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.
- 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
- The summary of changes document is available at:
Acting Chief Executive