We are continually working on development of tools and templates which could make the life of local government finance professionals easier. Our applications and templates provide solutions for effective dealing with various financial reporting matters. 

Most popular products available for sale and for free are as follows: 

• Income Standards Application Pack (ISAP)

• Lease analysis template

• Remediation Provision Template

• Roads unit rates benchmarking 2018 FREE

For fees please contact us on igor@vcgroup.net.au or info@vcgroup.net.au

Apart from the above list of available templates, we can prepare customized applications at the client’s request.

Income Standards Application Pack (ISAP)

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Income Standards Application Pack (ISAP) is an Excel-based template for analysis and implementation of new income standards. It is built on an algorithm specifically designed for NSW Local Government councils following comprehensive analysis and review of accounting standards, industry guidance and existing practice. The algorithm consists of a series of steps councils should go through in order to come up with the relevant accounting standard and income recognition approach. 

Video presentations about ISAP and how it works are available here:

• Presentation #1 – Introduction to ISAP (3 min)

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• Presentation #2 – Flowchart (6 min)

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• Presentation #3 – Template Guide (20 min)

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Advantages of ISAP:

• Easy to use 

• All steps are linked to appropriate paragraph from AASB, the Code and other guidance

• System-based – hence, auditable

The pack has already been successfully implemented by 10 councils as part of the analysis of the effect of new income standards for the purposes of disclosure in 2019 financial statements. All 10 councils passed the audit of this section with no issues identified. 

We offer different ISAP packages to meet council’s requirements. Please contact us for more details.

Lease analysis template

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Before councils consider application AASB 16 Leases requirements on existing or new contracts, it is important to check whether the contract is a lease under the new standard. As an example, normal plant hire agreements may be in fact leases under AASB 16. 

We developed an effective Excel-based template which allows for a quick and accurate check of applicability of AASB 16 to the contract. It is a one-page step-by-step Excel based template which returns an accurate result based on the responses from the user.

The template has already been successfully implemented by 4 councils as part of the analysis of the effect of new leases standard for the purposes of disclosure in 2019 financial statements.

Remediation provisions template

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If council controls assets which will require remediation works at the end of the assets’ useful life, it is highly probable that provision should be recognized. Typical example is the provision for remediation works of a landfill. 

Accounting for remediation provisions may be complicated and time consuming. Indeed, proper recognition of the new provisions, accounting for the effect of changes in the timing of remediation, change of discount rates and costing require accurate calculations and journals posting. 

Our specifically designed template will allow councils to account for remediation provisions in a time effective manner and without much stress. 

Roads unit rates benchmarking 2018 FREE

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More than a half of all NSW councils will be doing revaluation of its transport assets in the year ended 30 June 2020. Majority of all councils perform revaluation of the road assets internally. To help councils with this engagement, we developed a benchmarking spreadsheet for roads unit rates. The spreadsheet lists unit rates for road assets based on km of sealed and unsealed roads. All data was taken from audited financial statements for the year ended 30 June 2018 published on councils’ web-sites. This spreadsheet is for free and available to all subscribers.

Here is the link to the file

If you will have any comments or review notes on this product, please let us know.

FYI: We have already started to work on the same spreadsheet based on the 2019 financial statements. The new update will be available shortly. Monitor our article releases. 

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