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The NSW Ombudsman tabled Casebook July 2025: Investigations and compliant-handling case studies in Parliament, which summarises the complaints handled by the NSW Ombudsman for the period 1 January 2025 to 30 June 2025.

The report sets out in:

• Part – summary of formal investigations finalised during the period
• Part 2 – selection of case studies for matters finalised and insights for the sector
• Appendix – the six principles for effective complaint management.

The NSW Ombudsman’s Draft External Investigations Guidelines A practical guide for managing an external investigation (the Guidelines) has been released for comment by 17 October 2025. These Guidelines aim to help strengthen agency capability, support consistent practice and promote good administration when conducting external investigations. Feedback is sought to ensure the Guidelines are clear, practical and fit for purpose and should be emailed to IMPBoperations@ombo.nsw.gov.au.

TD 25-05 ‘Annual reporting information requirements’

This Direction, effective from 19 September 2025, provides the principles, requirements, and procedures agencies and their accountable authorities need to follow in presenting their annual reporting information in accordance with Division 7.3 of the Government Sector Finance Act 2018 (GSF Act).

It applies to reporting GSF agencies (unless excluded by or under the GSF Regulation or Treasurer’s Direction) and former reporting GSF agencies, including universities and their controlled entities as they are treated as both GSF agencies and reporting GSF agencies for the purposes of this Direction.

The Direction specifies:

• the principles the accountable authority must have regard to when preparing and publishing an agency’s annual reporting information
• a parent and its subsidiary agencies may prepare consolidated annual reporting information in accordance with the requirements of the applicable TPG
• two or more agencies that are not part of a consolidated group may prepare combined annual reporting information in accordance with the requirements of the applicable TPG
• the form of annual reporting for a GSF agency depending on their grouping:
  • Group 1 agency – required to prepare and present an annual report
  • Group 2 agency – required to prepare an annual information statement
  • Group 3 agency – is not required to prepare annual reporting information. 
    Notwithstanding the above, the Secretary of the Treasury may require an agency to prepare an annual report if the Secretary believes it is necessary to ensure adequate public accountability, transparency and information for users of the agency’s annual reporting information.
• the annual reporting information must be prepared within 4 months after the end of the reporting period and given to the responsible Minister within the agreed or directed period, so it can be tabled in Parliament.

TD 25-06 ‘Financial and annual reporting by former reporting GSF agencies’

This Direction provides an exemption to certain former reporting GSF agencies from the requirement to prepare final annual GSF financial statements and final annual reporting information, applicable to reporting periods commencing on or after 1 July 2024. 

The Direction:

• exempts certain former reporting GSF agencies from the requirement to prepare final annual GSF financial statements under section 7.7 of the GSF Act and final annual reporting information under section 7.14 of the GSF Act
• authorises the Secretary of the Treasury, or their nominee, to grant an exemption from or a modification to the requirements to prepare final annual GSF financial statements or final annual reporting information in certain cases
• applies to former reporting GSF agencies (and their accountable authorities) as well as transferee agencies affected by Machinery of Government changes (and their accountable authorities).

TD25-03 ‘Contingency Management Special Access Protocols’ and TPG25-06 ‘Contingency Management Special Access Protocols’

TD25-03 (the Direction), effective 1 July 2025, establishes the protocols for managing project contingency budgets for GSF agencies (excluding State-owned corporations). TPG25-06 (the policy) was issued to support the Direction, with the aim of enhancing transparency and accountability in project cost controls, improve risk mitigation and project governance, support government decision making and cash management.

Agencies with projects subject to the Direction are required to establish project-specific bank accounts (in line with TD23-18 Management of cash, banking and payments) or provide cash information to NSW Treasury (for the purpose of simulating a bank account). A ‘project’ is defined as any Tier 1 Infrastructure Project or Program as defined under the Infrastructure Investor Assurance Framework (IIAF) or any additional project nominated by the Treasurer.

The key requirements of the Direction and policy include:

1. Forecast requirements – agencies must:
   • establish a bank account or have an alternate reporting and forecasting process approved by NSW Treasury
   • report monthly using an approved Cash Forecasting System or an alternative approach approved by NSW Treasury. These reports should include forecasts of contingency and non-contingency-related project costs, actual project costs incurred, the balance of contingency funds remaining and a commentary for material variances
2. Assurance Process – agencies must report on contingency and risk management through the relevant assurance process.
3. Staged access to contingency and support from NSW Treasury – agencies must obtain NSW Treasury support before accessing contingency funds. These must be accessed in tranches over an agreed period aligning with the expected cash use. The Treasurer’s approval is required for fund movements between projects.
4. Additional contingency required outside the staged access – if an agency identifies a likely or proposed material contractual or commercial risk that exceeds the available tranche of contingency, it must submit the required information to NSW Treasury to request additional contingency funds.

