18-10 – Final Code of Accounting Practice and Financial Reporting (update 26)
| Category: Circular to Councils | Status: Active |
| Circular Details: 18-10/ 18 April 2018 / A587032 | Contact: Laura Love / (02) 4428 4178 / |
| Previous Circular: 17-41 | Attachments: Nil |
| Who should read this: General Managers / Financial accounting business areas | Action required: Council to Implement |
| PDF Version: | Council Circular 18-10 – PDF |
What’s new or changing
- The final Code of Accounting Practice and Financial Reporting (Code) (Update 26) is available for preparing councils’ 2017/18 financial statements.
- Council staff should note key changes made to this year’s Code.
What this will mean for your council
- The Code must be used by councils to prepare their annual financial statements in accordance with the Local Government Act 1993 and the Local Government (General) Regulation 2005.
Key points
- Changes highlighted in yellow are new for this year. Commentary in red relates to Office of Local Government (OLG) requirements and commentary in blue relates to the Australian Accounting Standards.
- Key changes in this year’s draft Code were highlighted in Circular 17-41.
- Due to the extensive feedback received from the Audit Office, sector and other stakeholders, a significant number of changes have occurred between the draft and the final Code.
- It is recommended that councils carefully review the Summary of changes to the Code (Update 26) document in conjunction with the Code available on OLG’s website.
Where to go for further information
- The Code (Update 26) comprising of four documents:
1. General Purpose Financial Statements
2. Special Purpose Financial Statements
3. Special Schedules
4. Appendixes - The summary of changes document is available at:
http://www.olg.nsw.gov.au/strengthening-local-government/supporting-and-advising-councils/accounting-practice
Tim Hurst
Acting Chief Executive