Description
This circular explains the mandatory element of the Early Close Procedures for 2016-17.
The mandatory Early Close for Agencies will be conducted as at 31 March 2017, unless written agreement is obtained from Treasury.
Agencies are required to submit:
- TOES return (including supplementary schedules) by 12 April 2017.
- Financial Statements as at 31 March 2017 by 24 April 2017.
- Emerging Accounting Issues return updates on 15 February, 24 April and 27 June 2017.
The mandatory element of the Early Close Procedures for 2016-17 has been narrowed to focus on non-financial asset valuation and pro-forma statements. Agencies are encouraged to carry out the good practice procedures contained in this Circular and to carry out hard close procedures where practicable.
This Circular applies to all NSW public sector agencies, including State Owned Corporations.
Detailed Outline
In summary these ‘Early Close Procedures’ require the preparation of a set of pro-forma financial statements and the preparation of non-financial asset valuations and associated disclosures. The circular mandates all procedures are conducted as at 31 March 2017. The purpose of this procedures is to ensure the integrity of the year to date position and highlight issues to be resolved before the end of financial year.
Refer to TC16-13 attached for full details
Overview
Who needs to know and/or comply with this?
- Departments
- Executive agencies related to Departments
- State Owned Corporations
- Subsidiaries of the NSW Government established under the Corporations Act
Compliance
- Mandatory
AR Details
- Date Issued
- Dec 22, 2016
- Review Date
- Dec 22, 2017
- Replaces
- Replaced By
Contacts
- Contact
- Phone
- Publishing Entity
- The Treasury
- Issuing Entity
- The Treasury