18-38 – 2018-19 draft Code of Accounting Practice and Financial Reporting (Update No. 27)
|Category: Circular to Councils||Status: Active|
|Circular Details: 18-38 / 22 November 2018 / A626667||Contact: Jasmine Osborne / (02) 4428 4100|
|Previous Circular: Nil||Attachments: Nil|
|Who should read this: General Managers / Financial accounting business areas||Action required: Feedback to OLG|
|PDF Version:||Council Circular 18-38 – PDF|
What’s new or changing
- The draft 2018-19 Code of Accounting Practice and Financial Reporting has been released for comment.
What this will mean for your council
- Councils are invited to provide feedback on the draft Code (Update No. 27) by Friday 11 January 2019 to: firstname.lastname@example.org.
- The key documents are available on the Office of Local Government (OLG) website at
- OLG has prepared the draft Accounting Code (update 27) for consultation in response to sector feedback, policy changes and changes to the Australian Accounting Standards.
- Due to the number of changes proposed in this year’s draft, it is recommended that councils carefully review the Summary of proposed changes document accompanying the draft Code.
- The draft Code has been prepared and released earlier this financial reporting cycle following sector feedback.
- New changes for this year are highlighted in yellow. Commentary in red relates to OLG requirements and commentary in blue relates to the Australian Accounting Standards.
- To support understanding of the proposed changes to the Code, a web video and a Questions and Answers material will be made available shortly via the OLG Website.
- Any questions or further clarifications relating to the draft Code and other documentation can be submitted to email@example.com.
- Joint Organisations (JOs) Financial Reporting – A supplementary Accounting Code is currently being developed to assist JOs with their statutory reporting obligations.