ACCOUNTING POLICY

As part of its responsibility for developing and advising on financial management best practice, Treasury provides advice, guidance, leadership and direction to the NSW public sector on accounting policy and legislative issues. Appropriate standards and practices issue in the form of Policy and Guidelines Papers, Treasury Circulars and Treasurer's Directions.

Australia adopted Australian equivalents to International Financial Reporting Standards (AEIFRS) from reporting periods beginning on or after 1 January 2005. In addition, the Australian Accounting Standards Board (AASB) committed to harmonise Government Finance Statistics (GFS) reporting with Accounting Standards as a priority for the public sector (see Useful Accounting Policy Links).

NSW Treasury played a leading role in assisting the NSW public sector implement the AEIFRS requirements. NSW Treasury had a strategy to facilitate the implementation of these changes and now continues to use this strategy as part of the ongoing amendments to the Australian Accounting Standards, including the AEIFRS requirements.

This strategy includes assessing the impacts of changes and keeping the Government, all NSW public sector agencies and other stakeholders informed of the impacts of all changes (See Treasury’s Strategy to implement Australian Accounting Standards). These website pages will keep all stakeholders continuously updated with Treasury’s analysis of changes in each standard (see Treasury Analysis).

Our analysis will focus on the general impact of significant changes on public sector financial reporting. Each agency must assess any additional impacts that are not addressed in our analysis. More up-to-date information on Accounting Standard developments, as well as comprehensive summaries of the full IFRS/AASB requirements, are available from the Useful Accounting Policy Links. Treasury’s web pages will be continuously updated as changes occur. Links will therefore be provided to new or changed Treasury Policies and Guidance as these are issued.