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

Date: Wednesday 18th April 2018
Category: Council Circular

Circular Details Circular No 18-10/ 18 April 2018 / A587032
Previous Circular 17-41
Who should read this General Managers / Financial accounting business areas
Contact Laura Love / (02) 4428 4178 /
Action required Council to Implement
PDF Version of Circular 18-10 Final Code of Accounting Practice and Financial Reporting (update 26)

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

  • The Code (Update 26) comprising of four documents:
  1. General Purpose Financial Statements
  2. Special Purpose Financial Statements
  3. Special Schedules
  4. Appendixes

Tim Hurst
Acting Chief Executive

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