Financial reporting policy

Overview

The Department of Treasury and Finance provides various guidance materials to assist Victorian public sector entities meeting their accounting and financial reporting obligations.

The main guidance materials include:

  • Financial Reporting Directions (FRDs), which prescribe both financial and non-financial reporting requirements;
  • Model Reports for Victorian Government Departments, which are revised and issued annually;
  • Long Service Leave models and the related data input, including wage inflation and discount rates;
  • Accounting policy update newsletters, which are issued bi-annually to outline accounting policy areas of importance for public sector financial reporting.

The Valuer-General building indices and Valuer-General land indices are accessible only to departments, entities and agencies internal to the VPS network.

The 2008 Long Service Leave Model is available for use only by Victorian public sector departments and agencies that are consolidated into the State's financial statements (this excludes local councils, universities and other public sector entities).