Date posted: 27/02/2024 2 min read

Business reform: Have your say

Help shape our submissions in Australia, New Zealand, and internationally on policies impacting you and your practice.

Have your say

Send your views to, or request a call back from the team at Business Reform Team

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Corporate Governance Principles and Recommendations - 5th Edition

We need your feedback by 29 April 2024.

The ASX Corporate Governance Council has released a consultation for a proposed fifth edition of the Corporate Governance Principles and Recommendations.

Ongoing consultations

Your feedback will inform future conversation with:

ASIC: improving efficiency and effectiveness (AU)

In January 2024 we met with ASIC’s regulatory efficiency unit to discuss which processes could be reviewed to improve efficiency and effectiveness for both ASIC and its regulated population.

We suggested:

  • Amending ASIC’s Terms and Conditions to remove the need for a wet signature when an agent to a company is appointed or ceases.
  • Reinstating the CHAT function to reduce time wasted ‘on hold’ when members call ASIC
  • Create specialists within ASIC that can provide detailed information in specific areas – such as completing an application to be a company registered auditor
  • Including more information, and more specific dates, on the timeline for regulatory guide updates – such as why an update is happening, what feedback was received and what has changed.

What would you like to see improved? 

How would it improve ASICs efficiency or effectiveness?

Attorney General: AML/CTF Tranche 2 (AU)

We are waiting a second consultation paper on how the activities of accountants may be captured under Australia’s anti-money laundering and counter-terrorism financing regime. Our members activities in New Zealand are already captured and the members provided their lived experience to help inform our submission to the first round of consultation in June 2023.

Read our first submission

Broadly, we support capturing the activities of our members that will strengthen the detection and prevention of money laundering and terrorism financing. We do not support blanket inclusion or existing obligations on our members, such as verification of a client’s identity for tax practitioners, being duplicated under the AML/CTF regime.

What is your main challenge when trying to verify a client’s identity?

How will you investigate a client’s source of funds and source of wealth?

What sources will you rely on to establish, and verify, the identity of the beneficiaries of a trust?

Will being capture under the AML/CTF regime impact what services you offer?

MBIE: Implementation of the Business Payment Practices Bill (NZ)

The Business Payment Practices Bill (the Bill) was granted royal assent in July 2023 and regulations published in August 2023. A phased implementation approach has been adopted by MBIE which will require organisations with revenue of: 

  • $100 million or more to commence the first bi-annual reporting period from 1 July 2024 to 31 December 2024 (disclose by 31 March 2025) 
  • $33 million or more and total operating expenditure of more than $10 million to commence the first bi-annual reporting period from 1 January 2025 to 30 June 2025. 

MBIE has released initial guidance for reporting entities which includes specific details of disclosure requirements and methodology for each reporting measure.

Read our submission on the Bill.

How are you preparing to implement the Bill?

What additional resources or guidance would be helpful?

XRB: Implementation of the Aotearoa New Zealand Climate Standards (NZ)

The eXternal Reporting Board (XRB) released the Aotearoa New Zealand Climate Standards in December 2022. Around 200 of New Zealand’s most economically significant entities are required to report against these standards from 1 January 2023.

What has been your experience implementing the standards and reporting?

Have there been any challenges?