Annual Returns

Annual Returns constitute the financial statements and associated schedules that reflect agency's financial performance during the year and financial position at the end of the year. Agencies submit two Annual Returns to Treasury, the Preliminary Annual Return and the Final Annual Return.  Deadlines for submitting these returns are outlined in Annex A of the Guidelines attached.

Prior to submitting the Annual Returns to Treasury, agencies must:

• engage proactively with the Audit Office to discuss any concerns identified during the Early Close Process. Relevant actions must be taken to resolve any issues prior to the preparation of agency financial statements to avoid the possibility of modification of the Independent Audit Report and the incidence of reported misstatements.
• identify, document and notify Treasury of emerging issues or likely misstatements to enable Treasury maintain a sector wide view of such issues.
• prepare for the completion of the Annual Return Checklist that defines the minimum requirements for the Annual Returns.  Agencies may perform additional procedures as part of a strategy to improve the quality and timeliness of financial reporting.  This must be signed and provided to Treasury at the same time as the year-end financial statements are submitted to the Audit Office and Treasury.

The Guidelines attached provide information to assist agencies in completing the Annual Returns to Treasury for the 2014-15 financial statements.  These Guidelines include the mandatory returns, including the emerging issues and Annual Return Checklist highlighted above.

Preliminary Annual Return comprises:

Submission due on 27 July 2015:
•           The completed 2014–15 financial statements as prepared for audit
•           TOES Data Return (including “S” agency data where applicable), consistent with the 2014–15 financial statements. 

Submission due on 29 July 2015:
•           Supplementary Return including checklist, prepared as an Excel spread sheet
•           Loan Council Return including checklist, prepared as an Excel spread sheet
•           Details of the correction of material prior period errors
•           Variance analysis
•           Updates to Emerging Issues including:

Details of the resolution of the Emerging Issues communicated to Treasury in the Return on Emerging Issues in February 2015, April 2015 and June 2015; and
Information on any other Emerging Issues identified subsequent to the submission of the Returns on Emerging Issues and the details of the resolution of these issues.

All returns and relevant working papers are to be emailed to [email protected].

Final Annual Return comprises:
•           Audited financial statements
•           Independent Auditor’s Report on your financial statements
•           Final TOES Data Return for Period 13 (including “S” agency data where applicable)
•           Reconciliation between preliminary and final TOES return.

Agencies are not required to prepare a Supplementary Return or Loan Council Return with the Final Annual Return unless the Supplementary Return has changed since the submission of the Preliminary Annual Return.

Agencies must forward the Final Annual Return to Treasury within one day of receipt of the Independent Auditor’s Report.  The audited financial statements and the Independent Auditor’s Report should be forwarded to [email protected]. 

Agencies to notify Treasury of events after the reporting period

Agencies are required to notify Treasury of events after the reporting period within a day of the agency becoming aware of the issue. Agencies are required to perform an assessment of the events after the reporting period in accordance with AASB 110 Events after the Reporting Period.

Crown Data Return (CDR)

To assist with the preparation of the Crown Entity financial statements, all NSW public sector agencies are required to complete the CDR which must be emailed to the [email protected]  by no later than 16 July 2015. Further details are contained in the attached Guidance, with the CDR in Appendix D.

Those agencies that normally forward a Nil return are requested to examine their situation to see if a Nil return is again applicable.  Nil returns will be accepted prior to 30 June 2015.

Application of this Circular

The Circular is issued as a Direction in accordance with sections 9 and 45E of the Public Finance and Audit Act 1983.  A specific reference to this Treasury Circular will also be included in the Statement of Corporate Intent of Statutory State Owned Corporations.

This Circular withdraws and supersedes the previous NSW Treasury Circulars 2013–14 Financial Accounting Arrangements for the Crown Entity (NSWTC14/07).

Karen Sanderson
Executive Director FEFR

Further Information:   Fiscal Estimates & Financial Reporting Division
Email:                          [email protected]  (with ‘Annual Return’ in the Reference Title)
Website:                     www.treasury.nsw.gov.au