18-10 – Final Code of Accounting Practice and Financial Reporting (update 26)

Category: Circular to Councils Status: Active
Circular Details:  18-10/ 18 April 2018 / A587032 Contact: Laura Love / (02) 4428 4178 /
Previous Circular: 17-41 Attachments: Nil
Who should read this: General Managers / Financial accounting business areasAction required: Council to Implement
PDF Version: Council Circular 18-10 – PDF

What’s new or changing

  • The final Code of Accounting Practice and Financial Reporting (Code) (Update 26) is available for preparing councils’ 2017/18 financial statements.
  • Council staff should note key changes made to this year’s Code.

What this will mean for your council

  • The Code must be used by councils to prepare their annual financial statements in accordance with the Local Government Act 1993 and the Local Government (General) Regulation 2005.

Key points

  • Changes highlighted in yellow are new for this year. Commentary in red relates to Office of Local Government (OLG) requirements and commentary in blue relates to the Australian Accounting Standards.
  • Key changes in this year’s draft Code were highlighted in Circular 17-41.
  • Due to the extensive feedback received from the Audit Office, sector and other stakeholders, a significant number of changes have occurred between the draft and the final Code.
  • It is recommended that councils carefully review the Summary of changes to the Code (Update 26) document in conjunction with the Code available on OLG’s website.

Where to go for further information

Tim Hurst
Acting Chief Executive