website banner for the July to September 2018 edition of Professional Update with the title, an image of the state of new south wales and the tagline  

In this edition...

Hot topics
New South Wales Government Sector Finance Legislation
NSW Treasury releases information on major projects policy and accounting for long service and annual leave

The AASB releases FAQs on AASB 15, 1058 and 16

OLG releases circulars on transitioning to the new standards, a calendar of compliance and reporting requirements and Mayoral elections
ASIC announces findings from 31 December 2017 financial reports
Final report on the Australian Charities and Not-for-profits Commission Legislation Review

Audit Office of New South Wales
Margaret Crawford, Auditor-General for New South Wales  presentations, attendances and interviews
Auditor-General's reports to Parliament


Accounting update
Australian update – Australian Accounting Standards Board (AASB)
International update – International Accounting Standards Board (IASB)
International update – International Financial Reporting Standards (IFRS) Foundation
International update – International Public Sector Accounting Standards Board (IPSASB)


Auditing update
Australian update – Auditing and Assurance Standards Board (AUASB)
International update – International Auditing and Assurance Standards Board (IAASB)


Ethics update
Australian update – Accounting Professional and Ethical Standards Board (APESB)
International update – International Ethics Standards Board for Accountants (IESBA)


NSW Treasury
NSW Treasury documents and resources

Department of Premier and Cabinet (DPC)
Ministerial memoranda and Department circulars

Department of Finance, Services and Innovation (DFSI)
Department circulars

NSW Procurement Board
Directions and procurement alerts

Public Accounts Committee (PAC)
Inquiries and reports

Office of Local Government (OLG)
Recent publications

Australian Securities and Investments Commission (ASIC)
Recent speeches
Recent media releases


Australian Charities and Not-for-profits Commission (ACNC)
Recent media releases

Australasian Council of Auditors-General (ACAG) submissions to AASB 
Recent submissions

Publications by Australian and New Zealand Audit Offices
Australian National Audit Office (ANAO)
Australian Capital Territory Audit Office (ACT AO)
Northern Territory Auditor-General's Office (NT AGO)
Queensland Audit Office (QAO)
South Australian Auditor-General’s Department (SA AGD)
Victorian Auditor-General’s Office (VAGO)
Western Australia Office of the Auditor-General (WA OAG)
New Zealand Office of the Auditor-General (NZ OAG)

Other useful resources
The Treasury (Australian Government) publications
Independent Commission Against Corruption (ICAC) media releases
Independent Pricing & Regulatory Tribunal (IPART) papers and reports
NSW Ombudsman media releases
 

 

Hot topics 

New South Wales Government Sector Finance Legislation

The Government Sector Finance Bill 2018 (GSF Bill) was passed by both houses of Parliament on 7 June 2018. The Government Sector Finance Legislation (Repeal and Amendment) Bill 2018 (the cognate legislation) is currently before the Legislative Assembly for consideration. If passed, these will replace, consolidate and update the following four pieces of legislation that currently govern public financial management:

  • Public Finance and Audit Act 1983 (PF&A Act)
  • Public Authorities (Financial Arrangements) Act 1987
  • Annual Reports (Statutory Bodies) Act 1984
  • Annual Reports (Departments) Act 1985.

If the Bill and the cognate legislation are assented, legislation governing financial management, reporting and audit will be separated into two Acts:

  • Government Sector Finance Act 2018 consolidates the State’s financial management framework previously incorporated within the above legislation
  • Government Sector Audit Act 1983 (renamed PF&A Act) contains provisions relating to the Auditor-General and the Audit Office, the audit of government sector finances and governance of the Public Accounts Committee.

The GSF Bill introduces a greater focus on performance, transparency, accountability and efficiency for government financial management. The Bill’s principles will be supported by regulations and Treasurer’s directions.

The key reforms introduced by the GSF Bill include:

  • Information sharing: The Treasurer and Ministers will be able to request information held by agencies relevant to resource allocation to facilitate better informed budget and State financial management decisions. Ministers can only request information from agencies in which they have responsibilities under the Bill.
  • Performance Information: The Treasurer will be authorised to give directions on the kind of performance information agencies are required to keep, after consulting the affected agencies’ responsible Minister. This reform supports outcome budgeting and ensures consistent performance related information is captured.
  • Clusters: Cluster Ministers will be able to access relevant agency financial and non-financial information. The reforms also codify the Cluster Minister’s authority to set terms and conditions on spending from appropriations when delegating the power to expend that money to agencies.
  • Delegations: The Treasurer, Ministers, Secretaries and Accountable authorities can delegate (and sub-delegate) a broader range of responsibilities and powers to others than is permitted under the existing framework.

