20-40 Local Government Code of Accounting Practice and Financial Reporting 2020-21
|Circular Details||20-40 / 11 December 2020 / A750864|
|Who should read this||General Managers / Financial accounting business areas|
|Contact||Policy Team / (02) 4428 4100 / email@example.com|
|Action required||Council/Joint Organisations to implement|
|PDF Version||Council Circular 20-40 – PDF|
What’s new or changing
- The final Code of Accounting Practice and Financial Reporting (Code) is available for preparing councils’ 2020-21 financial statements.
- A Joint Organisation (JO) Supplement to the Code is available for preparing JO 2020-21 financial statements.
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.
- The Code has been prepared in accordance with the Local Government Act 1993, the Australian Accounting Standards and other requirements.
- To enhance the readability and user friendliness of the Code, extensive restructuring and formatting has been undertaken.
- Changes highlighted in yellow are new for 2020-21.
- Councils and JOs should carefully review the key changes in this year’s Code, which are also detailed within the Summary of key changes to the Code 2020-21 document.
- A reference tool to assist with mapping from the previous Code to the new Code structure is also provided.
- The JO Supplement to the Code supports JOs preparing financial statements.
- The introduction and overview of the Code provides guidance to JOs on the application of the JO Supplement.
- The Code has been developed in consultation with key stakeholders, including the NSW Audit Office, council and JO representatives, external auditors and LGNSW.
Where to go for further information
- OLG’s website has the:
- Code comprising of five documents:
- General Purpose Financial Statements (Section 1)
- Joint Organisations Supplement (Section 2)
- Special Purpose Financial Statements (Section3)
- Special Schedules (section 4), and
- Appendices (Section 5)
- Summary of key changes to the Code 2020-21
- Mapping tool – Code 2019-20 to 2020-21
- 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