Transition info for councils

The requirements for financial reporting by councils are:

• Councils not affected by reform will produce general purpose financial reports for the period ended 30 June 2008.
• Councils with transferring area adjustments (Banana, Ipswich, Gold Coast, Logan) will produce general purpose financial reports for the period ended 30 June 2008.
• All abolished councils will produce general purpose financial reports for the period ended on changeover date (1 July 2007 to 14 March 2008) to reflect the abolition of the existing councils as a reporting entity.
• New regional councils will produce general purpose financial reports for the period ended 30 June 2009 to reflect the reporting period from changeover date to 30 June 2009 (15 March 2008 to 30 June 2009).

Read the Financial Accounting Technical Paper ( 48 KB). The paper details a number of financial accounting issues and the appropriate treatments to be applied.

Read the Financial Accounting Technical Paper for Indigenous Regional Councils ( 55 KB). The paper details a number of financial accounting issues and the appropriate treatments to be applied by the abolished Indigenous councils.

Read the Financial Statement Disclosures Paper ( 43 KB). The paper provides guidance on necessary disclosures associated with the financial reporting for abolished councils, transferring areas and the establishment of the new regional councils.

To assist both existing and new councils in recording the appropriate accounting entries for the March 2008 quarter Debt Service Payment (DSP) payment to Queensland Treasury Corporation (QTC), view the suggested accounting entries ( 37 KB). These entries have been prepared by the QTC and endorsed by the Queensland Audit Office.