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Accounting practice

The Office of Local Government provides support and advice to councils through the Local Government Code of Accounting Practice and Financial Reporting.

 

Draft Code of Accounting Practice and Financial Reporting (update 27) for the 2018-19 reporting period – open for public consultation

The draft 2018-19 Code of Accounting Practice and Financial Reporting has been released for comment. The following draft documents are available for download:

1. OLG - Draft Code Update 27 - Circular

2. OLG - Draft Code Update 27 - Summary of proposed changes

3. OLG - Draft Code Update 27 1(a) - General Purpose Financial Statements

4. OLG - Draft Code Update 27 1(b) - Special Purpose Financial Statements

5. OLG - Draft Code Update 27 1(c) - Special Schedules

6. OLG - Draft Code Update 27 1(d) - Appendices

 

Councils are invited to provide feedback on the draft Code (Update No. 27) by Friday 11 January 2019 to: code@olg.nsw.gov.au.

 

OLG Financial Reporting Workshops 2018-19

  • 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

Financial Reporting options elected on transitioning to new Standards - Paper

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

 

The Office of Local Government has prepared a Guidance Paper, which provides councils with specific direction on adopting the new standards. A Council Circular and the Paper are available in related links and downloads. Councils should refer to the Guidance Paper when preparing their transition arrangements.

 

 

 

 

 

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