The Secretary of NSW Treasury may grant exemptions, extensions, or variations to the requirements of the Direction.

TPG25-07 ‘NSW Infrastructure’

This policy establishes the mandatory requirements and guidance for Delivery Agencies (DAs) managing Tier 1 infrastructure projects and other Treasurer-nominated projects to consult with the NSW Treasury’s Major Project Divisions (MPD) at key project stages and throughout the project lifecycle. At a minimum, DAs must consult with MPD at key project development, procurement and delivery stages, or when certain events are likely to, or do occur, in order for MPD to provide timely advice and oversight to ensure:

• risks are mitigated
• key project decisions demonstrate value for money
• consistency in procurement process
• compliance with relevant laws and regulations.

The policy will also apply to Private Public Partnerships (PPP) but does not replace the detailed requirements of the NSW Public Private Partnership Policy and Guidelines (TPG22-21).

TD25-04 ‘Climate-related financial disclosures’

This Direction:

• specifies the mandatory climate-related financial disclosures that are annual reporting information for a reporting GSF agency in accordance with section 7.11(1)(e) of the Government Sector Finance Act 2018 (GSF Act)
• applies to the reporting GSF agencies listed in Appendix A of the Direction and to the accountable authorities for those agencies (i.e., phase 1 entities that will prepare climate-related disclosures for 2024-25)
• applies, adopts and incorporates TPG 24-33 ‘Reporting framework for climate-related financial disclosures’.

The Direction requires:

• the accountable authority of each agency to prepare mandatory climate-related financial disclosures for inclusion in the agency’s annual reporting information for each annual reporting period, in the manner and form specified in TPG 24-33
• each agency to include mandatory climate-related financial disclosures in their annual reporting information from the annual reporting period ended 30 June 2025 (or ending 31 December 2025 for agencies who report on a calendar year basis). The mandatory disclosures include the four pillars of information, the key guiding principles and the specified disclosure requirements set out in the ‘Summary of Requirements’ section of TPG 24-33.

The Direction allows the Secretary of the Treasury (or a person nominated by the Secretary) to grant an exemption from, or extension in relation to, one or more of the requirements of this Direction.

Circular 25-20 ‘Model Meeting Code’

This Circular highlights the release of the Model Meeting Code (the Code) which is a uniform set of meeting rules to ensure council meetings are open, accessible, orderly, effective and efficient. These rules also apply to meetings of the boards of joint organisations and county councils.

The Code includes mandatory and non-mandatory provisions and councils are required to adopt a code of meeting practice incorporating the mandatory provisions no later than 31 December 2025. As required by section 361 of the Local Government Act 1993 (LG Act), before adopting the Code, councils must first exhibit a draft of its code of meeting practice for at least 28 days and provide members of the community at least 42 days to comment on its draft code of meeting practice.

Circular 25-19 ‘Procurement guidelines for NSW Local Government’

The Office of Local Government (OLG) has released the draft Procurement guidelines for NSW Local Government (the Guidelines) and is seeking feedback. The Guidelines aim to clarify the interpretation and application of the Local Government Act 1993 and Local Government (General) Regulation 2021 as they apply to procurement activities, as well as:

• replace the current Tendering Guidelines 2009
• cover the legislative framework, best-practice procurement, with links to currently available resources
• enforce recommendations made by the Auditor-General for NSW
• address identified procurement risks and corruption risks identified from recent investigations by the Independent Commission Against Corruption.

Councils must submit their feedback by 10 October 2025 via email to olg@olg.nsw.gov.au. A working group will also be established and expressions of interest (EOI) in joining the working group should also be submitted by 10 October 2025.

