16-31 – End of Year Financial Reporting 2015-16
What’s new or changing
- End of year financial reporting information has been updated for 2015-16.
- The Financial Data Return (FDR) 2015-16 has also been updated to reflect the changes within the Local Government Code of Accounting Practice and Financial Reporting (Update No. 24).
What this will mean for your council
- Councils need to review the attached end of year financial reporting information and apply it when completing their Financial Statements and the FDR.
Key points
- Annexure 1 provides information to assist councils prepare their 2015-16 Financial Statements.
- The Financial Statements and FDR are to be sent electronically to OLG by 31 October 2016, or for former entities, by 31 December 2016. Detailed instructions on how and where to email these are included in the Annexure.
- OLG will not approve an extension for any council that failed to submit its 2014‑15 statements by the due date.
- GST certificates should be emailed to finance@olg.nsw.gov.au (see Circular 11-23).
- Domestic Waste Reasonable Cost audits will continue to be undertaken by each Council’s Auditor, with an assurance statement being sent to councils. 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. 24) is available on OLG’s website at www.olg.nsw.gov.au
- Code of Accounting Practice and Financial Reporting Circular 16-16, issued 16 June 2016.
- Special Schedule 8 Permissible Income Workpapers 2016-17 Circular 16-07, issued 22 March 2016.
Tim Hurst
Acting Chief Executive