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Accounting practice

The Office of Local Government provides support and advice to councils through the Local Government Code of Accounting Practice and Financial Reporting.


Code of accounting practice and financial reporting (update 26)

The following Code documents for the 2017-18 financial reporting year are available for download:
1.    OLG - Accounting Code Update 26 - CIRCULAR
2.    OLG - Final Code Update 26 - Summary of proposed changes
3.    OLG - Final Code Update 26 1(a) - General Purpose Financial Statements
4.    OLG - Final Code Update 26 1(b) - Special Purpose Financial Statements
5.    OLG - Final Code Update 26 1(c) - Special Schedules
6.    OLG - Final Code Update 26 1(d) - Appendices


OLG Financial Reporting Roadshow 2018

The Office of Local Government is conducting a series of information sessions on impending Accounting Standards and the auditing of financial reports which aim to support council finance staff in their roles relating to accounting and financial reporting.. There will also be an opportunity to discuss accounting issues and provide input in financial reporting policy and guidelines.

Seven information sessions were held at venues across NSW during March 2018. A further two sessions are scheduled for 24 April and 7 June 2018.  These sessions are designed for council finance staff who play a role in the accounting and financial reporting functions.  We encourage all relevant council staff and their auditors to attend.

The sessions will include:

(a) an overview of the three new accounting standards that will apply to financial statements in the near future:

  1. AASB 15 Revenue from Contracts with Customers (including AASB 1058 Income of Not-for-Profit entities)
  2. AASB 9 Financial Instruments, and
  3. AASB 16 Leases

(b) 2016-17 auditing of financial reports (Audit Office observations and themes)
(c) discussion on accounting issues, policies and guidance.



Date Location Event Registration

Thursday       7 June 2018

Best Western Central Motel & Apartments, 11 Antill St, Queanbeyan NSW 


Draft Code of Accounting Practice and Financial Reporting (update 26) for the 2017-18 reporting period

Presentation Slides and Video Recording


Related Documents

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