Circulars

18-38 – 2018-19 draft Code of Accounting Practice and Financial Reporting (Update No. 27)

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

Key points

  • 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 code@olg.nsw.gov.au.
  • Joint Organisations (JOs) Financial Reporting – A supplementary Accounting Code is currently being developed to assist JOs with their statutory reporting obligations.

Tim Hurst
Chief Executive