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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.

 

2019-20 draft Code of Accounting Practice and Financial Reporting  (update 28)

The draft Code of Accounting Practice and Financial Reporting (Code) (update 28) has been released for comment.

Councils and JOs are invited to provide feedback on the draft Code (Update No. 28) by Friday 31 January 2020 to: code@olg.nsw.gov.au.

 

To support understanding of the proposed changes to the Code:

  • A summary of changes document is available in the related downloads box.
  • A webinar recording is available in related links – external. (OLG apologises for the minor technical glitch with the final few slides).
  • Presentation slides from the webinar recording and a Questions and Answers (Q&A) document are available in the related downloads box. The Q&A document will be updated periodically as feedback is received.

 

Guidance to councils on transitioning to the new Australian Accounting Standards

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.

It includes guidance on transition to the new Australian Accounting Standards:

  • AASB 9 Financial Instruments
  • AASB 15 Revenue from Contracts with Customers
  • AASB 16 Leases
  • AASB 1058 Income of Not-for-Profit Entities

OLG has prepared guidance material to support the implementation of the new Accounting Standards AASB 16, 15 and 1058. This material has been made available to all Councils via Objective Connect.

 

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.

 

 

 

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