15-23 – Code of Accounting Practice and Financial Reporting (version 23)
What’s new or changing
- The final Code of Accounting Practice and Financial Reporting (version 23) is released for use by councils in preparation of their 2014/15 financial statements.
- Within the document, changes highlighted in yellow are new this year, commentary in red relates to Office of Local Government requirements and commentary in blue relates to Australian Accounting Standards.
What this will mean for your council
- The Code and Guidelines are required to be used by councils in the preparation of the annual financial statements as per the Local Government Act 1993 and the Local Government (General) Regulation 2005.
- The significant changes in this year’s Code were highlighted in Circular 15-12.
- Key changes to the Code and Guidelines between the draft and final Guidelines, following feedback, provide more clearly defined requirements and commentary in relation to:
- Note 1 – Summary of significant accounting policies
- Note 3 – Income from continuing operations
- Note 13 – Statement of performance measures
- Note 19 – Interests in other entities
- Note 27 – Fair value measurement
- Special Schedule 7 (SS7) – Report on Infrastructure Assets.
- It is noted that there may be changes pertaining to disclosures in relation to Fair Value Measurement. This is currently being considered by the Australian Accounting Standards Board. Should changes impact the 2014-15 Financial Statements, guidance will be provided to councils.
Where to go for further information
- The Code (version 23) is available at: www.olg.nsw.gov.au > For Councils > Accounting Practice.
- A summary of responses to stakeholder submissions is also available at: www.olg.nsw.gov.au > For Councils > Accounting Practice.