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NZICA NewsCollaboration creates powerful Asia-Pacific accountancy blocA new collaboration between the New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered Accountants in Australia (ICAA) will create a powerful alliance between the two organisations and cement the chartered accountant qualification as the foremost professional designation for accountants within the Asia-Pacific region. Chairman of the international accounting standard-setter visits New Zealand Sir David Tweedie, chairman of the International Accounting Standard Board (IASB), is visiting New Zealand this week. New NZICA Library catalogue launches Finding and requesting from our collection of 31,000 books and articles through our online catalogue has gotten a lot easier. Request an item from the Library using the Library Catalogue during the month of September and go into the draw to win. A Productivity Commission for New Zealand The Government is proposing to enact legislation to establish the New Zealand Productivity Commission, which is expected to commence its operations beginning in April. New Maori business sector leader at Deloitte Deloitte announced today that NZICA member Leon Wijohn has been named accounting and advisory partner, and lead partner for its Maori business team. Mr Wijohn was last year’s Outstanding New Member at the 2009 Leadership Awards. NZICA Council update Council met on 22 July in Auckland, gathering at the new Auckland Branch and Conference Centre premises. A chief item of discussion was the second phase of Fit for the Future review, currently focusing on national boards and committees. Auckland Branch premises officially open Minister of Revenue Peter Dunne declared the new Auckland Branch and Conference Centre officially open on 23 July and provided details of the Government’s tax work programme. Your guide to the Financial Advisers legislation The murky waters around new rules for financial advisers have begun to clear. Creating a global framework for accounting for sustainability The Prince’s Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) announced the formation of the International Integrated Reporting Committee (IIRC). Peak of the profession NZICA is looking for members in senior leadership positions across all sectors for this year’s Hays Chartered Accountant of the Year Award. Fit for the Future II: An update The final recommendations for NZICA’s national committees and boards are being presented to the Board for approval on 30 August. National Maori Accountants Network Hui-a-Tau 2010 “Sustainable Maori Economies of the Future”, will be held from 27–28 August at Massey University in Palmerston North. Revised standard for insolvency services issued for comment NZICA’s Professional Standards Board (PSB) has issued for comment a proposed standard, ED/Insolvency Engagements (ED/IES). Chartered accountants still top earners Latest remuneration survey results show that while chartered accountants remain one of the highest-paid professional groups, salaries have now stabilised after several years of increases. Trans-Tasman accounting standards on the horizon New proposals to amend financial reporting standards in Australia and New Zealand move the two countries one step closer to having a common set of standards. New Leadership Award for CA firms For this year’s Leadership Awards, NZICA has added an entirely new category, spotlighting the three most innovative chartered accountancy firms (large, mid-sized, and small). Financial advice questions on this year’s Annual Return Included in this year’s Annual Return is a series of questions regarding financial advice, which will help NZICA support the many members who perform work in this area. Accounting and finance academics share ideas at AFAANZ The Accounting and Finance Association of Australia and New Zealand (AFAANZ) conference recently held in Christchurch 4–6 July welcomed more than 400 delegates from Australia, New Zealand and around the world. Is Kuala Lumpur on your list this year? This year’s World Congress of Accountants (WCOA), the foremost international event for the accountancy profession, is being held in Malaysia from 9–11 November. IAASB proposes enhanced standard on using the work of internal auditors The International Auditing and Assurance Standards Board has proposed a revised standard that addresses external auditors’ responsibilities relating to using internal auditors’ work during an audit. Watch students thrive Today’s youth will play a fundamental role in shaping our profession’s future, and NZICA is providing them with the tools and resources to connect with a career in business and accounting. Tax changes in Budget impact corporate profit reporting Numerous companies are now significantly lowering the net profits they are reporting because they need to recognise a large deferred tax liability. Up for an overhaul: New Zealand securities law Commerce Minister Simon Power has called for public input after releasing a discussion document on New Zealand’s securities law. Proposed advisers bill impacts far fewer members The Commerce Select Committee has proposed narrowing the scope of the Financial Service Providers Bill and replacing the “necessary incident” concept entirely. Countdown to the new standard Although the financial adviser legislation is shifting focus, members can rely on the Institute’s Code of Ethics and the new Financial Advisers Engagement Standard – effective 1 July – for guidance and clarity. A brand-new home for the Auckland Branch and conference centre NZICA's new Parnell location, where Minister of Revenue the Hon Peter Dunne will preside at the official opening on 23 July, opened Monday. The conference centre will follow next week. AFAANZ celebrates its 50th anniversary with a conference in Christchurch The Accounting and Finance Association of Australia and New Zealand, of which NZICA is a platinum sponsor, returns to New Zealand with its annual conference from 4–6 July. World Congress set for Kuala Lumpur This year’s World Congress of Accountants (WCOA), the foremost international event for the accountancy profession, is being held in Malaysia from 9–11 November. Members can take advantage of an early-bird rate until 30 June. Financial Advisers: the new standard For most members who provide financial advice to clients, the new Financial Advisory Engagement Standard (FAES) will apply, effective 1 July. Super-regulator board established An establishment board for the new integrated market regulator, the Financial Markets Authority (FMA), has been named and includes NZICA’s Bruce Sheppard and Scott St John. Our five-year look forward The NZICA Board has approved a new five-year strategic plan that sets the Institute on a firm path to being the international body of choice for accounting professionals. Review turns to NZICA’s boards and committees Consultation for the second phase of Fit for the Future – part of the multiyear review of NZICA’s governance and operations that is now focusing on NZICA’s national committees and boards – runs until 30 July. Members are being asked for their views on proposed improvements in this area. Workplace flexibility in accounting Spurred by demographic challenges in the accounting industry, the Ministry of Women’s Affairs released yesterday its case study research of workplace flexibility in the sector. Retro Budget: a return to lower rates and a simpler tax system The Government’s once-in-a-decade Budget was a welcome return to a simpler tax system, removing some of the incentives to structure economic activity for tax purposes rather than for commercial purposes. Inland Revenue audit activity to increase Budget 2010 has appropriated $120 million over four years to give Inland Revenue extra resources to focus on audit and compliance activity in relation to property transactions, debt collection and the hidden economy. Limiting the use of loss attributing qualifying companies As part of the Budget process, Inland Revenue has proposed limiting the use of LAQCs to reduce the overall tax paid by property investors and others. The role of the public sector CFO heightens This year’s budget will make a big splash in supporting economic growth, and the spotlight will fall on public sector CFOs to realise the Government’s goal of delivering better and smarter public services for less. Financial Advisers Act: Advisory group for carve-out convenes The Member Advisory Group meets Friday to discuss the implications and application of the necessary incident exemption. Also, discussions with training providers are underway to gain the best training and assessment options for members. New CPD policy amended NZICA’s Board has agreed to a transition arrangement: for the first two years from the introduction of the new CPD policy on 1 July, members will still be required to complete the current number of verifiable hours of CPD in each year. The rolling three-year requirement will apply from 1 July 2012. Keith Wedlock elected CAPA deputy president Keith Wedlock FCA was elected deputy president of the Confederation of Asian and Pacific Accountants (CAPA) last week. Following usual convention, Keith is expected to become CAPA president for 2012 and 2013. Warren Allen – new NZICA life member Warren Allen, FCA, has received NZICA’s highest honour, having been named the 11th life member in NZICA’s 101-year history. The "Back to the Past" Budget "This is the most radical tax budget we have seen for some time. It signals a positive direction for business and the economy and is a return to the past of lower rates and a simpler tax system," said Craig Macalister, New Zealand Institute of Chartered accountants (NZICA) tax director. Back to the future Budget Ring-fencing rental property losses has been tried before, and was easy to circumvent, says New Zealand Institute of Chartered Accountants (NZICA) Tax Director Craig Macalister. Tax Budget of the decade This week's Budget announcement is a unique opportunity to set the stage for economic growth, says NZ Institute of Chartered Accountants (NZICA) Tax Director Craig Macalister. Leader of international auditing standard-setter visits New Zealand Prof. Arnold Schilder, Chairman of the International Auditing and Assurance Standards Board (IAASB), is visiting Wellington 17-18 May to brief New Zealand's accounting and auditing leaders and the regulatory community on the latest international developments in auditing and assurance standards. A