there is a sense of denial and apathy about the accounting exemption expiry.
According to ASIC only 160 AFSL applications have been received and only 70 licenses have been granted. Some of the reasons for the rejection include incomplete applications, unrecognized RG146 training, Responsible Manager criteria being incomplete and lack of HR and Risk management procedures. In the lead up to the expiry, ASIC anticipated 10,500 applications by this stage. This hasn’t happened, it’s clear that direct licensing, with the associated costs, time and risk, is not the preferred option.
ASIC Deputy Chairman Peter Kell said, ‘Accountants who do not lodge applications which meet ASIC’s requirements by 1 March 2016 run a significant risk their application will not be assessed before 30 June 2016.’
To be clear. The accountants’ exemption will expire on 30 June 2016.
The regulator’s deputy chairman, Peter Kell, said accountants should ensure they have allowed enough time to properly prepare an application and to undertake any relevant training.
In tomorrow’s article we review the six key considerations for accountants when planning how they will manage the transition after accountants’ exemption expires.
Finance wise global securities recommends accountants become authorised under their license. We have a solution that is simple, clear and cost effective. Contact us at email@example.com or register your interest on our website. We also offer face-to-face RG146 training with courses scheduled in Adelaide, Perth and Sydney.
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