18-04 – OLG Financial Reporting Roadshows 2018
|Category: Circular to Councils||Status: Active|
|Circular Details: 18-04 / 20 February 2018 / A582048||Contact: Policy Team / 02 4428 4178|
|Previous Circular: Nil||Attachments: Nil|
|Who should read this: General Managers / All council finance staff||Action required: Information / Response to OLG|
|PDF Version:||Council Circular 18-04 – PDF|
What’s new or changing
- The Office of Local Government (OLG) is conducting a series of information sessions in March 2018 on impending Accounting Standards and the auditing of financial statements.
- There will also be an opportunity at the sessions to discuss accounting issues and provide input into OLG’s financial reporting policy and guidelines.
What this will mean for your council
- All council staff involved in accounting practice and financial reporting are encouraged to attend.
- The information sessions will be held at eight locations across NSW during March and April 2018, and are designed for council finance staff playing a role in accounting and financial reporting functions.
- The sessions will include:
- an overview of the three new accounting standards that will apply to financial statements in the near future:
AASB 15 Revenue from Contracts with Customers;
o AASB 1058 Income of Not-for-Profit entities
AASB 9 Financial Instruments; and
AASB 16 Leases.
o 2016-17 auditing of financial statements (Audit Office observations and themes) and focus areas for 2018; and
o discussion on accounting issues, policies and guidance.
Where to go for further information
- The online registration system for the OLG Financial Reporting Information Sessions is now open, and can be accessed at: https://www.olg.nsw.gov.au/strengthening-local-government/supporting-and-advising-councils/accounting-practice
Acting Chief Executive