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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.

 

Financial Reporting options elected on transitioning to new Standards - Paper

The Australian Accounting Standards Board (AASB) is making a number of options available to entities on transition to the new standards:

  • AASB 9 Financial Instruments
  • AASB 15 Revenue from Contracts with Customers
  • AASB 16 Leases
  • AASB 1058 Income of Not-for-Profit Entities

 

The Office of Local Government has prepared a Guidance Paper, which provides councils with specific direction on adopting the new standards. A Council Circular and the Paper are available in related links and downloads. Councils should refer to the Guidance Paper when preparing their transition arrangements.

 

Further guidance material and information on the new standards will be provided in 2018-19

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 conducted 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 was also be an opportunity to discuss accounting issues and provide input in financial reporting policy and guidelines.

 

The sessions included:

(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.

 

 Below are links to the presentation slides and video recording.

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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