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

Date: Thursday 22nd November 2018
Category: Council Circular

Circular Details

Circular No 18-38 / 22 November 2018 / A626667

Who should read this

General Managers / Financial accounting business areas

Contact

Jasmine Osborne / (02) 4428 4100 / code@olg.nsw.gov.au

Action required

Feedback to OLG at code@olg.nsw.gov.au by 11 January 2019

PDF Version of Circular

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

 

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 code@olg.nsw.gov.au.
  • 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

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