Description

The Financial Reporting Code (the Code) applies to all New South Wales general government sector (GGS) entities. This version of the Code is applicable for financial years ending on or after 30 June 2013.

The application of the Code to GGS entities accurately reflects the current focus of financial reporting in New South Wales. The Consolidated Financial Statements of New South Wales report on the GGS and the total state sector. Similarly, the Budget Papers focus on the GGS.

The Code sets out the financial reporting framework for NSW GGS entities outlining the form and content of financial statements, including the accompanying note disclosures.

The Code is issued to all GGS entities under delegation from the Treasurer in accordance with the Public Finance and Audit Act 1983. The Code incorporates the requirements of Australian Accounting Standards applicable to GGS entities.

To assist entities, the Code cross-references various Accounting Standards and Treasury Circulars. The Code does not reflect all Accounting Standard disclosure requirements; rather, it illustrates those Accounting Standards which are typically relevant to a GGS entity.

Where an Accounting Standard requires a disclosure not covered by the Code, entities must also include this disclosure in the financial statements.

This edition of the Code supersedes the previous version, issued as NSW Treasury Policy and Guidelines Paper TPP 12-1. The Code is applicable to all GGS entities for financial years ending on or after 30 June 2013, except for special purpose service entities, which are exempt from the requirements of the Code (refer Treasury Circular NSWTC 11/19).

Entities may obtain further information concerning the operation of the Code from Treasury’s Accounting Policy section by telephoning 9228 4095.