FinPro would like to provide information and resources that makes life ‘easier’ for Finance Staff. As such, the following information is provided as a resource to FinPro members.
Accounting Standards Guidance and Worked Examples – AASB 9, AASB 15, AASB 16 and AASB 1058
The Accounting Standards Working Group, (Comprising FinPro members and staff from LGV and Crowe Horwath), worked together during 2018 and early 2019 to develop a guidance document specific to the Local Government Sector. It was developed by the working group and will be published and issued by Local Government Victoria and will be launched at the FinPro Seminar on Friday 22 February 2019.
The guidance material is to assist the Local Government sector to transition to the new accounting standards in a consistent and practical manner. The Guidance document is to supplement the detail of the Standards themselves; it enables the sector to know what the position is on a number of paragraphs within the standards so that the application can be applied consistently throughout the sector.
The worked examples are in an appendix to the guidance document and provide practical guidance to the overall application of the guidance materials. The Guidance document refers to the examples, so that the sector can have real, relatable examples and assist in interpreting the sectors overall position on particular paragraphs within the standards. The examples have been made simple, in order to easily follow the application, with the aim being that the sector be able to apply such examples in their organisation’s decision making.
Links to these documents will be available on Friday 22 February 2019.
If you have a policy, resource or document which you are willing to share with your peers please contact our Executive Officer, Gabrielle Gordon. Contact details listed on the Contact Us Page of this website.
Examples of Policies:
- Rates and Charges Collection and Hardship Policy
- Creditor Management Policy
- Investment Policy
- Investment Policy 2
- Debt Management Policy
- Gift and Hospitality Policy
- Motor Vehicle Policy
Disclaimer – The documents provided above are provided for general information purposes only. Your use of any of these sample documents is at your own risk, and you should not use any of these sample documents without first seeking legal and other professional advice. The provision of these sample documents (and the documents themselves) do not constitute legal advice or opinions of any kind, or any advertising or solicitation.