LGV Launches Local Government Model Financial Report (LGMFR) At The FinPro Professional Development Seminar – 26 February 2015
March 10, 2015
At today’s FinPro Professional Development Seminar, held at Bayview Eden Melbourne, Daniel O’Shea, on behalf of LGV, launched the Local Government Model Financial Report for 2014/15.
Daniel said “In response to the recent changes to legislation Local Government Victoria (LGV) have now completed the update of the Local Government Model Financial Report (LGMFR).
Under the guidance of a working group which included FINPro representatives, CPA Australia and the Victorian Auditor-General”s Office (in an observer capacity) LGV has now released two key documents:
- Local Government Model Financial Report (LGMFR) 2014-15; (an excel based document to allow the completion of the financial statements in accordance with current Australian Accounting Standards (AAS) and legislative requirements); and
- Local Government Better Practice Guide 2014-15 – Model financial report.(a comprehensive guide to the completion of the financial statements including cross referencing of all AAS, legislation and what is generally considered to be ‘better practice’).
Councils should be aware of the legislative requirement to prepare their financial statements in accordance with the LGMFR from 2014-15.
Further information is also available from Daniel O’Shea, Finance and Business Analyst, Local Government Victoria ( daniel.o’[email protected] )