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Change NZ Accounting Law  

2 members have voted

  1. 1. Do you think Accountant professional standards, etc need an overhaul through legislation?

    • Definitely
    • No
      0


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"From having owned my own business and from discussions with other small  business owners, we are in agreement that there are too many inconsistencies and we are talking massive variances in Accounting Accountant services, treatment of clients, charge out rates, professional conduct, etc etc. We believe there need to be changes  in NZ Accounting Law to ensure individuals and the business community particularly small business owners, are treated fairly and with dignity. We are aware of the professional bodies like CAANZ                     ( Chartered Accountants Australia New Zealand) whom we do not have any concerns with but NZ Accounting Law has to go further based on what we have been seeing and hearing time and time again."    Join me, Fiona Change Advocate for the NZ business community  as I embark on this journey petitioning and advocating change.   Fri 18 January 2018. Usual online rules apply to any postings to my Journal. Please support "Fords ' cause 'Change Bankruptcy Law.' also available on 'sorted.' Both Ford's and my Cause are interrelated. LIKE  'Change NZ Accounting Law' Facebook and contribute.

Edited by Fiona Green
additional information needed inclusion.

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Great, but I couldn't find it on the website in the search. Can you post a link.

I think a petition has to have a minimum of five supporters before it will show up in the search.

Thanks

Ford

 

 

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Received required amount of signatures for petition 'change nz accounting law.' Petition will go 'live' ie enter the public search forum within the next few days.                               

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It will be interesting to see what feedback is posted.

I was especially interested in your sentences - "An Accountant and Book Keeper has a responsble job. (yes they do) They are looking after other people's money"

I suppose there are many definitions of what looking after other peoples money actually means.

The chartered accountant I work with does not look after other people's money as he does not run a trust account. He prepares end of year financial reports and will advise clients. And he also prepares GST and PAYE returns from the information that the client provides. Those services are quite different from looking after other people's money. Ultimately its up to the client how they spend their own money. People do not always take the advice of their accountants either.

As you say, there is indeed an accountant and or bookkeeper (sometimes both) behind most business failures and business successes, so certainly there needs to be more consistant standards across the whole accounting and bookkeeping sectors. Because it will be easier to spot when corporations and banks are exploiting lack of financial knowledge in their customers. Which is a tremendous issue in our country.

Ford

 

 

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Some helpful feedback but accountants should report regularly about a business's financial position sooner rather than later as they are at the epicentre of a business. Many people have been misled into thinking that gst return filing, end of year financials etc is business owner's problem. Not so. Financial work of this type is delegated to accountant  - that is what they are paid to do. It's when they dont follow up or do anything and  just let the client slip behind in things that it becomes a concern esp. for sole  traders in particular. Happens alot. 

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Sent an email to local MP for Whangarei Dr Shane Reti advising him of my Cause Change NZ Accounting Law. I have drawn his attention to both mine and Ford's Change Bankruptcy Law journal entries on this page and our respective Petitions on change.org/petitions. Looking forward,to hearing back from him. Ford and I know our subjects of public interest well. The rightness of our change advocacy efforts are justified from personal experience, evidence gathered, talking to other business owners, etc. Law changes such as the ones we are advocating will mean consistent standards for all Accountants and Book Keepers. There should be less, financial hardship and business failures as a result. We don't want anyone else to go through what we have been through. We know there are others though. I want to give Ford the big thumbs up for sharing their personal challenges with us on 'sorted.' We thank the Administrators of Sorted for this platform. You have heard Ford's story. Mine is coming. We feel it is important for you all to hear and discuss amongst yourselves and your peers, etc  our personal accounts, our challenges  that sent us to hell and back. Our desire to correct errors/omissions in our accounting, bankruptcy, insolvency laws- to encourage business growth andprofitability. My next post will focus on what the business community wants you to know when owners fall on hard times. Arohanui.

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Here are the skills you are mainly paying for to get your books done eg end of year financials, monthly profit and loss accounts, bank reconciliation, etc. You are paying for data entry skills - where ten fingers gets the job done faster than two. Your invoices may reflect whether your accountant/book keeper is a fast or slow data entry practitioner ie typist.

Edited by Fiona Green

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No one is gifted with such remarkable clairvoyance that they get everything right when running a business.  This is what the business community would like you to know about those business owners who have fallen on hard times.  We hope the following information offers support, comfort, and healing to those business owners who gave it their best shot:

(1)     It is not just the business owner who is at fault for business failure.  There are other factors;

(2)     Those business owners who made a go of it, contributed to their respective local economies for a time;

(3)     Acts of God/Natural Disaster can cause temporary/permanent business interruption episodes or permanent closure;

(4)     Losing a business is like losing a loved one.  There is definitely a grieving process;

Trigger warning:  Suicide, selfharming:

(5)     Incidents of drug/alcohol abuse, self harm, suicidal tendencies even suicide itself can increase - due to emotional pain.  Emotional pain is not a weakness;

(6)     Serious illness can happen at any time;

(7)     Market changes and competition can be unpredictable;

(8)     Roadworks outside a business;

(9)      Burglaries;

(10)    Company theft, fraud, and the like;

(11)    Some small business owners do not have family support.  Delegating work to an Accountant or Book Keeper should lighten the load - not create more problems.

Running a business takes courage and fortitude.  Losing a business requires more courage and fortitude to see things right through to the very end and beyond.  Losing a business does not define who you are.  You overcoming the inpact of loss shows the rest of the world strength of character.

For those who have been in this situation, extend a helping hand and keep extending it to those who have fallen and do not know how to climb back up.  It's about empower yourself and others.

 

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