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TPP15-04 Financial Reporting Code for NSW General Government Sector Entities

December 18, 2015

The Treasury (NSW) has issued TPP15-04 that sets out the financial reporting framework for NSW General Government Sector entities. It outlines the form and content of financial statements, including the accompanying note disclosures.

It applies to all NSW General Government Sector entities from the financial year ending on or after 30 June 2016 and incorporates the requirements of Australian Accounting Standards applicable to GGS entities.  It has been updated for miscellaneous amendments to the Accounting Standards and other revised Treasury Circulars and Treasury Policy Papers.

The Code prescribes a fixed format for the financial statements and the accompanying notes. It also provides extensive commentary to assist in the preparation of the financial statements. Entities must follow the fixed format financial statements and note disclosures.

The structure of the Code is as follows:

  •   Primary financial statements:
    • -  Statement of comprehensive income
    • -  Statement of financial position
    • -  Statement of changes in equity
    • -  Statement of cash flows
  •   Supplementary financial statements:
    • -  Service group statements
    • -  Summary of compliance with financial directives
  •   Accompanying notes:
    • -  Summary of significant accounting policies
    • -  Other note disclosures
  •   Appendices:
    • -  Definitions
    • -  Key References
    • -  Current Treasury Circulars / Policy and Guidelines Papers on Accounting Policy Matters
    • -  Main changes compared to the previous version of the Code (TPP 15-01).
    • The team at Centium would be happy to chat with you about the requirements of the Code and how we can help ensure that your entity complies. Our team includes Chartered Accountants and Certified Practising Accountants with highly tuned areas of expertise. We can assist your agency to prepare for the financial year ending 30 June 2016 which is when the Code must be applied.

      Beyond this, we offer specialised services such as economic appraisal; efficiency and savings advisory; and the development of business cases. Examples of past projects include: Financial analysis of business operations or activities; Cost benefit analysis of business initiatives or policies; Re-engineering financial and administrative systems; Advice on the acquisition and implementation of new financial system applications; preparation of Business Plans; Reviews of compliance with tax and super requirements; Advice on taxation implications of specific organisational initiatives or transactions; Forensic accounting; and assisting with ATO enquiries and audits.

      We can be contacted via email, phone or in person.

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