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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.



NSW Treasury Guidance

NSW Treasury has developed the below guidance in relation to the 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.


The Office of Local Government has prepared a Guidance Paper, which provides councils with specific direction on adopting the 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.


Accounting Standard Effective 1 July 2018 – AASB 9 – Financial Instruments

NSW Treasury has release a policy paper TPP 19-05 Financial Instruments. This Policy provides guidance to NSW public sector agencies in applying AASB 9 Financial Instruments and AASB 132 Financial Instruments: Presentation, including:

  • likely classification of financial instruments
  • impairment of financial assets and
  • hedge accounting


Although this Policy is tailored to all NSW public sector agencies (including Statutory State-Owned Corporations) it may be a useful resource for NSW Local Government.

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