12 December 2006 edition of LG "Debits & 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

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

On the World Stage:
1.4 Latest news from the IASB.


2. Australian International Financial Reporting Standards (AIFRS) Review

Issues to take into account regarding the “transition” from the “cost model” to the “revaluation model” for Council Assets, as per AASB 116 – Property, Plant & Equipment.


3. Best Practice Guide

November’s Edition of LG “Debits & Credits” saw us publish our Best Practice Guide No. 6 for 2006.

Our next BPG will be issued in 2007, as part of next year’s subscription!!


4. This Edition’s Question & Answer

What to do (under an AIFRS environment) when Council decides it should no longer consolidate an entity (or operation) it previously controlled.