TC17-12 Agency Guidelines for the 2017-18 Mandatory Early Close
Summary
Issued: 20 December 2017 by Treasury
This AR is archived and has been replaced by the following document(s)
Key information
- Status
- Archived
- Type
- NSW Treasury Circular
- Identifier
- TC17-12
- 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
Summary
The mandatory Early Close for Agencies will be conducted for all agencies as at 31 March 2018.
Agencies are required to submit:
- Prime Data Submission by 11 April 2018.
- Financial Statements as at 31 March 2018 by 23 April 2018 to Treasury and the Audit Office.
- Early Close Procedures Checklist (Appendix B) by 23 April 2018 to Treasury.
-
Emerging Accounting Issues return updates to Treasury on 14 February, 23 April and
25 June 2018.
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, and withdraws and supersedes the previous NSW Treasury Circular Mandatory Early Close procedures for 2016-17 (TC16-13).
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 2018. 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 TC17-12 attached for full details