Bulletins

  • Print
Details

Tropical Council illustrative financial statements for 2010-11

Purpose

The purpose of this bulletin is to advise local governments:

  • that illustrative financial statements for councils (Tropical) for the year ending 30 June 2011 has been released and
  • about the changes to Tropical.

Background

Local Governments are required to prepare annual financial statements that comply with local government legislation and the Australian Accounting Standards. To assist with this, the Department of Local Government and Planning prepares a set of example annual financial statements each year. The statements, commonly referred to as ‘Tropical’, are updated each year to reflect new and amended Australian Accounting Standards and other legislative requirements.

Applicable legislation

The Local Government Act 2009 and accompanying Regulations apply from 1 July 2010.

Changes to Tropical in 2010-11

Tropical for 2010-11 is substantially the same as for 2009-10. The main amendments are:

  • updated legislative references
  • the removal of outdated concepts such as unfunded depreciation and Shire Capital
  • new example disclosure for developer contribution revenue, in accordance with the requirements of Interpretation 18
  • updated disclosure regarding the application of new and amended Australian Accounting Standards
  • a new management certificate in the approved form.

Requirements for Aboriginal Shire Councils

Local government legislation now requires Aboriginal shire councils to prepare general purpose financial statements in a form such as that illustrated in Tropical. There is no longer a requirement for Aboriginal shire councils to prepare financial statements in a form set by the department.

Communication and training

The Tropical Council illustrative financial statements are available on the department’s website.

Further communication or assistance is being provided through a series of workshops throughout Queensland in May and June 2011. The purpose of the workshops will be to provide an update on financial reporting requirements for 2010-2011 and will include the Tropical illustrative financial statements.

The sessions will be aimed at officers in local government who are responsible for preparing council annual financial statements. The workshops will cover:

  • significant changes to Australian Accounting Standards;
  • changes to the Tropical illustrative annual financial statements; and
  • new and emerging accounting issues.

Statutory deadlines

As you would be aware, local government legislation requires that Councils must submit financial statements to the Queensland Auditor-General for auditing as soon as practicable after the end of the financial year and no later than 15 September. In addition, section 108 of the Local Government (Finance, Plans and Reporting) Regulation 2010 requires that the annual report be presented to the Council for adoption before 30 November.

Further information

Subscribe to bulletins