NSW Treasury has released an updated Financial Reporting Code for NSW General Government Sector Entities.
Executive Director Financial and Operations Group at NSW Treasury, Stewart Walters said the new edition of the Code superseded the previous version, issued as NSW Treasury Policy and Guidelines Paper TPP19-04.
Mr Walters said the Code provided a model financial reporting framework to promote consistency across the NSW General Government Sector (GGS).
“It is not mandatory in its entirety and NSW GGS entities can tailor the model to their individual circumstances,” Mr Walters said.
“However, financial reports must be prepared in accordance with Australian Accounting Standards (AAS) and other Treasury requirements, including annual Treasury Circulars on Mandates of options and major policy decisions under AAS,” he said.
“This version of the Code applies for financial years ending on or after 30 June 2020.”
Mr Walters said the main changes to the code were: the addition of transitional disclosures upon the adoption of standards published by the Australian Accounting Standards Board (AASB); addition of the new disclosure requirements subsequent to the adoption of standards published by the AASB; revised accounting policies and the related commentary on revenue and leasing; and revised disaggregation of revenue items and the related commentary on presentation.
He said other changes to the code included: changes to the disclosure of appropriations due to the introduction of the new concept of “deemed appropriations” in Government Sector Finance Act 2018; and the removal of financial instrument disclosures relevant to the financial year 2017/2018.
The 153-page Policy and Guidelines Paper can be accessed at this PS News link.
