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17-41 2017-18 draft Code of Accounting Practice and Financial Reporting (Update No. 26)

Date: Thursday 14th December 2017
Category: Council Circular

Circular Details Circular No 17-41 / 14 December 2017 / A574975
Previous Circular N/A
Who should read this General Managers / Financial accounting business areas
Contact Laura Love / (02)4428 4178 / code@olg.nsw.gov.au
Action required Feedback to OLG at code@olg.nsw.gov.au by 2 February 2018
PDF Version of Circular 17-41 2017-18 draft Code of Accounting Practice and Financial Reporting (Update No. 26)


What’s new or changing

  • The draft 2017-18 Code of Accounting Practice and Financial Reporting has been released for comment.

 

What this will mean for your council

 

Key points

  • OLG has prepared draft Accounting Code (update 26) for consultation in response to sector feedback, policy changes and changes to the Australian Accounting Standards.
  • Due to the significant number of changes proposed in this year’s draft, it is recommended that councils carefully review the Summary of proposed changes document accompanying the draft Code.
  • The draft Code has been prepared and released earlier this financial reporting cycle following sector feedback.
  • New changes for this year are highlighted in yellow. Commentary in red relates to OLG requirements and commentary in blue relates to the Australian Accounting Standards.
  • To support understanding of the proposed changes to the Code will be made available on OLG Website shortly via a web video and a Questions and Answers material.
  • Any questions or further clarifications relating to the draft Code and other documentation can be submitted to code@olg.nsw.gov.au.

 

Penny Holloway
Acting Chief Executive

 

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