Circulars

What’s new or changing

• The Office of Local Government (OLG) is conducting a series of information sessions in March 2018 on impending Accounting Standards and the auditing of financial statements.
• There will also be an opportunity at the sessions to discuss accounting issues and provide input into OLG’s financial reporting policy and guidelines.

What this will mean for your council

• All council staff involved in accounting practice and financial reporting are encouraged to attend.

Key points

• The information sessions will be held at eight locations across NSW during March and April 2018, and are designed for council finance staff playing a role in accounting and financial reporting functions.
• The sessions will include:
• an overview of the three new accounting standards that will apply to financial statements in the near future:
   AASB 15 Revenue from Contracts with Customers;
  o AASB 1058 Income of Not-for-Profit entities
   AASB 9 Financial Instruments; and
   AASB 16 Leases.
  o 2016-17 auditing of financial statements (Audit Office observations and themes) and focus areas for 2018; and
  o discussion on accounting issues, policies and guidance.

Where to go for further information

• The online registration system for the OLG Financial Reporting Information Sessions is now open, and can be accessed at: http://www.olg.nsw.gov.au/strengthening-local-government/supporting-and-advising-councils/accounting-practice

Tim Hurst
Acting Chief Executive