SERVICES

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Our services cover all aspects of financial accounting in local government. To name a few:

• Annual financial statements preparation

• Implementation of new accounting standards (AASB 16, AASB 15, AASB 1058, AASB 9)

• Asset accounting

• Coordination of external audit process

• Accounting training for engineers

• Other technical accounting services

Annual financial statements preparation

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Whole cycle of preparation of financial statements from reconciliations to submission for audit. We prepare General Purpose Financial Statements, Special Purpose Financial Statements, Special Schedules and Financial Data Return (FDR).

We are not just preparing the financial statements – we look into the accounts and advise on proper accounting treatment of transactions. All financial statements prepared by us and submitted to auditors have little or no audit adjustments in the end. 

Implementation of new accounting standards (AASB 16, AASB 15, AASB 1058, AASB 9)

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AASB 9 Financial Instruments

The main impact of this standard to majority of NSW councils is implementation of the new Expected Credit Loss (ECL) model on accounts receivables. We prepare the ECL model for the council along with the substantiated position paper for audit purposes. 

AASB 16 Leases

Apart from the typical leasing arrangements for office equipment and buildings, some contracts for hire of equipment may be subject to the lease accounting under new AASB 16. We prepare analysis of all contracts using a specifically developed Excel based template. As part of AASB 16 implementation we also prepare lease liability and right-of-use (ROU) assets schedule as well as position paper to support all the calculations. 

AASB 15 Revenue from contracts with customers and 1058 Income of not-for-profit entities

We analyse all income streams of a council using a specifically developed Income Standards Application Pack (ISAP). As part of this service, we prepare a sophisticated position paper for council and auditors. All buyers of ISAP will automatically become subscribers for the one-year technical support and ISAP Hints & Tips newsletters. 

Asset accounting

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We provide all aspects of asset accounting and reporting:

• Setting up asset registers

• Completeness and accuracy check of existing asset registers

• Project management of revaluation process for financial reporting purposes

• Transition of asset data to new systems

• Setting up accounting policies for renewals, capitalisations, etc.

• Acting as an asset accountant for councils

• Preparation Special Schedule 7 “Report on Infrastructure Assets” using specifically developed methodology which complies with the Code of Accounting Practice and Financial Reporting (NSW)

Coordination of external audit process

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If you want smooth and painless audit for your council; if you want to meet all the audit deadlines for submission documents to audit without much disruption to your day-to-day work, we can help. In fact, we can take care of the whole audit cycle for you. Some of the main features we do here are as follows:

• Preparation of work papers to audit requirements

• Preparation of position papers for audit

• Coordination of the audit process from planning meeting till final audit report

All work papers prepared by us meet requirements of the audit standards and always get positive feedbacks from auditors of our clients.

Accounting training for engineers

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Accounting should not be for accountants only. However, accounting practices are often not understood correctly by engineers. Needless to say, that engineers and works managers have a great influence on internal accounting practice. On the other hand, financial reporting also impacts engineering department policies and plans. In cases when misunderstanding between the two functions exists, incorrect or unjustified financial reporting may prevail. It is therefore important to ensure that both finance and engineering staff are on the “same page” with the main accounting concepts.

We provide specialized seminars to council engineers and works managers in a “non-accounting” language. It should be noted that our trainings would also be of great interest to finance professionals as well: finance managers, finance accountants, asset accountants. 

Some of the topics we cover on our trainings are as follows:

• Depreciation

• Capitalisation

• Fair value

• Renewal and replacement of infrastructure assets

• Landfill remediation provisions

Trainings are provided on-site or remotely at the request of the client. 

Other technical accounting services

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• Technical accounting advice and position papers

• Accounting policies set-up

• Coordination of inventory stock-take processes

• Setting up reconciliation processes and procedures

• Grants acquittal

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