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|
|Who should read this||General Managers / Financial accounting business areas|
|Contact||Laura Love / (02) 4428 4178 / email@example.com|
|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.
- 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:
- General Purpose Financial Statements
- Special Purpose Financial Statements
- Special Schedules
- The summary of changes document is available at: http://www.olg.nsw.gov.au/strengthening-local-government/supporting-and-advising-councils/accounting-practice
Acting Chief Executive