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18-33 OLG Financial Reporting Workshops 2018-19

Date: Monday 22nd October 2018
Category: Council Circular

Circular Details

Circular No 18-33 / 22 October 2018 / A621432

Previous Circular

 Circular No 18-04 /

Who should read this

General Managers / Council finance staff

Contact

Policy Team / 02 4428 4100 / code@olg.nsw.gov.au

Action required

Information / Response to OLG

PDF Version of Circular

 18-33 OLG Financial Reporting Workshops 2018-19

Attachment/s 

 Attachment A

 

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:
    • 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.
    • 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
    • discussion on accounting issues, policies and guidance.

 

Where to go for further information

 

Tim Hurst

Chief Executive

 

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