Financial Reporting Code and Circular for NSW General Government Sector Entities

March 1, 2016

NSW Treasury has issued TPP 15-04 'Financial Reporting Code for NSW General Government Sector Entities'. The Code sets out the financial reporting framework for NSW General Government Sector (GGS) entities and outlines the form and content of financial statements, including their accompanying notes and disclosures.

The Code applies to all NSW GGS entities from the 30 June 2016 financial year end. However, special purpose staff agencies are exempt from the requirements of the Code per NSW TC 15/07.

To help agencies, the Code cross-references to, and illustrates the effects of Accounting Standards and Treasury Circulars typically most relevant to GGS entities.

NSW Treasury has also released NSW TC 16/02 ‘Mandates of Options and Major Policy Decisions under Australian Accounting Standards’. Where Australian Accounting Standards allow certain accounting policy choices, Treasury has mandated the options agencies must use.

The Circular applies to all entities that must prepare general purpose financial statements under the Public Finance and Audit Act 1983, including Statutory State Owned Corporations, from the 30 June 2016 financial year end.

With its roots in the NSW government public sector, Centium has literally decades of front line experience in government accounting and financial reporting. Not only do we audit and assure, we advise and do. We're also registered tax agents.

We'd be delighted to chat with you about how we can assist your agency to prepare for, and comply with, the new Code and Circular.

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