Latest news with #CAANZ
Yahoo
10-07-2025
- Business
- Yahoo
CA ANZ launches programme to diversify accounting talent
Chartered Accountants Australia and New Zealand (CA ANZ) has launched the CA Foundations program, aiming to broaden access to the Chartered Accountant designation for a diverse range of aspiring professionals. This initiative comes as part of an effort to mitigate the talent shortage within the accountancy profession. Simon Hann, Group Executive Education and Marketing at CA ANZ, stated that the new programme is a manifestation of CA ANZ's dedication to developing progressive routes to the CA Program, aligning with the demands of both the accountancy profession and the wider community. Simon Hann said: 'We know the profession is changing, and so are the people entering it. CA Foundations is about opening the door wider – making sure that anyone with the drive and capability to become a Chartered Accountant has a clear and supported path to reach the starting line of the CA Program.' 'This is about recognising relevant work experience and prior education, creating opportunities for a diverse range of individuals to become a Chartered Accountant at a time when the profession faces a talent crisis.' 'Enrolments in accounting degrees have nearly halved since 2018, while demand for accountants is surging – with 58,000 new roles expected by 2033. As accountants take on broader roles in sustainability and digital transformation, building a diverse, future-ready pipeline is urgent.' The CA Foundations is a skills-based programme tailored to each individual's educational background and work experience. The programme's design focuses on imparting critical knowledge across core accounting disciplines. It offers non-degree pathways that are streamlined to prepare candidates for success in the CA Program and their future accounting careers. Depending on their qualifications and experience, participants may not need to complete all six subjects of the CA Foundations, but for novices, the comprehensive curriculum is intended to expedite job readiness. Hann added: 'Aspiring future CAs, employers, and members have told us that the programme should be more flexible to support individuals from diverse backgrounds, which is why we've created a highly supported study programme that, for the first time, people can start anytime and undertake their exams on-demand.' 'It's also important to note that our world-class CA Program remains unchanged. It continues to set a high benchmark for aspiring Chartered Accountants, requiring rigorous academic achievement and three years of mentored practical experience.' 'While CA ANZ is introducing more flexible and accessible pathways to reach the CA Program's starting line, every aspirant – regardless of their pathway journey – must meet the same exacting standards to earn the CA designation.' To assist individuals in navigating their way to the CA Program, CA ANZ has introduced a new online tool that provides a personalised learning journey based on their prior study and work experience. The development of CA Foundations stems from consultation with educators, employers, and students, and draws upon international expertise. In April 2025, CA ANZ announced the introduction of a new Certificate in AI Fluency, designed to equip accountants with the skills needed to leverage Generative AI in finance. "CA ANZ launches programme to diversify accounting talent" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-07-2025
- Business
- Yahoo
ACCA and CA ANZ launch ISSA 5000 guide
ACCA and Chartered Accountants Australia and New Zealand (CA ANZ) have released a guide to aid practitioners in understanding and implementing the new International Standard on Sustainability Assurance 5000 (ISSA 5000). The guide is a response to the publication of ISSA 5000 by the International Auditing and Assurance Standards Board, which intends to enhance trust in sustainability reporting and mitigate the risk of greenwashing. Mandatory sustainability reporting, particularly for larger companies, has been on the rise lately. The alliance between ACCA and CA ANZ has produced the first in a series of guides that address the critical aspects of ISSA 5000. The inaugural guide, titled 'A case study: Demystifying materiality in accordance with ISSA 5000', zeroes in on the concept of materiality within sustainability assurance engagements. ACCA head of Audit and Assurance Antonis Diolas said: 'The trust and confidence of investors, regulators and other stakeholders in sustainability assurance is vital if sustainability reporting is to be successful in bringing about a more sustainable approach to business. 