The Accounting Professional and Ethical Standards (APES) board is to push back the launch of its controversial APES 230 standard “to allow stakeholders additional time to implement [it] once it is issued”.

The standard, which bans all “third-party payments and other benefits including soft dollar in relation to a financial planning service from parties other than the client to whom the service is provided”, is in the final stages of drafting.

Following additional representations from the Institute of Chartered Accountants Australia (ICAA) and CPA Australia, the standard will now be released on July 1 next year instead of the same date this year, the APES board says.

The accounting groups say in a joint statement they will “continue to analyse the latest proposals from the APES board and will consider all options in regard to how we may respond”.

The ICAA and CPA Australia say conflict of interest concerns on remuneration have already been addressed in the Future of Financial Advice reforms, and warn APES 230 could discourage consumers from seeking professional advice.