These are current bulletins produced to inform councils on a range of matters.
For bulletins published prior to 2014 view our archived Local Government Bulletins. For superseded bulletins, contact the Department.
04/16 Increase in the value of a penalty unit
The purpose of this bulletin is to inform local governments that:
03/16 Tropical for 2015-16
Informs local governments that a set of illustrative general purpose financial statements for Queensland councils (Tropical) for the year ending 30 June 2016 are now available.
02/16 Related party disclosures in council’s general purpose financial statements
The purpose of this bulletin is to provide advice to councils in preparing its general purpose financial statements in compliance with the AASB 124 related party disclosures which is an Australian Accounting Standards (the Standards).
The Standards are set by the AASB and generally replicate international accounting standards with some changes for the not-for profit/public sector. The requirement to comply with the Standards issued by the AASB is contained in the Local Government Regulation 2012 and the City of Brisbane Regulation 2012. This requirement is consistent with state and Federal Government policy.
AASB 124 related party disclosures apply to local governments from 1 July 2016.
Local governments will have to disclose information about related party relationships, transactions, outstanding balances and commitments in their audited annual financial statements. Information will only be disclosed if transactions occur, or there are outstanding balances or commitments, between council and the related party. In addition, they must be material in size or nature, either individually or in aggregate.
© The State of Queensland (Department of Infrastructure, Local Government and Planning)