Sorry, you need to enable JavaScript to visit this website.

Skip to content

19-04 Final Code of Accounting Practice and Financial Reporting (update 27) including Joint Organisations Supplement

Date: Friday 29th March 2019
Category: Council Circular

Circular Details

Circular No 19-04 / 29 March 2019 / A637501

Previous Circular

Circular 18-38

Who should read this

General Managers / Financial accounting business areas


Policy Team / (02) 4428 4100 /

Action required

Council/Joint Organisations to implement

PDF Version of Circular

19-04 Final Code of Accounting Practice and Financial Reporting  (update 27) including Joint Organisations Supplement


What’s new or changing

  • The final Code of Accounting Practice and Financial Reporting (Code) (update 27) is available for preparing councils’ 2018-19 financial statements.
  • A Joint Organisation (JO) Supplement to the Code is available for preparing JO financial statements for the period from Proclamation to 30 June 2019.
  • Councils should note key changes and JOs should note new requirements.


What this will mean for your council/JO

  • The Code must be used by councils and JOs 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 18-38.
  • Extensive feedback received from the Audit Office, councils and others has resulted in a significant number of changes being made to the final Code.
  • Councils should carefully review the Summary of changes to the Code (update 27) document in conjunction with the Code.
  • The new JO Supplement to the Code will support JOs preparing financial statements for the first time.
  • The introduction and overview of the Code provides guidance to JOs on the application of the JO Supplement.


Where to go for further information

  • The OLG website has the Code (Update 27) comprising five documents:

1. General Purpose Financial Statements

2. Special Purpose Financial Statements

3. Special Schedules

4. Joint Organisations Supplement

5. Appendices


Tim Hurst

Chief Executive

Back to top