The GSF Bill is proposed to commence in two phases: 1 December 2018, and 1 July 2019 and affects all NSW government agencies, Ministers, Secretaries, agency heads, officers and employees Agencies can obtain information on the implementation timetable in the factsheet GSF Bill Overview with Timetable.

NSW Treasury have established a GSF Bill page on their website providing information on the GSF Bill to help agencies keep abreast of the progress of the reform and to familiarise themselves with the key changes. It contains factsheets on key aspects of the GSF Bill, a document that maps the GSF Bill to the current legislation and a proforma delegation instrument for Ministers.

 

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NSW Treasury releases information on major projects policy and accounting for long service and annual leave

Recent policy papers and circulars released by NSW Treasury included:

TPP 18-05 ‘Major Projects Policy for Government Businesses’ (TPP 18-05) forms part of the NSW Government’s Commercial Policy Framework which aims to replicate in government businesses the disciplines and incentives that promote efficient commercial practices. TPP 18-05 supersedes the previously issued TPP 02-04 ‘Guidelines for Assessment of Projects of State Significance’.

The aim of TPP 18-05 is to provide a consistent approach to the assurance of major projects and enable effective oversight of major projects through:

  • improving visibility of upcoming projects
  • strengthening and applying a more consistent approach to assurance and monitoring
  • recognising higher and lower major project thresholds for organisations that differ in size and annual expenditure.

It does not define major projects nor provide a threshold for when actions are required but sets requirements according to levels of project risk, the type of entity involved, the nature of the project and the project status.

TC 18-13 ‘Accounting for Long Service Leave and Annual Leave’ (TC 18-13) outlines the accounting treatment for long service leave (LSL), annual leave (AL) and related on-cost applicable to NSW public sector entities, including statutory State Owned Corporations (SOCs), for financial years ended on or after 30 June 2018. It supersedes the previously issued, TC 15-09 ‘Accounting for Long Service Leave and Annual Leave’.

TC 18-13 incorporates the changes arising from the latest triennial valuation assessment of LSL by Treasury’s actuary, such as:

  • LSL on-cost factors applicable to Crown-funded LSL agencies and agency-funded Crown LSL pool agencies
  • AL on-cost factors applicable general government sector agencies
  • current and non-current allocation of LSL and related on-cost liabilities.

TC 18-13 also includes the change in discount rate for measuring long-term LSL and AL of SOCs and other for-profit entities from the government bond rate to high quality corporate bond rates for financial years ended on or after 30 June 2018.

 

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The AASB releases FAQs on AASB15, 1058 and 16

The Australian Accounting Standards Board (AASB) released the first series of the AASB Staff frequently asked questions (FAQs) which addresses questions specific to not-for-profit entities (NFP) in relation to AASB 15 ‘Revenue from Contracts with Customers’, AASB 1058 ‘Income of Not-for-Profit Entities’ and AASB 16 ‘Leases’.

The FAQs are expected to be updated as more staff FAQs are drafted. To date, the FAQs help entities determine:

  • the mandatory application dates of AASB 9 ‘Financial Instruments’, AASB 15, AASB 16 and AASB 1058
  • the relevant Australian accounting standards applicable to the recognition of income and revenue by NFP entities
  • the impact of early adopting the above standards
  • when a NFP entity’s revenue will be within the scope of AASB 15
  • the relevant standard to apply and timing of revenue recognition for grants received for research activities.

 

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OLG releases circulars on transitioning to the new standards, a calendar of compliance and reporting requirements, and Mayoral elections

The Office of Local Government (OLG) has released the following circulars:

Circular 18-20 ‘Guidance to councils on transitioning to the new Australian Accounting Standards 2018’ (the guidance). The guidance mandates OLG’s position on AASB options, which all councils must adopt on transitioning to AASB 9, 15, 16 and 1058.

In addition to this, OLG requires that the new standards must be adopted on their respective mandatory effective dates, i.e. councils are not permitted to early adopt any of the standards.

Further guidance material and information on the new standards will be issued in the near future.

Circular 18-21 '2018-19 Calendar of compliance and reporting requirements' highlights key statutory and other reporting deadlines for councils. Councils should use the calendar to help in planning strategic and operational tasks for 2018-19. For new councils, some dates may be changed by a Proclamation.

