18-33 – OLG Financial Reporting Workshops 2018-19
|Category: Circular to Councils||Status: Active|
|Circular Details: 18-33 / 22 October 2018 / A621432||Contact: Policy Team / 02 4428 4100|
|Previous Circular: 18-04||Attachments: Nil|
|Who should read this: General Managers / Council finance staff||Action required: Information / Response to OLG|
|PDF Version:||Council Circular 18-33 – PDF|
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.
- 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
- 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