Topics discussed included:

AASB Meeting Highlights – 19 August 2025

• Tier 2 entities
• Not-For-Profit Private Sector Framework (Tier 3)
• Conceptual Framework references
• IASB projects
• Post-implementation Review of AASB 1049 ‘Whole of Government and General Government Sector Financial Reporting’
• Other business – financial and sustainability reporting

AASB Meeting Highlights – 3 July 2025

• Presentation and disclosure in financial statements by Not-For-Profit (NFP) and Superannuation Entities
• Conceptual Framework – NFP Amendments
• NFP Private Sector Framework (Tier 3)
• Climate-related financial disclosure
• Sustainability reporting
• Other business – financial reporting

Latest news, accounting standards and work-in-progress documents from the AASB included:

Topics discussed included:

IASB Meeting Highlights – 23-25 September 2025

• Statement of cash flows and related matters
• Equity method
• Provisions – targeted improvements
• Amortised cost measurement
• Business combinations – disclosures, goodwill and impairment
• Financial instruments with characteristics of equity

IASB Meeting Highlights – 22-24 July 2025

• Statement of cash flows and related matters
• Business Combinations – disclosures, goodwill and impairment
• Maintenance and consistent application – IFRIC Update
• Financial instruments with characteristics of equity

Latest news from the IFRS Foundation included:

Topics discussed included:

IPSASB Meeting Highlights – 9-12 September 2025

• IPSAS 33 – Limited scope update
• Definition of material – narrow scope amendments
• Natural resources
• Sustainability: Climate-related disclosures
• Presentation of financial statements.

IPSASB Meeting Highlights – 24 July 2025

• Natural resources
• Sustainability: Climate-related disclosures.

Recent news from the IPSASB included:

IPSASB has recently issued:

Topics discussed included:

AUASB Meeting Highlights – 10 September 2025

• ISRE 2410 ‘Review of Interim Financial Information performed by the Independent Auditor of the Entity’
• Audit evidence and risk response.

AUASB Meeting Highlights – 9 July 2025

• NZAuASB update
• Environmental scan – December 2024 to June 2025
• Sustainability assurance implementation
• Amendments to ASA 102 and ASSA 5000 for APES 110 revisions
  • amending standards
  • explanatory statements
• Possible amendments to ASSA 5010 on sustainability assurance phasing
  • director’s declaration
  • draft legislation
• Submission on IAASB’S proposed amendments on Using the work of External Experts
  • draft submission
• Revised ASA 240 ‘The Auditor’s responsibilities Relating to Fraud in an Audit of a Financial Report’
  • draft standard
  • conforming amendments
  • explanatory statement
  • basis for conclusion.

Latest news from the AUASB included:

Topics discussed included:

IAASB Meeting Highlights – 15-18 September 2025

• Experts narrow scope amendments
• Sustainability reporting
• ISA 540 (Revised) Post-implementation review
• ISRE 2410
• IESBA – Firm culture and governance
• Audit evidence & risk response
• Sustainability reporting
• Sustainability assurance
• ISA for Less Complex Entities.

Latest publications from the IAASB included:

Topics discussed included:

APESB Meeting Highlights – 11 September 2025

• Proposed project to review APES GN 40 ‘Ethical Conflicts in the Workplace – Considerations for Members in the Business’
• Proposed compilation of APES 110 ‘Code of Ethics for Processional Accountants (including Independence Standards)’
• Update on proposed revised APESB Pronouncements (APES 200 and APES GN 20 series) for Code Confirming Amendments
• Update on proposed revised APESB Pronouncements (APES 300 and APES GN 30 Series) for Code Conforming Amendments
• Proposed APESB guidance on APES 110 prohibitions for audit, review and sustainability assurance engagements
• Proposed review of APESB Guidance Publications
• Update on Sustainability related matters.

Latest news and media releases from the APESB included:

Topics discussed included:

IESBA Meeting Highlights – 15-19 September 2025

• Firm culture and governance
• Role of CFOs
• Collective Investment Vehicles and Pension Funds
• Professional-Agnostic Part 4B
• Adoption & implementation
• Technology update
• Strategy and Work Plan 2028-2031
• Post-implementation review of Non-Compliance with Laws and Regulations (NOCLAR) and Restructured Code.

Latest news and publications from the IESBA included:

Treasury’s recent releases and other guidance included:

^#For more information refer to Hot Topics section.

The Premier released the following memos and circulars:

TCO released the following memos and circulars:

OPSC released the following circulars and memos:

DCS released the following circulars:

Inquiries and Reports tabled in NSW Parliament included:

Inquiries and Reports tabled in NSW Parliament included:

Recent publications included:

Recent media releases included:

Recent IPART papers and reports included:

Recent news and reports included:

^#For more information refer to Hot Topics section.