18-38 – 2018-19 draft Code of Accounting Practice and Financial Reporting (Update No. 27)

Category: Circular to Councils Status: Active
Circular Details: 18-38 / 22 November 2018 / A626667 Contact: Jasmine Osborne / (02) 4428 4100
Previous Circular: Nil Attachments: Nil
Who should read this: General Managers / Financial accounting business areas Action required: Feedback to OLG
PDF Version: Council Circular 18-38 – PDF

What’s new or changing

  • The draft 2018-19 Code of Accounting Practice and Financial Reporting has been released for comment.

What this will mean for your council

Key points

  • OLG has prepared the draft Accounting Code (update 27) for consultation in response to sector feedback, policy changes and changes to the Australian Accounting Standards.
  • Due to the 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, a web video and a Questions and Answers material will be made available shortly via the OLG Website.
  • Any questions or further clarifications relating to the draft Code and other documentation can be submitted to
  • Joint Organisations (JOs) Financial Reporting – A supplementary Accounting Code is currently being developed to assist JOs with their statutory reporting obligations.

Tim Hurst
Chief Executive