20-11 Final Code of Accounting Practice and Financial Reporting (update 28) including Joint Organisations Supplement
|Category: Circular to Councils||Status: Active|
|Circular Details: 20-11 / 30 March 2020 / A691689||Contact: Policy Team / (02) 4428 4100 / firstname.lastname@example.org|
|Previous Circular: 19-04 – Final Code of Accounting Practice and Financial Reporting (update 27) including Joint Organisations Supplement||Attachments: Nil|
|Who should read this: General Managers / Financial accounting business areas||Action required: Council/Joint Organisations to implement|
|PDF Version||Council Circular 20-11 – PDF|
What’s new or changing
- The final Code of Accounting Practice and Financial Reporting (Code) (update 28) is available for preparing councils’ 2019-20 financial statements.
- A Joint Organisation (JO) Supplement to the Code is available for preparing JO financial statements for the period.
- Councils and JOs should note key changes.
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 the 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 19-29.
- 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 28) document in conjunction with the Code.
- The JO Supplement to the Code will support JOs preparing financial statements.
- The introduction and overview of the Code provides guidance to JOs on the application of the JO Supplement.
Where to go for further information
OLG’s website has the Code comprising of five documents:
- General Purpose Financial Statements
- Special Purpose Financial Statements
- Special Schedules
- Joint Organisations Supplement
- Summary of changes document to the Code (update 28)
- OLG’s Accounting Practice page can be found here: https://www.olg.nsw.gov.au/councils/council-finances/financial-reporting/local-government-code-of-accounting-practice-and-financial-reporting/
Deputy Secretary, Local Government, Planning and Policy