'This guide is intended to support assurance practitioners in applying professional judgement when planning and performing sustainability assurance engagements under ISSA 5000. It's critical that assurance practitioners focus on the most significant aspects of sustainability reporting, which are most likely to influence the decisions of intended users.' CA ANZ Reporting and Assurance leader Amir Ghandar said: 'Materiality is no longer a buzzword – it's the backbone of credible sustainability assurance. This guide offers clarity where it's most needed. As sustainability reporting and assurance become mandatory across jurisdictions, ISSA 5000 sets the global baseline – and this guide helps practitioners apply it with confidence. 'Applying materiality in sustainability assurance isn't just about numbers, it's about understanding what truly matters to stakeholders. This guide shows how. The case study bridges the gap between theory and practice, helping assurance practitioners navigate the nuanced judgement calls required for materiality under ISSA 5000.' The guide emphasises the significance of the materiality phase, urging practitioners to recognise the various points where professional judgement is required. It also advises on the allocation of adequate time to apply the standard's requirements effectively, including thorough documentation. The outcomes of the materiality stage are expected to aid in shaping the practitioner's approach to evidence collection and evaluation of any misstatements in sustainability reports. The guide illustrates the application of materiality to Scope one, two, and three greenhouse gas emissions through a hypothetical assurance engagement. In October 2024, CA ANZ and ACCA announced the joint publication of the 'Audit and Technology Playbook: A Practitioner's Guide', to enable audit professionals to traverse advancements in technology, including AI, machine learning, and blockchain. "ACCA and CA ANZ launch ISSA 5000 guide" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
News.com.au
25-06-2025
- Business
- News.com.au
Urgent tax time warning for Australian small businesses as law aimed at recouping $45b comes in to effect
Millions of Aussie small businesses are being warned to pay their tax bills on time or they will be slugged with a fee, compounding daily. In changes to taxation laws coming into effect on July 1, interest charged by the Australian Taxation Office (ATO), which is set at 11.17 per cent per annum but the rate is compounded daily, will no longer be tax deductible. This means businesses who previously didn't have to worry about the debt due to it being tax deductible in the next financial year, would now have to pay their tax bill plus any interest owed. CA ANZ tax expert Susan Franks warns the approximately 2.6m small businesses in Australia this change will substantially increase the real cost of falling behind on tax obligations, particularly for small businesses already operating on tight margins. 'Small businesses currently hold the majority of the ATO's outstanding tax debt, and this change will make that debt even more expensive,' said Ms Franks. 'Previously, small businesses may not have been concerned about accumulating interest on tax debt, as it was deductible at tax time. 'But from 1 July 2025, small businesses could find themselves in a difficult situation and if not managed carefully, interest owed to the ATO could quickly exceed the amount of tax they were originally meant to pay.' The change comes into effect as the tax office tries to recoup the $45bn owed to them by small businesses. ATO assistant commissioner Anita Challen reminded taxpayers to pay in full and on time to avoid general interest charges accruing on overdue debts. 'These changes will mean it will cost more to carry a tax debt and, while taxpayers won't feel this change until next tax time, ATO general interest charge is currently charged at 11.17 per cent and compounds daily making it so important to get on top of your tax obligations,' Ms Challen said. 'If you have a tax debt you've been putting off paying – now is the time to pay.' The changes to the tax law comes as separate data sent from CreditorWatch shows more than 30,000 businesses across Australia owe the tax office at least $100,000. Since April 2022, the ATO has disclosed business tax debts to credit reporting bureaus, such as CreditorWatch, if they owe more than $100,000 and the business has not responded to outreach in two months. CreditorWatch says this is not a full list of businesses that owe more than $100,000 but worryingly 15,635 individuals or sole traders currently owe the tax office at least six figures. The ATO urges any businesses that are unable to pay their tax liabilities to get in contact with the taxation office. 'If you cannot pay on time and in full, you should also discuss your financial position with your accountant or finance provider to understand if there are alternative methods of funding payment of tax debts that might have a lower interest rate,' Ms Challen said. ' If you are considering obtaining third party financing to pay your tax debt, you should discuss the tax implications with your registered tax agent or adviser.'
