26 September 2023

Treasury issues new reporting code

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NSW Treasury has issued a new reporting code directing Agencies to consider emerging issues when preparing their financial reports.

Issuing TPG23-03 Financial Reporting Code for NSW General Government Sector Entities, Treasury said the Code provided a model financial reporting framework which promoted consistency across the NSW General Government Sector (NSW GGS).

“The Consolidated Financial Statements of New South Wales report on the General Government Sector (GGS) entities and the Total State Sector,” Treasury said.

“Similarly, the NSW Budget Papers focus on the GGS,” it said.

“It is not mandatory in its entirety and NSW GGS entities can tailor the model to their individual circumstances.

“However, financial reports must be prepared in accordance with Australian Accounting Standards (AAS) and Treasury requirements.”

The Treasury said the Code had been updated for changes in AAS and Treasury policy requirements.

It said Agencies should also consider emerging financial reporting issues when preparing financial reports.

“The impact of climate-risks is becoming more significant for organisations,” the Department said.

“In preparing financial statements, agencies should consider climate related matters, if the effect of climate risk is material.”

It said the COVID-19 pandemic interrupted the operations of most organisations and led to Government policy responses.

“These often have financial reporting implications,” the Treasury said.

“For example, interruptions to building construction and Government grants and other financial support.”

TPG23-03 can be accessed at this PS News link.

TPG23-03 supersedes and replaces TPG22-06 Financial Reporting Code for NSW General Government Sector Entities.

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