12 December 2008 edition of LG "Cebits & Credits"

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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

At a National Level:
1.4 Victorian Auditor General’s report on Local Government Audits for 07/08 including their "take" on measuring the FINANCIAL SUSTAINABILITY of Councils.

On the World Stage:
All is quiet on the international stage!

2. Australian International Financial Reporting Standards (AIFRS) Review

2.1 AASB 1051 – Land Under Roads
2.2 AASB 139 – Financial Instruments: Recognition & Measurement

3. Best Practice Guide
Are you across the statutory reporting obligations (of a financial nature) that are applicable to NSW Councils!?

4. This Edition’s Question & Answer
Accounting for Investments purchased at a Discount to their Face Value.

5. Councils Web Page
Centralising the publicly available Financial Information on Council’s web page.