Overview

The Code sets out the financial reporting framework for NSW GGS entities. It provides illustrative guidance on the form and content of the financial statements, including the note disclosures.

The Code is appropriate for all NSW GGS entities that prepare general purpose financial statements in respect of financial years ending on or after 30 June 2024. Special purpose staff agencies should refer to Treasury Policy and Guidelines TC15-07.

The Code incorporates the disclosure requirements of Australian Accounting Standards (AAS) applicable to NSW GGS entities, and includes references to various accounting standards, Treasury Circulars and Treasury Policy and Guidelines Papers. The Code does not reflect all accounting standard disclosure requirements; rather, it illustrates those accounting standards that are typically relevant to a GGS entity. Where an accounting standard or Treasury Policy requires a disclosure not covered by the Code, NSW GGS entities must also include this disclosure in the financial statements.

The Code generally does not contemplate a group structure/consolidation. Therefore, if preparing consolidated financial statements, please refer to the relevant accounting standards to understand the reporting and disclosure requirements. Some references to a consolidated entity have been included to provide pointers for those agencies required to prepare consolidated financial statements.

This edition of the Code supersedes the previous version, issued as NSW Treasury Policy and Guidelines Paper TPG 23-03.

The main changes to the Code are summarised in Appendix D. Agencies should also consider emerging financial reporting issues when preparing financial reports. For example:

• The impact of climate-risks is becoming more significant for organisations. In preparing financial statements, agencies should consider climate related matters, if the effect of climate risk is material. Refer to Treasury Guidance on how to reflect the effects of climate-related matters in financial statements issued in March 2021

The references provided are correct at the time of publishing this document, however, some Treasury Circulars and Policy and Guidelines papers may be superseded before financial year end. References to Treasury Circulars or Policy and Guidelines papers in this document should be read as references to the replacement documents where applicable. A list of some directly relevant policies are provided at Appendix C. However, agencies should refer to the Document and Resources library on the NSW Treasury website for the latest Circulars and Policy Papers www.treasury.nsw.gov.au.

Entities may obtain further information concerning the operation of the Code from Treasury’s Accounting Policy section.