COVID-19 has affected the cash flows of many public sector entities. Their ability to earn revenue may have decreased, potentially permanently, and they are implementing cost reduction strategies.
We have experienced COVID-19 impacts on working arrangements, our community and the economy. These impacts may result in material changes to the financial performance and position of many public sector entities.
Financial uncertainty, disrupted working arrangements, and health concerns are creating stress within workforces and impacting the future of organisations globally.
Climate-related risks are an emerging area that may have a direct impact on entities’ financial statements.
Queensland’s state and local governments make significant investments in the public infrastructure they need to deliver public services.
A lot of councils in Queensland, and in the rest of Australia, are focused on improving their financial sustainability.
The Office of the Chief Advisor—Procurement has published new guidelines for disclosing government-awarded contracts. And for using and disclosing confidentiality provisions.
Simplifying financial reporting is an ongoing process of change.
Each year financial reporting teams, audit committees and auditors should work together to identify new areas for improvement and focus.
The Queensland Government is developing a new waste management and resource recovery strategy.
The changes being made include the introduction of a waste levy, commencing 1 July 2019.