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

Category: Treasury Policy and Guidelines (TPG)
Topic: Accounting Policy
Date: 26 February 2025
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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.