17-41 – 2017-18 draft Code of Accounting Practice and Financial Reporting (Update No. 26)
| Category: Circular to Councils | Status: Active |
| Circular Details: 17-41 / 14 December 2017 / A574975 | Contact: Laura Love / (02)4428 4178 |
| Previous Circular: Nil | Attachments: Nil |
| Who should read this: General Managers / Financial accounting business areas | Action required: Feedback to OLG at code@olg.nsw.gov.au by 2 February 2018 |
| PDF Version: | Council Circular 17-41 – PDF |
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
- Councils are invited to provide feedback on the draft Code (Update No. 26) by Friday 2 February 2018 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 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