TC16-01 Agency guidelines for the 2015-16 Mandatory Early Close
The mandatory early close for Agencies will be conducted as at 31 March 2016, unless written agreement is obtained from Treasury. Agencies are required to submit:
Issued: 5 January 2016 by Treasury
This AR is archived and has been replaced by the following document(s)
Key information
- Status
- Archived
- Type
- NSW Treasury Circular
- Identifier
- TC16-01
- Compliance
- Mandatory
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
About
The mandatory early close for Agencies will be conducted as at 31 March 2016, unless written agreement is obtained from Treasury. Agencies are required to submit:
- TOES return (including supplementary schedules) by 12 April 2016.
- Financial Statements as at 31 March 2016, by 26 April 2016.
- Results of early close procedures to the Audit Office by 26 April 2016.
- Contingent Assets and Liabilities return, and Financial Guarantees return by 26 April 2016.
- Emerging Accounting Issues return updates on 15 February, 26 April and 27 June 2016.
Agencies must develop a detailed plan with key stakeholders including the Audit Office and allow sufficient time for management review and involvement of Audit and Risk Committees as required.
This circular applies to all NSW public sector agencies, including State Owned Corporations, except for agencies participating in the Hard Close pilot as confirmed in writing with Treasury. Treasury will issue separate instructions for agencies involved in the Hard Close pilot.
Background
Early Close Procedures have been introduced to both facilitate earlier completion and improve the quality of year-end financial statements. This focus on improving the quality and timeliness of financial reporting is paying dividends. Agency and Audit Office feedback indicates Early Close Procedures have assisted in ensuring a smoother year-end process and more effective resolution of issues. Continued improvements by agencies have reduced the reported number of misstatements and resulted in an unqualified TSSA audit opinion - a significant achievement. The focus going forward will remain on reducing misstatements and the underlying causes.