The updated calendar is available in the OLG website.

Circular 18-23 ‘Mayoral Elections’ advises councils that mayors elected by councillors will now hold office for two years in accordance with section 230(1) of the Local Government Act 1993. Councils with mayors elected by the councillors that held ordinary elections in:

  • September 2016 are required to hold their mayoral elections in September 2018
  • September 2017 will hold their next mayoral elections in September 2019.

Mayoral elections by councillors must be conducted in accordance with Schedule 7 of the Local Government (General) Regulations 2005. OLG have prepared a fact sheet ‘Election of Mayor and Deputy Mayor by Councillors’ to help councils comply with these requirements.

  

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ASIC announces findings from 31 December 2017 financial reports

In July 2018, the Australian Securities and Investments Commission (ASIC) released 18-203MR ‘Findings from 31 December 2017 financial reports’, highlighting the results from its review of 90 listed and other public interest entities. The table below summarises the key findings from the review:

Areas of focus Findings from the 31 December 2017 financial reports
New accounting standards Most entities had not quantified the impact of the new standards for revenue recognition and financial instrument valuation which indicates a lack of preparedness for reporting under the new standards.
Revenue recognition Matters concerning the recognition of revenue included fee income recognition and cases where revenue appears to have been recognised before the provision of the relevant goods or services.
Asset values and impairment testing Concerns with determining the carrying amount of cash generating units, reasonableness of cash flows and assumptions, use of fair value, impairment indicators and disclosures.
Tax accounting Concerns with the correct application of tax legislation, timing of entering into certain commercial arrangements, recoverability of deferred tax assets and relevant disclosures.
Amortisation of intangibles Concerns with the period over which the assets are amortised.
Classification of liabilities as non-current Concerns with the appropriateness of the classification of liabilities.
Business combinations Concerns with the measurement of business combination transactions.
Estimates and accounting policy judgements Concerns over the quality and completeness of disclosures in relation to estimates, such as key assumptions, reasons for judgements, alternative treatments, and appropriate quantification.

 

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Final report on the Australian Charities and Not-for-profits Commission Legislation Review

On 22 August 2018, the Australian Government Treasury’s final report ‘Strengthening for Purpose: Australian Charities and Not-for-profits Commission Legislation Review’ (the Report) was tabled in Parliament. The review of the Australian Charities and Not-for-profits Commission Act 2012 (Cth) and the Australian Charities and Not-for-profits Commission (Consequential and Transitional) Act 2012 (Cth) (the Acts) was designed to:

  • examine the extent to which the objects of the Acts continue to be relevant
  • assess the effectiveness of the provisions and regulatory framework established by the Acts
  • consider whether the powers and the functions of the Commissioner are sufficient to enable these objects to be met
  • consider whether any amendments to the Act are required to enable the achievement of the objects and to equip the Commissioner to respond to both known and emerging issues.

The Report made 30 recommendations which included short term actions to address the challenges and concerns emerging for the sector, coupled with the long term aim of moving towards a national scheme for the sector which requires a referral of powers by the states to the Commonwealth.

 

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Audit Office of New South Wales

Margaret Crawford, Auditor-General for New South Wales  presentations, attendances and interviews

Organisation Event Involvement Date
Parliament of NSW – Legislative Assembly Public Accounts Committee (PAC) briefing on Auditor-General’s reports to Parliament tabled since 16 August 2018 Presentation 27 September 2018
Parliament of NSW – Legislative Assembly Public Accounts Committee (PAC) hearing – Examination of the Auditor-General’s Performance Audit Reports October 2016 – May 2017 Public hearing 17 September 2018
Office of Local Government (OLG) OLG Inter-jurisdictional forum Panel discussion 7 September 2018
Department of Planning and Environment Coordination conference Presentation
(keynote speaker)
4 September 2018
Parliament of NSW – Legislative Council Public Accountability Committee hearing – Impact of the CBD and South East Light Rail Project Public hearing 20 August 2018
Parliament of NSW – Legislative Assembly Public Accounts Committee (PAC) briefing on Auditor-General’s reports to Parliament tabled since 7 June 2018 Presentation 16 August 2018
The Hills Shire Council Council meeting Presentation 7 August 2018
Parliament of NSW – Legislative Assembly  Public Accounts Committee (PAC) briefing on Auditor-General’s reports to Parliament tabled since 7 June 2018 Presentation 21 June 2018
Australasian Reporting Awards Awards presentation dinner Presentation and attendance 20 June 2018
Audit Office of NSW Industry Briefing – Provision of external audit services Briefing 19 June 2018
Transport for NSW Cluster leadership meeting to discuss the 2018-19 audit program Attendance 18 June 2018
Parliament of NSW – Legislative Assembly Public Accounts Committee (PAC) briefing on Auditor-General’s reports to Parliament tabled since 3 May 2018 Presentation 7 June 2018

