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18-20 Guidance to councils on transitioning to the new Australian Accounting Standards

Date: Thursday 2nd August 2018
Category: Council Circular

 

Circular Details Circular No 18-20 / 02 August 2018 / A600437
Who should read this General Managers / Financial accounting business areas
Contact Laura Love / (02) 4428 4178 / code@olg.nsw.gov.au
Action required Information / Council to Implement
PDF Version of Circular  18-20 Guidance to councils on transitioning to the new Australian Accounting Standards


What’s new or changing

  • The Australian Accounting Standards Board (AASB) is making a number of options available to entities on transition to the new standards:
    • AASB 9 Financial Instruments
    • AASB 15 Revenue from Contracts with Customers
    • AASB 16 Leases
    • AASB 1058 Income of Not-for-Profit Entities

 

What this will mean for your council

  • The Office of Local Government has prepared a Guidance Paper, which provides councils with specific direction on adopting the new standards.
  • Further guidance material and information on the new standards will be provided in 2018-19.

 

Key points

  • In order to achieve consistency and comparability OLG has elected a position on AASB options, which all councils must adopt on transition to the new standards.
  • The new standards must be adopted on their respective mandatory effective dates, i.e. councils are not permitted to early adopt any of the standards.
  • Councils should refer to the Guidance Paper when preparing their transition arrangements.

 

Where to go for further information

 

Tim Hurst
Chief Executive

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