According to CPA Australia, at its board meeting on Thursday 17 May 2012, the Accounting Professional and Ethical Standards Board (APESB) agreed to re-issue proposed standard APES 230 Financial Planning Services as an exposure draft (ED 02/12) for further comment for an exposure period of not less than 30 days.
The Exposure Draft has been prepared following consideration of matters raised by respondents and key stakeholders to ED 02/10 Proposed Standard APES 230 Financial Advisory Services (now renamed Financial Planning Services) initially issued by APESB in June 2010.
The proposed APES 230 standard is focused on members of the accounting bodies (CPA Australia, ICAA and the IPA) providing personal Financial Planning Advice to clients. This includes advice related to personal financial affairs covering insurance and mortgage broking. The proposed Standard had its origins in APS 12 Statement of Financial Advisory Service Standards (APS 12) jointly issued by the National Councils of CPA Australia and the Institute of Chartered Accountants of Australia in October 2005. APES 230 will replace APS 12 when it is finalised.
[LTN 98, 23/5]