With the transition period for accountants ending in 17 months, ASIC has received a mere 105 limited licence applications and granted only 44 licences. ASIC expects up to 10,000 applications - so now is the time to think seriously about making an application! But with so many available resources, how do you identify the best way to apply for your licence?
This is the most expensive option, but the least labour intensive. It will suit accountants who lack the time or inclination to deal with the licensing process and are prepared to pay for the convenience of having someone else doing it for them.
If reading ASIC’s guidance and mastering all the regulatory concepts unassisted seems too hard or will interfere with the conduct of the day to day business of your practice, then this may be the option for you.
This is certainly the cheapest option and resources are available to help from ASIC’s materials, your accounting body or from a compliance/legal firm like The Fold. It is best suited to accountants who like to ‘learn by doing’, and can comfortably ‘book learn’ without support from a mentor or instructor.
Be warned, though it requires time, patience and the determination to manage a steep learning curve as you come to grips with very sophisticated licensing concepts.
Do-It-Yourself plus support
This is a good middle option. While you need to do a significant amount of legwork, you won’t need to decipher everything on your own. This option will suit accountants with time to put into the project, but who want the convenience and comfort of knowing they can call an expert for quick and easy answers when they get stuck.
A cautionary note: Before committing to any DIY option, be aware that licensing is time-consuming, and can be both daunting and confusing for anyone new to the regulatory requirements.
If you have any concerns about any of these issues, please contact us.
Author: Jaime Lumsden