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Income from Non-Exchange Transactions (Taxes and Transfers)
Since AAS 27 first came on the scene, the treatment of grants revenue has been an ongoing bone of contention.This exposure draft gives us a chance to make sure that the AASB gets it right!
To view our submission to the AASB click here
If you don't get time to make a submission on behalf of your Council, an email to the AASB telling them which parts of our submission that you agree - or disagree - with would help them in their deliberations.
Once the Standard is issued it will be too late!!
Australian Infrastructure Financial Management Guidelines
IPWEA (Institute of Public Works Engineering Australia) have released these guidelines and we understand that they are now - or soon will be - the required minimum professional standard for use by their members.The guidelines provide straightforward explanations of the accounting implications of the engineering facts, and we think provide a sound link.
For accountants it will be much easier to refer our engineering colleagues to the IPWEA guidelines, than to fossick through the Accounting Standards.
After a quick read, we feel that the accounting contents are quite suitable, and we only have qualms about petty detail that won't affect the broad picture.
We encourage all Councils to ensure that the guidelines are followed. Copies are available from www.ipwea.org.au/AIFMG
They are quite pricey ($590 + post/handling + GST) but, we think, cheap at the price.
We expect that the various Codes, Model Statements, Manuals etc. in different jurisdictions will adopt many of the definitions in years to come.
ARE THE ENGINEERS TELLING ACCOUNTANTS HOW TO DO THEIR JOB? click here
Our 2009 Annual Statements training courses in NSW and SA will include sessions on the contents of the guidelines, and the best way to use them.
NSW Rates Officer Training
Specialist training for NSW Rates Officers - a three day course covering all aspects of this position. For a course synopsis and registration form, and future course dates and locations, click here.Our next scheduled course will be held Wednesday - Friday 14 - 16 April 2010.
The course location has not yet been determined, and we welcome expressions of interest.
INTEREST RATES for PRESENT VALUE calculations
Government Securities Interest Rates for the calculation of present values
for employee benefits and other discounted cash flow calculations as at 30
June 2009. click here.
For previous year rates click here
We wish all Councils the best as they enter this challenging period, and will provide all the assistance that we can.
NSW Annual Statements Award 2008
Congratulations to Tamworth Regional Council, winner from Ballina Shire Council.
Dubbo City Council, Greater Taree City Council, Parkes Shire Council and Randwick Council were also highly commended by the judges.
For the Judges' comments, and to view the Roll of Honour - past winners and honourable mentions - click here.
NSW Code update #17 released
Code update #17 was released on 3 July 2009. Our templates were released
23 July 2009.
For further details click here
Submission to the NSW Department of Local Government regarding proposed
changes to the Code of Accounting Practice contained in update #17. Download
SA Model Financial Statements 2009 officially released
The Minister has approved the final version of the SA Model Financial Statements 2009.
A copy is available for download - click here
For information about the additional Grants Commission payment and upgrade instructions click here
See also our note about the recent High Court decision disclosure click here
LAND under ROADS - the saga continues
Councils in Northern Territory, Queensland, South Australia and Western Australia will NOT be recognising land under roads - either acquired before or after 1 July 2008.
Circular 09/25 (released 23 June) now gives New South Wales Councils the option on whether to recognise land under roads
or not.
Consider carefully whether you have "a method of reliable measurement for
fair value of land under roads ... on a sector-wide basis" before making an election to recognise, as it would be embarrassing
to elect to recognise this year, and then reverse it.
Our annual statements templates will make provision for either election.
Our last information for Victoria is that a method of assessing a value for land under roads had been developed but adoption was being delayed due to concerns whether it provided a reliable basis.
The paper considered by the NT Finance Reference Group in making its recommendation to the Local Government Accounting Advisory Committee relating to accounting for land under roads may be downloaded here. Download It may assist in your deliberations.
ANNUAL FINANCIAL STATEMENTS
Work on our 2009 Annual Financial Statements templates has commenced.
We welcome comments and suggestions for further improvements.
New South Wales
- for further information click here Awaiting further advice on progress with the Code
Northern Territory - click here Orders being accepted now.
our templates released
6 July
South Australia - click here Orders being accepted now..
2009 Model Statements have been officially released; our templates released
29 May.
For information about the additional Grants Commission payment and upgrade instructions click here
PLANT REPLACEMENT PLANNING
Developing alternative scenarios for the future replacement of plant is an integral component of any Long Term Financial Plan.
Now Coalface makes it easy for you.
Just enter your estimates, and our templates will calculate your required annual commitment for plant replacements instantly!
Further information and order form - click here
NEW VERSION EMPLOYEE BENEFITS CALCULATOR
We have further upgraded the best, most reliable and easiest to use Employee Benefits liability calculator available.
Designed to work with - not against - your computer mainframe, our latest formulation now includes a departmental summary facility.
The liability calculations have not changed - we have just made our product even more useful and convenient.
Further information and order form - click here
NSW RATES ADMINISTRATION CLUEBOOK
Coalface® Cluebooks™ are an entirely new concept in the provision of practical
assistance to Council staff.
References to legislation, regulations, circulars
and case law are located together in logical topic order, to permit you to
quickly get to the heart of the problem and identify the authoritative source.
click
here
PRESENT VALUE CALCULATOR
The NEW, SIMPLE way to calculate the present value of future cash outflows! Available now - follow the link for more information. click here
LOANS REGISTER
A simple Register for small Councils with very few loans. - click hereNSW Annual Financial Statements Training
The draft Code included little by way of new material that has not been treated in previous courses.
Accordingly, our popular Annual Financial Statements training courses have been suspended for 2009.
us now to keep right up to date