Yahoo
25-06-2025
- Business
- Yahoo
Major tax change impacting millions
Millions of Aussie small businesses are being warned to pay their tax bills on time or they will be slugged with a fee, compounding daily. In changes to taxation laws coming into effect on July 1, interest charged by the Australian Taxation Office (ATO), which is set at 11.17 per cent compounded daily, will no longer be tax deductible. This means businesses who previously didn't have to worry about the debt due to it being tax deductible in the next financial year, would now have to pay their tax bill plus any interest owed. CA ANZ tax expert Susan Franks warns the approximately 2.6m small businesses in Australia this change will substantially increase the real cost of falling behind on tax obligations, particularly for small businesses already operating on tight margins. 'Small businesses currently hold the majority of the ATO's outstanding tax debt, and this change will make that debt even more expensive,' said Ms Franks. 'Previously, small businesses may not have been concerned about accumulating interest on tax debt, as it was deductible at tax time. 'But from 1 July 2025, small businesses could find themselves in a difficult situation and if not managed carefully, interest owed to the ATO could quickly exceed the amount of tax they were originally meant to pay.' The change comes into effect as the tax office tries to recoup the $45bn owed to them by small businesses. ATO assistant commissioner Anita Challen reminded taxpayers to pay in full and on time to avoid general interest charges accruing on overdue debts. 'These changes will mean it will cost more to carry a tax debt and, while taxpayers won't feel this change until next tax time, ATO general interest charge is currently charged at 11.17 per cent and compounds daily making it so important to get on top of your tax obligations,' Ms Challen said. 'If you have a tax debt you've been putting off paying – now is the time to pay.' The changes to the tax law comes as separate data sent from CreditorWatch shows more than 30,000 businesses across Australia owe the tax office at least $100,000. Since April 2022, the ATO has disclosed business tax debts to credit reporting bureaus, such as CreditorWatch, if they owe more than $100,000 and the business has not responded to outreach in two months. CreditorWatch says this is not a full list of businesses that owe more than $100,000 but worryingly 15,635 individuals or sole traders currently owe the tax office at least six figures. The ATO urges any businesses that are unable to pay their tax liabilities to get in contact with the taxation office. 'If you cannot pay on time and in full, you should also discuss your financial position with your accountant or finance provider to understand if there are alternative methods of funding payment of tax debts that might have a lower interest rate,' Ms Challen said. ' If you are considering obtaining third party financing to pay your tax debt, you should discuss the tax implications with your registered tax agent or adviser.' Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
CFO Leadership Council launches new certification
The CFO Leadership Council has introduced the Finance & Accounting Technology Certification, a virtual, self-paced credential aimed at empowering finance leaders in the digital age. As digital transformation reshapes the finance sector, this certification aims to help leaders master essential tools and 'strategic thinking' for a tech-driven landscape, the council said. Developed by expert CFOs and advisors, the programme offers ten modules focusing on real-world applications as well as strategic decision-making. According to the community of finance executives, participants gain practical frameworks to evaluate and integrate finance technology, strategic positioning for cross-functional tech decisions, and a credential to enhance résumés and LinkedIn profiles. The certification is now open for enrolment. Commenting on the development, CFO Leadership Council chief operating officer RD Whitney said: 'Finance leaders are being asked to lead far beyond the numbers. This certification equips controllers and senior finance professionals with the knowledge and credibility to confidently drive technology decisions, align with business strategy, and lead their teams into the future of finance.' In a separate development in April 2025, Chartered Accountants Australia and New Zealand (CA ANZ) launched a Certificate in AI Fluency. This initiative aims to equip accountants with skills to leverage Generative AI in finance. The AI Fluency certificate was co-developed by AI and technology adoption expert Inbal Rodnay and Deloitte Centre for the Edge chief edge officer Peter Williams, ensuring a comprehensive curriculum for participants. "CFO Leadership Council launches new certification" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
