Circulars

What’s new or changing

• The draft 2018-19 Code of Accounting Practice and Financial Reporting has been released for comment.

What this will mean for your council

• Councils are invited to provide feedback on the draft Code (Update No. 27) by Friday 11 January 2019 to: code@olg.nsw.gov.au.
• The key documents are available on the Office of Local Government (OLG) website at
  http://www.olg.nsw.gov.au/strengthening-local-government/supporting-and-advising-councils/accounting-practice.

Key points

• OLG has prepared the draft Accounting Code (update 27) for consultation in response to sector feedback, policy changes and changes to the Australian Accounting Standards.
• Due to the 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, a web video and a Questions and Answers material will be made available shortly via the OLG Website.
• Any questions or further clarifications relating to the draft Code and other documentation can be submitted to code@olg.nsw.gov.au.
• Joint Organisations (JOs) Financial Reporting – A supplementary Accounting Code is currently being developed to assist JOs with their statutory reporting obligations.

Tim Hurst
Chief Executive