Focus on Finance - Summer 2017
Project / Working Groups Update
Thanks to everyone that used our new on-line system to give feedback on the 1 & 2 December annual workshop and conference titled “I’m a Finance Professional GET ME OUTTA HERE!!” held at the Adelaide Oval, Memorial Drive. The sessions presented by FMG members and the key note speaker Anna Meares were ranked as being the most well-liked.
Have you recently heard a great presenter or would like to hear about a particular topic at a future conference? If so please contact Clive with your suggestion.
Registrations are now open to our 17 March 2017 conference “Limitless” to be held at the Glen Ewin Estate Click here.
Asset Management Group
Review of the LGA Guidance Paper on Fair Value Measurement – John Comrie has provided a draft revision of this Guidance Paper which is currently being reviewed by the work group members with comments to be fed back to John in February. John is also preparing a Land and Building Tender Specification Template for use by Councils, we hope to have a draft by February for review and provision of feedback by the work group.
The group is always seeking topics and issues for discussion, as well as any topics you would like to see at future conferences. All suggestions are welcome and can be sent to Pep Piscioneri.
Fees & Charges Group
The work group are currently undertaking a GST review of Fees & Charges on behalf of all South Australian Councils.
During 2016, BDO with assistance from the work group collated all South Australian Councils’ existing fees and charges into one master list of generic fees and charges. This listing was distributed for review by all Council’s in December 2016 and following feedback, an application for a Class Ruling from the Australian Taxation Office (ATO) was made in late December 2016.
The Class Ruling has been lodged on behalf of the Local Government Association (LGA) and will be for use by all South Australian Councils. This information will be consolidated into a comprehensive matrix to ensure that an ongoing accurate and compliant listing of GST treatment for fees and charges is available.
It is expected the listing will be available for use for the preparation of your Council’s 2017/18 fees and charges.
Financial Management Framework Group
The group’s regular activity each year is to review the Model Financial Statements which is currently underway. Recommendations from the group are presented to the FMG Executive Committee for discussion and are used to provide feedback to the LGA contracted preparer of the Model Financial Statements.
This group also participates in the review of the LGAs’ information papers and other local government financial related working papers along with application of new and/or amended relevant AASBs’.
Internal Controls & Risk Management Group
The work group’s objective is to complete a review of the Better Practice Model – Financial Internal Controls for S.A. Councils (BPM)
The BPM document has been updated including a reformat of the worksheet design. The introduction of the framework has also been rewritten as part of a scope of works with BDO with the focus on providing a clearer roadmap as to a risk based approach in implementing a robust financial internal control environment.
Consultation has taken place in regards to the changes with the local government community.
Newsletter / Website Group
This is our first newsletter for the calendar year, with our next edition scheduled for Autumn 2017. If you have ideas for future articles or areas of interest please contact me and we can see if we can arrange it to be written by one of our knowledgeable sponsors.
Project / Working Groups proudly sponsored by