15-26 – End of Year Financial Reporting 2014/15
What’s new or changing
- End of year financial reporting information has been updated for 2014/15.
- The Financial Data Return (FDR) 2014/15 has also been updated to reflect the changes within the Local Government Code of Accounting Practice and Financial Reporting (Update No. 23).
What this will mean for your council
- Councils need to review the end of year financial reporting information and apply it when completing their Financial Statements and the FDR.
- Annexure 1 provides information to assist councils prepare their 2014/15 Financial Statements.
- The Financial Statements and FDR are to be sent electronically to the Office of Local Government by 31 October 2015. Detailed instructions on how and where to email these are included in the Annexure.
- The Office will not approve an extension for any council that failed to submit its 2013/14 statements by the due date.
- GST certificates should be emailed to firstname.lastname@example.org (Circular 11-23).
- Domestic Waste Reasonable Cost audits will continue to be undertaken by Council’s Auditor, with an assurance statement being sent to councils (See Annexure 2). Councils will need to retain a copy of the assurance statement.
Where to go for further information
- The Code of Accounting Practice and Financial Reporting (update No. 23) is available on the Office’s website at www.olg.nsw.gov.au.
- Code of Accounting Practice and Financial Reporting Circular No. 15-23, 25 June 2015.
- Streamlining the Reporting of Rates Permissible Income Circular No. 15-16, 28 May 2015.