SMSF Adviser understands that CA ANZ and CPA Australia have yet to hear back from FASEA regarding the result of their application.

However, Licensing for Accountants chief executive Kath Bowler believes the FPA’s recognition is significant for the accounting profession.

“It certainly is good news that FASEA is recognising professional designations,” Ms Bowler said.

“It is a wait-and-see as to how they would treat accounting designations, and I think it is a bit more complex, certainly with discussions with CPA because their program has changed and has been around since the [1980s] and there are different combinations of the program that would need to be assessed.

“However, they are very different programs and the CFP program is focused on the provision of financial advice, and there are certainly ethic and tax units across all professional programs, but they have very different units and it all depends on what FASEA [is] looking for in terms of financial planning content and how much that weighs into the decision in terms of approving the coursework.”

Small concession

Under the new standards, accountants will be slugged with 40 hours of CPD.

However, Ms Bowler said that in FASEA’s CPD policy released at the start of the year, there is a small concession for part-time providers who will be required to complete 36 hours, instead of 40.

“We believe some accountants may fall in that category,” Ms Bowler said.

“There isn’t any definition of part-time, but I don’t think I’ve seen any accountants who are getting even more than 50 per cent of their work from licensed work.

“It would just be great to see some further concession and recognition of the part-time nature of the work that accountants do and that they are not providing the full suite of financial services advice because four hours is not a big concession.”