05 June 2012 edition of LG "Debits & Credits"

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The June 2012 edition of LG "Debits & Credits" was issued on the 4th of June, 2012.

CONTENTS this Issue:

1. Current Issues in “all things accounting and Local Government”

At the NSW Local Government Industry:
1.1 Dates to Remember This Month and Next for NSW Councils…
1.2 NSW DLG Circulars to note
1.3 Latest news from the LGAAG
1.4 Latest news from the NSW LGFP’s.
1.5 Latest news from IPART - NSW

At a National Level:
1.6 Latest news from the AASB.

On the World Stage:
1.7 Latest news from the IPSASB.


2. Year End Issues – A Water & Sewer Infrastructure Assets Fair Revaluations checklist

If you need to revalue Water & /or Sewer Fund Assets for this YE…why not take a look at this TNR checklist to see how you rate !!

NB. This is also applicable to Councils planning their Fair Revaluation obligations in YE 12/13 onwards.


3. Best Practice Guide

Our goal is to publish at least four (4) Best Practice Guides & Contemporary Issues across the 2012 year.


4. This Edition’s Question & Answer

4.1 “Referring” the YE Financial Accounts to audit & “Presenting” the audited Accounts
4.2 What to do with the IPP&E Asset Revaluation Reserves (sitting in Equity)
4.3 Carbon Pricing, Landfills & Liability Deferrals


5. A Timely Reminder…

Our annual reminder to NSW Councils on the “ins and outs” of:

(i) making & levying Council's Rates and Annual Charges, &
(ii) serving a Rates & Charges Notice.