19-04 – Final Code of Accounting Practice and Financial Reporting (update 27) including Joint Organisations Supplement
What’s new or changing
- The final Code of Accounting Practice and Financial Reporting (Code) (update 27) is available for preparing councils’ 2018-19 financial statements.
- A Joint Organisation (JO) Supplement to the Code is available for preparing JO financial statements for the period from Proclamation to 30 June 2019.
- Councils should note key changes and JOs should note new requirements.
What this will mean for your council/JO
- The Code must be used by councils and JOs 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 18-38.
- Extensive feedback received from the Audit Office, councils and others has resulted in a significant number of changes being made to the final Code.
- Councils should carefully review the Summary of changes to the Code (update 27) document in conjunction with the Code.
- The new JO Supplement to the Code will support JOs preparing financial statements for the first time.
- The introduction and overview of the Code provides guidance to JOs on the application of the JO Supplement.
Where to go for further information
- The OLG website has the Code (Update 27) comprising five documents:
1. General Purpose Financial Statements
2. Special Purpose Financial Statements
3. Special Schedules
4. Joint Organisations Supplement
- The Summary of changes document to the Code (update 27)
- The OLG Accounting Practice page can be found here: www.olg.nsw.gov.au/strengthening-local-government/supporting-and-advising-councils/accounting-practice