Financial Reporting Policy

This section contains Financial Reporting Directions and guidance for the Victorian public sector.

• Financial Reporting Directions
• Financial Reporting Guidance
• Model Reports
• Long Service Leave Arrangements
• IFRS Adoption

News and Updates

1 October 2009: LSL Rates as at 30 September 2009

The wage inflation and discount rates as at 30 September 2009 have been released for entities to use with the 2004 or 2008 Long Service Leave Model. The rates can be accessed under Long Service Leave Arrangements.

19 August 2009: FRD 103D guidance

The guidance on fair value measurement of plant, equipments and vehicles under FRD 103D has been released and is available under Financial Reporting Guidance.

29 July 2009: Model Report 2009 - updated list of new accounting standards and interpretations

Since the release of the latest Model Report in March 2009, the AASB has released several standards that are not yet effective and as such were not incorporated into the Model. Please find an updated list of these standards and pronouncements that have been issued but not yet effective from the Model Reports page. Victoria does not intend to early adopt these standards.

27 July 2009: Model Report 2009 - Update to disclosure on 'Prospective accounting changes'

The Model Report 2008-09 was drafted prior to the IPSASB's May 2009 meeting. It has now come to our attention from the outcome of this meeting that entities need to be aware of some updated timelines which affect Note 1(W) 'Prospective accounting changes' on page 115 of the Model Report 2008-09. For your own entity's reporting, we suggest that you amend this disclosure to be consistent with that proposed for the WoG AFR 2009. Please update this disclosure as follows:

• For Service Concessions, please replace the sentence "The IPSASB is expected to issue an Exposure Draft....." with the following sentence: "The IPSASB intends to issue an Exposure Draft in December 2009 and a new IPSASB standard is expected during 2010."
• For Borrowing Costs, please remove the sentence that says "The IPSASB timetable is to issue a standard at its May 2009 meeting." in the second paragraph.

View the 2009 Model Report

14 July 2009: Accounting Policy Newsletter

The 16th edition of Accounting Policy Update has been released to Victorian government departments and entities. The newletter provides guidance on a number of accounting developments which impact upon the whole of government and entity financial reporting in the 2008-09 and 2009-10 financial years.

Topics relating to the 2008-09 reporting year include:

• the publication of the 2008-09 Model Report for Victorian departments;
• Financial Reporting Directions issued since the last Accounting Policy Update newsletter in January 2009;
• guidance on the calculation of the provision for Long Service Leave; and
• key dates in the 2008-09 Annual Financial Report process.

Looking forward to the 2009-10 reporting year, the newletter addresses:

• development of Budget Information Paper 1 (BIP1);
• Model Report Revisions for the 2009-10 Model;
• scope of Exposure Draft 174;
• Financial Instruments Held to Maturity guidance; and
• the progress of certain standards, e.g. Leases and Service Concessions.

The newsletter also outlines developments in Accounting Standards by the AASB/IASB and IPSASB.

View the Accounting Policy Newsletter on the Budget and Financial Management website.