Circulars

18-33 – OLG Financial Reporting Workshops 2018-19

What’s new or changing

  • The Office of Local Government (OLG) is conducting a series of workshops commencing November 2018 and concluding May 2019 on impending Accounting Standards and the auditing of financial statements.
  • A range of council revenue and lease contracts will be reviewed to enable councils to gain an understanding of the issues to consider in determining the impact of the new standards.
  • Details of the dates and locations for the information sessions are shown in Attachment A.

What this will mean for your council

  • The workshops will provide an opportunity for council staff involved in accounting and financial reporting to learn about the new Accounting Standards and be better prepared for their release.
  • All council staff involved in accounting practice and financial reporting are encouraged to attend.

Key points

  • The information sessions will be held at 17 locations across NSW commencing November 2018 and concluding May 2019. Sessions are designed for council finance staff playing a role in accounting and financial reporting functions.
  • The sessions will include:
    o delving into the detail of the new accounting standards on
     AASB 15 Revenue from Contracts with Customers
     AASB 1058 Income of Not-for-Profit entities
     AASB 16 Leases.
    o review of a range of council revenue and lease contracts to enable councils to gain an understanding of the issues to consider in determining the impact of the new standards
    o discussion on accounting issues, policies and guidance.

Where to go for further information

Tim Hurst
Chief Executive