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Guidance on the application of AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

This guidance relates to AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities (AASB 2022-10). AASB 2022-10 amends AASB 13 Fair Value Measurement (AASB 13), including adding authoritative implementation guidance and providing related illustrative examples, for fair value measurements of non-financial assets of not-for-profit public sector entities not held primarily for their ability to generate net cash inflows.

The content of this guidance will be included in an updated version of TPP21-09 Valuation of Physical Non-Current Assets at Fair Value (TPP21-09). Treasury intends to make consequential amendments to ensure that publication is consistent with this guidance.

AASB 2022-10 has been fully compiled into AASB 13. Therefore, paragraph references in this guidance are to AASB 13.

TPG25-01: Agency Direction for the 2024-25 Mandatory Early Close

This NSW Treasury Policy and Guidelines (TPG) defines the minimum requirements for the 2024-25 Early Close.

The objectives of this TPG are as follows:

1. to identify the principles, practices, arrangements and procedures to be applied or followed by Agencies and their Chief Financial Officers to enable Consolidated government sector reporting to be prepared in accordance with Division 7.4 of the GSF Act;
2. to enhance the efficiency of the financial reporting process and promote early identification and resolution of accounting issues; and
3. to facilitate timely completion and improve the quality of government sector reporting.

This TPG outlines procedures to achieve the above objectives and facilitate early dialogue with Treasury and the Audit Office on significant accounting issues. These procedures form good practice that should in any case be carried out at appropriate points in the financial year. Agencies may wish to perform additional procedures as part of a strategy to improve the quality and timeliness of financial reporting.

Certain Agencies are participating in the 2024-25 Hard Close pilot with the effect that some procedures and due dates differ compared to the regular Early Close process.

TPG24-33 Reporting framework for first year climate-related financial disclosures

This reporting framework sets out the minimum content requirements for the first year of mandatory climate-related financial disclosures for an entity. It also provides suggestions on how entities should approach their disclosures.

TPG24-23 Accounting for Long Service Leave and Annual Leave

TD24-22 Financial and Annual Reporting by former reporting GSF agencies

This Direction:

• Exempts certain former reporting GSF agencies from the requirement to prepare final annual GSF financial statements under section 7.7 of the GSF Act and final annual reporting information under section 7.14 of the GSF Act.

• Authorises the Secretary of The Treasury, or their nominee, to grant an exemption from or a modification to the requirements to prepare final annual GSF financial statements or final annual reporting information in certain cases.

[2024] TD23-11 Annual reporting requirements

Updated: 1 July 2024

This Direction is to set the principles, requirements, and procedures to be applied or followed by Agencies and the accountable authorities for those Agencies when preparing annual reporting information in accordance with Division 7.3 of the Government Sector Finance Act 2018 (GSF Act).

TD24-21 Amendment to TD23-11 Annual reporting requirements

To amend TD23-11 to ensure ongoing adherence to the purpose and objectives expressed in TD23-11

TPG24-17: Agency Direction for the 2023-24 Mandatory Annual Returns to Treasury

This NSW Treasury Policy and Guidelines (TPG) adopts and incorporates the TD21-02 Mandatory Annual Returns to Treasury, including the defined terms which also apply to this TPG.

The TPG provides additional guidelines to Agencies relating to Annual Returns to be submitted to Treasury and outlines procedures completed at an interim date under the Treasurer’s Direction on Mandatory Early Close as at 31 March each year (TD19-02) that must be updated and finalised as part of the Annual Returns.

This TPG also describes a number of procedures to confirm that key controls over Agency balances are carried out. These procedures form good practice that should in any case be carried out at appropriate points in the financial year.

TD24-19 Amendment to TD21-02 Mandatory Annual Returns to Treasury

This Direction amends TD21-02 for the financial years ending 30 June 2024 and following.

This Direction takes effect on Wednesday, 12 June 2024.

TPG24-16: Agency guidelines for the 2023-24 mandatory annual returns to Treasury for NSW public sector agencies that are not included in TD21-02

This NSW Treasury Policy and Guidelines (TPG) adopts and incorporates the TD21-03 Submission of Annual GSF Financial Statements for NSW public sector agencies that are not included in TD21-02, including the defined terms which also apply to this TPG. This TPG provides additional guidelines to Agencies relating to Annual Returns to be submitted to Treasury.