 

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Auditor-General’s reports to Parliament

Report Type of report Report date
Members' Additional Entitlements 2017 Special Report 27 September 2018
Progress and measurement of the Premier’s Priorities Performance Audit 13 September 2018
Procurement and reporting of consultancy services Special Report 4 September 2018
Managing antisocial behaviour in public housing Performance Audit 10 August 2018
Matching skills training with market needs Performance Audit 26 July 2018

 

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Accounting update

Australian update – Australian Accounting Standards Board (AASB)

Topics discussed included:

AASB Meeting Highlights – 4 September 2018

  • Revenue from Licences Issued by not-for-profit Public Sector Licensors
  • Conceptual Framework – Securitisation Funds and Public Accountability
  • Conceptual Framework – Consequential Amendments
  • Effective Date of AASB 1059 Service Concession Arrangements: Grantors 
  • AASB 17 Insurance Contracts for the Public Sector
  • Financial Instruments with Characteristics of Equity
  • Research Activities – Conceptual Framework and Extractive Industries
  • Climate-related Disclosures

AASB Meeting Highlights – 14 August 2018

  • Revenue from Licences Issued by not-for-profit Public Sector Licensors
  • The impact of the AASB’s revised Conceptual Framework proposals on not-for-profit private sector entities

AASB Meeting Highlights – 14 June 2018

  • Implementation Guidance for not-for-profit Public Sector Licensors
  • Reduced Disclosure Requirements – Recent Standards
  • Consolidated and Separate/Individual Financial Statements
  • IASB ED/2018/1 Accounting Policy Changes
  • Revised Conceptual Framework – Reporting Entity/Special Purpose Reporting
  • Impairment of Goodwill
  • EC Consultation Document on Public Reporting by Companies
     

Latest news, accounting standards and publications documents from the AASB included:

Name Type of document Publication date
ASIC supports the AASB’s consultation to remove special purpose financial statements Consultation paper 13 September 2018
Fatal-flaw review draft: Proposed Standard Amendments to Australian Accounting Standards – Deferral of AASB 1059 News 10 September 2018
AASB 2018-4 Implementation Guidance for Not-for-Profit Public Sector Licensors – applies to annual periods beginning on or after 1 January 2019. Earlier application is permitted Accounting standards 5 September 2018
AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements – effective for annual periods beginning on or after 1 January 2019. Earlier application is permitted Accounting standards 21 August 2018
The FRC releases its Position Statement on External Reporting  News 20 August 2018
Invitation to Comment: ITC 41 The AASB’s Approach to International Public Sector Accounting Standards – comments due by 30 November 2018 Accounting standards 7 August 2018
New AASB Staff FAQ for Not-for-Profit Entities* Accounting standards 1 August 2018
Invitation to Comment: ITC 40 Financial Instruments with Characteristics of Equity – comments due by 26 November 2018 Accounting standards 4 July 2018

 

* For more information, please refer to Hot Topics

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International update – International Accounting Standards Board (IASB)

Topics discussed included:

IASB Meeting Highlights – 17-18 July 2018

  • Rate-regulated Activities
  • Management Commentary
  • Business Combinations under Common Control
  • Conceptual Framework
  • IFRS Implementation Issues
  • Goodwill and Impairment
  • Disclosure Initiative
  • Accounting Policies and Accounting Estimates
  • Emerging Economies Group update

IASB Meeting Highlights – 20-21 June 2018

  • Disclosure Initiative 
  • Dynamic Risk Management
  • Research programme: Update
  • IBOR reform: research project proposal 
  • Primary Financial Statements
  • Insurance Contracts
  • IFRS Implementation Issues
  • Islamic Finance Consultative Group Update
  • Business Combinations under Common Control

IASB Meeting Highlights – 19 June 2018

  • Segment reporting
  • Primary Financial Statements
  • Disclosure Framework / Disclosure Initiative
  • Fair Value Measurement
  • Goodwill and Impairment
  • Implementation (Revenue and Leases)
  • Update on all projects not otherwise covered

