NSW Treasury has released a Circular that updates Treasury mandates to include new accounting standards for all NSW public sector entities to be applied to financial statements this financial year.
Executive Director Financial and Operations Group at NSW Treasury, Stewart Walters said the Circular applied to all entities required to prepare general purpose financial statements under the Public Finance and Audit Act 1983, including Statutory State Owned Corporations.
“It supersedes and withdraws the previous Treasury Circular TC19-04 with the same title,” Mr Walters said.
“This Circular is issued as a Direction in accordance with sections nine and 45E of the Public Finance and Audit Act 1983,” he said.
“This Circular should be read in conjunction with relevant Treasury Circulars and Treasury Policy Papers.”
Mr Walters said the main changes to the mandates were: the adoption of new accounting standards effective in the financial year 2019-20; an updated list of Standards issued but not yet effective; and confirmation that Accounting Standards cannot be early adopted.
He said two changes in the mandates applied to not-for-profits only, the adoption of the Australian Accounting Standards Board’s (AASB) Revenue from Contracts with Customers and AASB’s Income of Not-for-profit Entities.
The 27-page Circular can be accessed at this PS News link.