Under the Local Government (Financial Management) Regulations 2011, the annual financial statements of Councils must be prepared in accordance with the Model Financial Statements. The LGA is the prescribed body under the Local Government Act for the purpose of preparing and publishing the Model Financial Statements. The Model Financial Statements in force at any point in time may be altered only with the written approval of the Minister for Local Government.
Apart from assisting Councils to comply with Australian Accounting Standards, the extensive use of the Model Financial Statements since 2006 has resulted in material improvements in the reliability, consistency comparability and understanding of data made publicly available on Council finances.
The preparation of the consultation draft Model Financial Statements has been informed by a well attended workshop of finance professionals from Councils conducted by the Local Government Financial Management Group (FMG) in December 2018, feedback from some Councils on issues arising from preparation of their 2017-18 financial statements and specialist advice from a reference group of senior representatives from the Local Government Auditors' Group and the Executive of the SA LOCal Govenrment Financial Management Group.
The consultation draft is available via the following link: Local Government Model Financial Statements 2019 - Consultation Draft(2153 kb)
There is also a one-page summary of changes proposed since the 2018 edition: LG Model Financial Statements - Changes from 2018(231 kb)
The draft is available for review and comment. Comments should be forwarded to Shane Sody at the LGA on email: email@example.com with a copy to the author of the Model Statements (David Maxwell) on email: firstname.lastname@example.org by close of business Wedmesday 1 May 2019.
A response will be sent to those who provide comments. The consultation draft will be reviewed in light of the comments received and a final version will be referred by the LGA to the Minister for Local Government for endorsement.