 

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International update – International Financial Reporting Standards (IFRS) Foundation

Latest news from the IFRS Foundation included:

Name Publication date
Check the numbers: Accounting information still matters to you, me and investors around the world 16 August 2018

 

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International update – International Public Sector Accounting Standards Board (IPSASB)

Recent news from the IPSASB included:

Name Publication date
IPSAS 41 Released to Improve Financial Instruments Reporting 14 August 2018

 

IPSASB has recently issued:

Name Publication date
Exposure Draft 66 Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41) – comments due by 22 October 2018 22 August 2018
IPSAS 41 Financial Instruments 14 August 2018

 

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Auditing update

Australian update – Auditing and Assurance Standards Board (AUASB)

Topics discussed included:

AUASB Meeting Highlights – 31 July 2018

  • Explanatory Guide – Exposure Drafts for ASA 315 & ASA 540
  • ED 01/18 & 02/18 - ASA 315 Identifying and Assessing the Risks of Material Misstatement
  • ED 03/18 & 04/18 - ASA 540 Auditing Accounting Estimates and Related Disclosures
  • Release of EDs 01/18, 02/18, 03/18 & 04/18

AUASB Meeting Highlights – 13 June 2018

  • Audit Quality Update
  • AUASB Technical Matters
  • Monitoring Group Consultation Forums

Latest news from the AUASB included:

Name Publication date
AUASB-NZAuASB Webinar: ASA 315 Exposure Draft – recording and presentation available 20 August 2018
The FRC releases its Position Statement on External Reporting 20 August 2018
AUASB Submission to the Monitoring Group 27 July 2018

 

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International update – International Auditing and Assurance Standards Board (IAASB)

Topics discussed included:

IAASB Meeting Highlights – 7 August 2018

  • Agreed-Upon Procedures Engagements

IAASB Meeting Highlights – 17 July 2018

  • ISA 315 (Revised) – including proposed Conforming and Consequential Amendments to ISA 540 (Revised)

IAASB Meeting Highlights – 18-23 June 2018

  • Accounting Estimates
  • Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
  • Emerging External Reporting (EER) Assurance
  • Quality Control at the Firm Level
  • Quality Control at the Engagement Level
  • Audit Evidence

 

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Ethics update

Australian Update – Accounting Professional and Ethical Standards Board (APESB)

Topics discussed included:

APESB Meeting Highlights – 14 June 2018

  • Update on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
  • Proposed exposure draft on Inducements sections for the restructured Code (APES 110)
  • Revision of APES 220 Taxation Services
  • Update on Monitoring Group review
  • Proposed project plan on Long Association transition
  • Annual Reviews of APESB Pronouncements
  • International and other activities
  • Update on developments to Quality Control standards
  • Proposed technological developments
     

Latest news and media releases from the APESB included:

Name Publication date
APESB’s submission to IESBA on Professional Scepticism – Meeting Public Expectations 23 August 2018
APESB’s submission to IESBA on Proposed Strategy and Work Plan, 2019 – 2023 24 July 2018
Proposed revisions to APES 220 Taxation Services 9 July 2018
Proposed revisions to Inducements complete Code of Ethics restructure – comments were due by 10 August 2018 9 July 2018

 

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International update – International Ethics Standards Board for Accountants (IESBA)

Topics discussed included:

IESBA Meeting Highlights – 18-20 June 2018

  • Non-Assurance Services
  • Fees
  • Professional Skepticism
  • Implementation of EU Audit Legislation
  • IAASB-IESBA Coordination
  • Alignment of Part 4B with ISAE 3000 (Revised)
  • Technology
  • e-Code
  • Restructured Code Rollout
  • Emerging Issues and Outreach
     

Latest publications from the IESBA included:

Name Publication date
2018 Handbook of the International Code of Ethics for Professional Accountants 14 August 2018
Final Pronouncement: Revisions to the Code Pertaining to the Offering and Accepting of Inducements 19 July 2018
IESBA Roundtable Briefing Note: Non-assurance Services 16 May 2018

 

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NSW Treasury

NSW Treasury documents and resources

NSW Treasury has recently released:

