15-12 – Draft Code of Accounting Practice and Financial Reporting 2014-15

What’s new or changing

  • The draft 2014-15 Code of Accounting Practice and Financial Reporting has been released for sector comment.

What this will mean for your council

  • Councils are asked to provide feedback on the draft Code Update 23 by Friday, 24 April 2015 to:
  • There is an opportunity to learn more about the changes and provide feedback via a webinar on Thursday 16 April (9:30am to 11:00am). Details on how to participate are shown in attachment A.
  • The OLG will endeavour to provide the final version of Code Update 23 by the end of May 2015 following sector feedback.

Key points

  • The Office has prepared draft Accounting Code Update 23 in response to sector feedback, policy changes and changes to the Australian Accounting Standards. Key changes include:
    • Note 19 – a revamp of this note to incorporate additional disclosures in relation to councils interests in other entities based on changes in Australian Accounting Standards
    • Special Schedule 7 Report on Infrastructure Assets – information regarding staged auditing process
    • Special Schedule 8 Financial Projections – this Schedule has been removed. Relevant data will be collected via the Financial Data Return
    • Note 15 Receivables – analysis of overdue Rates and Annual charges has been amended based on sector feedback.
  • Where possible, councils are encouraged to review the draft Code and provide feedback prior to the Webinar being held on Thursday, 16 April.This will enable the Office of Local Government to clarify and/or address any issues as part of the Webinar process.

Where to go for further information

  • A copy of the draft Code Update 23 is available on the Office website at > For Councils > Accounting Practice.

Steve Orr
Acting Chief Executive