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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.


New Councils Webinar

Below is the link to the presentation slides for the new councils webinar which was held on 18 May 2018.  The webinar recording and Q&A document will be published as soon as they are made available.



Draft Code of Accounting Practice and Financial Reporting #25 (Code) and Code Supplement for new councils.


  • Code documents are available to download from the Related Downloads section.


  • A webinar was held on Tuesday 14th February 2017. The link to the webinar recording is provided below.



Links to the presentation slides and the Questions and Answers document are available below.



AASB 124 – Related Party Disclosures


 Please find below the link to the agenda decision by the Australian Accounting Standards Board.
The AASB were asked to consider whether transactions with KMP related parties would always be material in the public sector context.  The AASB decided not to add this project to their active agenda and a paper has been released to support this decision.  
The paper which can be accessed by clicking the link, may provide some additional guidance to Councils in assessing their KMP related transaction and determining whether they should be disclosed.  The disclosure of these transactions will continue to be based on Councils policies and will involve judgement.  Note that the Accounting Code provides some guidance and examples however Councils should make their determination in accordance with their specific policy and assessment of materiality. 


Code update 24 Appendix J provides guidance on the adoption of AASB 124.



A Webinar on AASB 124 Related Party Disclosures was held on Wednesday, 12 October 2016. For those unable to attend the webinar, the session was recorded and is available on this webpage along with the presentation slides and a Questions and Answers document which has been recently updated in January 2017. Links to the draft code Update 25 webinar presentation slides and Questions and Answers documents are provided below.


To further assist councils in preparing the necessary policies and procedures to implement AASB 124 requirements, the following external links are made provided:-

1. Qld Department of Infrastructure, Local Government and Planning

2. Samples of Local Government Policies: 

3. NSW Treasury


Pecuniary Interest disclosures vs AASB 124 disclosures

The attached  ‘Pecuniary Interest Disclosure and AASB 124’ document highlights the comparisons and contrasts between pecuniary interest disclosures and related party disclosures, relating to KMP.  This document considers the purpose and content of the pecuniary interest form and the AASB 124 disclosures.

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