Name Publication date
Changes to annual reporting requirements - September 2018 14 September 2018
Annual Report Compliance Checklist 14 September 2018
TPP18-06 NSW Government Business Case Guidelines 13 September 2018
TPP18-07 Organisational Resilience Guidelines - Practitioner Guide for NSW Public Sector Organisations September 2018
TC18-15 Industrial Relations – Meal, Travelling and other Allowances for 2018-19 23 August 2018
TC18-13 Accounting for Long Service Leave and Annual Leave* 9 August 2018
TPP18-05 Major Projects Policy for Government Businesses* 23 July 2018
TPP18-04 Directors and Officers Indemnity Policy for State Owned Corporations 23 July 2018
Government Sector Finance Bill 2018 – factsheets and tools* July - September 2018
TC18-12 Industrial Relations - Crown Employees Wages Staff (Rates of Pay) Award 2018 29 June 2018

 

* For more information, please refer to Hot topics

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Department of Premier and Cabinet (DPC)

Ministerial memoranda and Department circulars

DPC released the following memos and circulars:

Name Publication date
M2018-01 2019 State Election – Caretaker Conventions 17 August 2018
C2018-05 Provision of Information to Members of Parliament 17 August 2018
C2018-04-PSCC2018-06 Contesting Elections 17 August 2018
C2018-06-Briefing Senior Counsel  31 July 2018
C2018-03-New Arrangements for NSW Government Media Monitoring  21 June 2018

 














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Department of Finance, Services and Innovation (DFSI)

DFSI released the following circulars:

Name Publication date
DFSI-2018-07- New insurance exemptions for residential building work done for public sector agencies 9 July 2018

 







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NSW Procurement Board

Directions and procurement alerts

NSW Procurement Board’s recent Directions and Procurement Alerts included:

Name Type Publication date
New ICT contract: Core& agreement Procurement alert 3 August 2018
Licensing requirements for security services and equipment Procurement alert 20 July 2018
New Talent Acquisition Scheme Procurement alert July 2018
New arrangements for media monitoring Procurement alert July 2018
Updated Aboriginal Participation in Construction policy Procurement alert 30 June 2018
Aboriginal Procurement Policy for goods and services - update Procurement alert 30 June 2018
Buy.NSW is open to buyers Procurement alert 29 June 2018

 

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Public Accounts Committee

Inquiries and reports

Inquiries and Reports tabled in NSW Parliament included:

Name Type Publication date
Inquiry into the Management of Health Care Delivery in NSW Report  18 September 2018

 

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Office of Local Government (OLG)

Recent publications released:

Name Publication date
18-28 Annual Report Checklist 26 September 2018
18-27 Review of Privacy Code of Practice for Local Government 13 September 2018
18-25 Status of the new Councillor Induction and Professional Development Guidelines 5 September 2018
18-24 Status of the new Model Code of Conduct for Local Councils in NSW and Procedures 5 September 2018
18-23 Mayoral Elections* 5 September 2018
Tough new behaviour code for councillors 3 September 2018
18-21 (2018-19) Calendar of Compliance and Reporting Requirements* 16 August 2018
18-20 Guidance to councils on transitioning to the new Australian Accounting Standards* 2 August 2018
Far West Communities To Benefit From Joint Organisations 5 July 2018
GC -147 (2018-19) Financial Assistance Grants (FAGs) – advance payment and transition to implement improvements to the existing allocation model 21 June 2018
Helping councils deliver for their communities 19 June 2018
New engagement team launched to support councils 19 June 2018

 

* For more information, please refer to Hot topics

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Australian Securities and Investments Commission (ASIC)

Recent speeches included:

Name Publication date
ASIC’s strategic focus and key priorities over the next year: Improving conduct and restoring trust 4 September 2018
How financial services firms can act to meet community expectations through transparency and accountability 17 July 2018
ASIC’s approach to innovation 3 July 2018

 

Recent media releases included:

Name Publication date
18-237MR ASIC's latest enforcement report highlights outcomes from the first half of 2018 9 August 2018
18-203MR Findings from 31 December 2017 financial reports* 5 July 2018

 

* For more information, please refer to Hot Topics

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Australian Charities and Not-for-profits Commission (ACNC)

Recent media releases included:

Name Publication date
Red tape cut for NSW charities 10 September 2018

 

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Australasian Council of Auditors-General (ACAG) submissions to AASB

ACAG recently made submissions on:

Name Submission date
AASB ITC 39 Applying the IASB’s Revised Conceptual Framework and Solving the Reporting Entity and Special Purpose Financial Statement Problems (Phase 1) 9 August 2018
Exposure Draft 64 Leases 2 July 2018

