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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.

 

2018-19 Final Code of Accounting Practice and Financial Reporting (update 27) including Joint Organisations Supplement

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.  See related downloads for all relevant documents.

 

New Accounting Standards

NSW Treasury has developed the below guidance in relation to the new accounting standards. The documents were written by NSW Treasury for State Agencies and Departments. The primary audience was not NSW councils, nor council related entities, however the NSW Office of Local Government believe that the content could be a useful resource for NSW councils. Comments have been provided by OLG throughout the guidance in Bold Red.

 

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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