suite of communications from NZICA We’re revamping our entire communications suite for members, and the first edition of NZICA News is just the start. Once a fortnight you’ll find economic and industry-related news, along with articles on your region and updates from our technical teams. FMA: super-regulator in sight NZICA welcomed the recent announcement of a new Government body consolidating a range of regulatory functions for New Zealand’s financial markets, including auditor oversight. Looking ahead to the Budget The Government’s Budget, to be released 20 May, will have more implications for the industry than seen in over a decade. NZICA will run a dedicated webinar on the day. Leader of international auditing standard-setter visits Prof. Arnold Schilder, chairman of the International Auditing and Assurance Standards Board (IAASB), is visiting Wellington 17–18 May to brief New Zealand’s accounting and auditing leaders and the regulatory community on the latest international developments in auditing and assurance standards. NZICA and CIPFA explore mutual recognition Policy and Technical Director Ian Carruthers will visit 19–21 May to promote collaboration between NZICA and his organisation, the Chartered Institute of Public Finance and Accountancy (CIPFA), which sets accounting standards for local government in the UK and oversees the professional conduct of its members. Following the Financial Advisers Act Financial advisers have been given extra time to fully comply with the new financial advisers regime, although the pathway will still require all financial advisers to be registered under the Financial Service Providers Act and to have become a member of an approved dispute resolution scheme by 1 December of this year. Australia’s Henry Review leaves the door open on imputation credits Australia’s tax review, conducted by Secretary of the Treasury Ken Henry, has indicated that if imputation is retained, then mutual recognition could be investigated as part of a broader enquiry into the harmonisation of New Zealand and Australia’s income tax systems. Asian-Pacific accounting leaders gather NZICA will host more than 50 accounting and business leaders from 16 countries next week for meetings of the Confederation of Asian and Pacific Accountants (CAPA). Five ISAs (NZ) reach the year mark A batch of International Standards on Auditing (NZ) – 200, 320, 450, 530 and 610 – came into effect a year ago, which members conducting audits of financial statements for periods on or after April 1, 2009 are required to comply with. Supporting the schools NZICA has heightened its focus on younger students, opening its Student Affiliate programme to secondary students and entering into a five-year sponsorship with Young Enterprise Trust (YET). Events Online Members have welcomed NZICA's online events booking system (nzica.com/events), with 43% of all event registrations received online since it launched in February. Insolvency practitioners bill introduced to Parliament A bill giving the Registrar of Companies greater powers over liquidators, receivers, and voluntary administrators was introduced to Parliament today by Commerce Minister Simon Power. NZICA is also currently working to revise its own insolvency engagement standard. 16/04/2010 - Students benefit from winner's generosity 14/04/2010 - People in Business: Joe Grayland and Jodi Willison 22/03/2010 - NZICA supports new standards arrangements 20/02/2010 - Proposed financial reporting regime offers significant advantages 10/02/2010 - Government announcement doesn't go far enough 9/02/2010 - Marion Cowden appointed to WHO Committee 7/02/2010 - Tax system needs effectiveness and efficiency, not tax breaks 20/01/2010 - Critical tax changes in Government's hands 1/12/2009 - Inland Revenue gives potentially misleading advice on "off the plan" property sales 19/11/2009 - New Fellows for the New Zealand Institute of Chartered Accountants 18/11/2009 - New Office-bearers for the New Zealand Institute of Chartered Accountants 11/11/2009 - Winners of the NZICA Leadership Awards 29/10/2009 - New Regulatory Act opportunity to be world leader 17/10/2009 - Tax: Road to Recovery or Requiring Reform? 17/10/2009 - Proposed Tax Reforms Could Cut Tax Compliance Costs By a Third 7/10/2009 - Finalists announced for NZICA 2009 Leadership Awards 30/09/2009 - Radical reforms supported 24/09/2009 – New Zealand first to adopt international auditing standards 14/09/2009 – NZICA cautions over calls for property taxes 14/09/2009 – New Zealand No.1 in world for corporate ethics 10/09/2009 – Government must maintain business-friendly environment 20/08/2009 – Accounting Sector Optimistic of Economic Recovery 16/07/2009 – Chartered Accountants scoop rare free trade deal 30/06/2009 - AASB and FRSB issue ED on Reporting Income from Non-exchange Transactions 7/07/2009 - Notice of Disciplinary Tribunal Hearing NZICA Vero award winner of not-for-profit section NZICA won the not-for-profit section of the Vero Excellence in Business Awards 2009 Nominations and Governance Committee To commence the transition to the new governance structure, Council has appointed the inaugural Nominations and Governance Committee which comes into effect on 1 May 3/06/2009 - Notice of