Circulars

What’s new or changing

• The Office of Local Government (OLG) is conducting a series of workshops commencing November 2018 and concluding May 2019 on impending Accounting Standards and the auditing of financial statements.
• A range of council revenue and lease contracts will be reviewed to enable councils to gain an understanding of the issues to consider in determining the impact of the new standards.
• Details of the dates and locations for the information sessions are shown in Attachment A.

What this will mean for your council

• The workshops will provide an opportunity for council staff involved in accounting and financial reporting to learn about the new Accounting Standards and be better prepared for their release.
• All council staff involved in accounting practice and financial reporting are encouraged to attend.

Key points

• The information sessions will be held at 17 locations across NSW commencing November 2018 and concluding May 2019. Sessions are designed for council finance staff playing a role in accounting and financial reporting functions.
• The sessions will include:
  o delving into the detail of the new accounting standards on
   AASB 15 Revenue from Contracts with Customers
   AASB 1058 Income of Not-for-Profit entities
   AASB 16 Leases.
  o review of a range of council revenue and lease contracts to enable councils to gain an understanding of the issues to consider in determining the impact of the new standards
  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
Chief Executive