18-04 – OLG Financial Reporting Roadshows 2018

Category: Circular to Councils Status: Active
Circular Details:  18-04 / 20 February 2018 / A582048 Contact: Policy Team / 02 4428 4178
Previous Circular: Nil Attachments: Nil
Who should read this: General Managers / All council finance staffAction required: Information / Response to OLG
PDF Version: Council Circular 18-04 – PDF

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

Tim Hurst
Acting Chief Executive