17-41 – 2017-18 draft Code of Accounting Practice and Financial Reporting (Update No. 26)

Category: Circular to CouncilsStatus: Active
Circular Details: 17-41 / 14 December 2017 / A574975Contact: Laura Love / (02)4428 4178
Previous Circular: NilAttachments: Nil
Who should read this: General Managers / Financial accounting business areasAction required: Feedback to OLG at by 2 February 2018
PDF Version: Council Circular 17-41 – PDF

What’s new or changing

  • The draft 2017-18 Code of Accounting Practice and Financial Reporting has been released for comment.

What this will mean for your council

Key points

  • OLG has prepared draft Accounting Code (update 26) for consultation in response to sector feedback, policy changes and changes to the Australian Accounting Standards.
  • Due to the significant 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 will be made available on OLG Website shortly via a web video and a Questions and Answers material.
  • Any questions or further clarifications relating to the draft Code and other documentation can be submitted to

Penny Holloway
Acting Chief Executive