 

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Publications by Australian and New Zealand Audit Offices

Australian National Audit Office (ANAO)

Publication date

Army’s Protected Mobility Vehicle — Light 11 September 2018
Statistical Business Transformation Program — Managing Risk 4 September 2018
Operational Efficiency of the Australian Commission for Law Enforcement Integrity 28 August 2018
Award of Funding under the Community Development Grants Program 22 August 2018
Corporate planning and performance statements under the PGPA Act 22 August 2018
Administration of the Data Retention Industry Grants Program 21 August 2018
Strategic governance of risk: Lessons learnt from public sector audit 8 August 018
Sharing experience on auditing urban environmental management 8 August 2018
Insights from reports tabled April to June 2018 20 July 2018
The Implementation and Performance of the Cashless Debit Card Trial 17 July 2018

 

Australian Capital Territory Audit Office (ACT AO)

Publication date

ACT Health’s management of allegations of misconduct and complaints about inappropriate workplace behaviour August 2018
Assembly of rural land west of Canberra 29 June 2018

 

Northern Territory Auditor-General's Office (NT AGO)

Publication date

August 2018 Report to the Legislative Assembly 23 August 2018

 

Queensland Audit Office (QAO)

Publication date

Access to the National Disability Insurance Scheme for people with impaired decision-making capacity 27 September 2018
Delivering shared corporate services in Queensland 27 September 2018
Monitoring and managing ICT projects 10 July 2018

 

South Australian Auditor-General’s Department (SA AGD)

Publication date

Report 4 of 2018 – Adelaide Oval redevelopment for the designated period 1 January 2018 to 30 June 2018 4 September 2018

 

Victorian Auditor-General’s Office (VAGO)

Publication date

State Purchase Contracts 20 September 2018
Contract management capability in DHHS: Service Agreements 20 September 2018
Managing the Environmental Impacts of Domestic Wastewater  19 September 2018
Security and privacy of surveillance technologies in public places 19 September 2018
Delivering local government services 19 September 2018
Police Management of Property and Exhibits September 2018
Crime Data 5 September 2018
Follow up of Oversight and Accountability of Committees of Management 5 September 2018
Managing Rehabilitation Services in Youth Detention August 2018
School Councils in Government Schools 26 July 2018
Managing the Municipal and Industrial Landfill Levy 25 July 2018
Local Government Insurance Risks 25 July 2018

 

Western Australia Office of the Auditor-General (WA OAG)

Publication date

Implementation of the GovNext-ICT Program 30 August 2018
Opinions on Ministerial Notifications 30 August 2018
Young People Leaving Care 21 August 2018
Information Systems Audit Report 2018 15 August 2018

 

New Zealand Office of the Auditor-General (NZ OAG)

Publication date

Managing the supply of and demand for drinking water 18 September 2018
Reflecting on our work about information 27 August 2018
Long-term plans: Our audits of councils’ consultation documents 6 August 2018
Accident Compensation Corporation: How it deals with complaints July 2018

 

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Other useful resources

The Treasury (Australian Government)

Recent publications included:

Report Publication date
Strengthening for Purpose: Australian Charities and Not-for-profits Commission Legislative Review 2018* 22 August 2018
Government interim response to Productivity Commission inquiry into horizontal fiscal equalisation  5 July 2018

 

* For more information, please refer to Hot Topics

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Independent Commission Against Corruption (ICAC)

Recent media releases included:

Report Publication date
ICAC releases guidelines to help public sector agencies manage corruption risks in direct negotiations 23 August 2018

 

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Independent Pricing & Regulatory Tribunal (IPART)

Recent IPART papers and reports included:

Report Industry Type of document Publication date
2019-20 rate peg for NSW local councils Local Government Media release 11 September 2018
Draft Terms of Reference – land valuation services provided to local councils by the Valuer General - Gladys Berejiklian Local Government
 
Terms of reference 4 September 2018
Draft Report – Review of our financeability test Special Reviews Draft report 7 August 2018
Consultant report – Deloitte – Return on working capital in the Notional Revenue Requirement Special Reviews
 
Consultant report 20 July 2018

 

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NSW Ombudsman

Recent media releases included:

Report Publication date
Complaint handling improvement program 31 August 2018
Water compliance and enforcement 17 August 2018

 

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Copyright © 2018 The Audit Office of New South Wales

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