New Code 2021 - VCG review

Hello everyone and Happy New Year!

We are back on track and the first article in this year will be about New NSW Local Government Code of Accounting Practice and Financial Reporting 2020/21 (the Code). You can find new releases here.

Vanguard Consulting Group has always been monitoring Code updates. Previously, OLG had a practice of Draft releases for public feedback and consultation before Final Code is issued. We always contributed to this process by suggesting ideas for improvement. This time, however, the Code has been released in the final mode in December 2020 without giving an opportunity for public consultation.

Having said that, we still decided to perform our review of the Final Code for the year ended 30 June 2021 and share our findings with our clients and other stakeholders. The main idea is to provide insights on updates in the new Code to help preparers in smooth implementation of financial reporting requirements in 2021 financial year.

In our review, we have not covered all of the updates but tried to focus on those areas which might require some reassessment of the established practice. We have also provided our view on how to deal with those updates.

Report is split into two sections. First section covers most critical updates (as per our understanding). Second section summarises all other changes and updates which, as we believe, also require attention.

Our review report is available here.