Disciplinary Tribunal Hearing Unleashing potential The Institute’s new student membership programme Student Affiliate is off to a roaring start, attracting 800 students in just its first month. FRSB and AASB agree process The FRSB and AASB announce a proposal for a new process to consider adapting IFRS for pbe and nfp entities New Zealander leads IFAC to 2013 New Zealander Ian Ball is confirmed as ceo of IFAC until 2013 Government SME tax changes “feel good” but fiddling at edges Tax Director comments on tax changes proposed to help SMEs - not likely to be effective, he says 26/11/08 Accounting for sustainability project Institute has become a founding member of the Accounting for Sustainability Forum 11/10/2008 - Direct access for NZers on world stage 31/10/2008 - AGM and National Conference 31/10/2008 - Office Bearers and Executive Board 2009 31/10/2008 - Fellowships for 16 distinguished members 31/10/2008 - New Councillors elected for 2009 31/10/2008 - Talent and community service recognised at Chartered Accountant of the Year Awards 21/10/2008 - Rising taxes? Tax simplification? Conference examines future 15/09/2008 - Institute's 100th Birthday 15/08/2008 - Chartered Accountants leading the way forward for business 9/7/2008 Annual Report Awards 2008 2008 Annual Report Awards media release - includes list of winners 22/05/2008 - Significant inequities remain in our tax system says Institute of Chartered Accountants Some classes of taxpayer may be rejoicing the tax cuts announced by the Finance Minister today, but the differential between the company and top personal tax rate, and a raft of changes made to prop up the 39% rate, have left our tax system littered with inequities and additional compliance and deadweight costs, says Craig Macalister, Tax Director at the Institute of Chartered Accountants. Regulatory Responsibility Bill - opportunity to make a difference Ensuring that laws and regulations are necessary, cost-effective and in the public interest is a goal worth working for, according to the Institute of Chartered Accountants’ director government relations, Steven Bailey New Chief Executive Terry McLaughlin New ceo Terry McLaughlin appointed to Institute; starts 30 June 2008 Free support for Blue Chip Investors Institute announces initiative to support investors in failed company Blue Chip 26/02/2008 - Consultation on standards for financial advisors The Institute of Chartered Accountants is consulting its members and other key stakeholders about the standards that apply to professional accountants who provide financial and investment advice 09/01/2008 - Institute centennial in 2008 In 2008 the New Zealand Institute of Chartered Accountants celebrates 100 years of service to New Zealand business and community. 04/12/07 - Institute sponsors entrepreneurship and financial education in schools 19/11/2007 - Dump the Electoral Finance Bill 06/11/2007 - Fellowships 29/10/2007 - Hamilton man named Young Chartered Accountant of the Year 29/10/2007 - Takanini woman named Accounting Technician of the Year 29/10/2007 - New Office Bearers 26/10/2007 - DUNEDIN MAN ELECTED PRESIDENT OF NZ's LARGEST PROFESSIONAL BODY 24/10/2007 - Chartered Accountants welcome work permit changes 28/09/2007 - Provisional Members’ Newsletter 21/09/2007 - All you ever needed to know ... 14/09/2007 - Financial reporting changes for small businesses and charities 21/08/2007 - Annual Billing Competition Winners 15/08/2007 - Chartered Accountants welcome new business.govt.nz portal 13/08/2007 - Chartered Accountants welcome discount rate discussion 5/07/2007 - Minister’s comments on Bridgecorp on the money 5/07/2007 - Marginal rates the issue, not redundancy tax 27/06/2007 - Annual Report Awards 2007 28/05/2007 - Photo opportunity : Kiwisaver information event - Why you should join; why you shouldn't 23/05/2007 - Redundancy tax - marginal tax rate the problem 17/05/2007 - 118,000 Partnerships and Sole Traders miss out on company tax cuts 01/05/2007 - New Commissioner has tough job ahead 24/04/2007 - New standard needs debate 24/04/2007 - OECD right - tax system needs strategic direction 30/03/2007 - Chartered Accountants choose Peugeot 07/03/2007 - Relaxed tax penalties announcement welcomed 01/03/2007 - Chartered Accountants broaden strategic skills to support businesses 28/02/2007 - Stop using tax system as a political football 27/02/2007 - Chartered Accountants broaden strategic skills to support businesses 15/02/2007 - Partnership with Hewlett Packard 15/02/2007 - Partnership with Robert Half Finance & Accounting 14/02/2007 - Enter your Annual Report now for Awards 18/10/2007 - Notice of Disciplinary Tribunal Hearing 23/03/2009 - Notice of Disciplinary Tribunal Hearings 28/07/2008 - Notice of Disciplinary Tribunal Hearings 28/07/2008 - Notice of Disciplinary Tribunal Hearings 25/06/2008 - Notice of Disciplinary Tribunal Hearings 03/04/2008 - Notice of Disciplinary Tribunal Hearing 18/10/2007 - Notice of Disciplinary Tribunal Hearing 01/11/2007 - Notice of Disciplinary Tribunal Hearing 11/09/2007 - Notice Of Disciplinary Tribunal Hearing 25/06/2007 - Notice of Disciplinary Tribunal Hearing 25/06/2007 - Notice of Disciplinary Tribunal Hearing |
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