Periods of uncertainty can affect how public sector entities prepare and present their financial statements. To help entities navigate this, we recently published the fact sheet Financial reporting considerations in uncertain times. This blog highlights the main guidance it provides.
This blog is for preparers of financial statements for whole-of-government reporting entities, those charged with governance at those entities, and users of their financial statements.
Over the decades, accountants have embraced new technology to help them in their day-to-day work. So how can you use technology well to prepare your financial statements?
Climate change is no longer a distant or emerging issue for the public sector. Extreme weather events, rising insurance costs, infrastructure damage, and increasing demand pressures are changing how public sector entities operate today.
Developer contributed assets are items of public infrastructure – such as roads, parks, water, and sewer network assets – that a developer constructs as part of a development approval and hands over to a council for its ownership and maintenance.
The Queensland Audit Office’s annual update for chief financial officers, and entity staff who are involved in preparing financial statements, helps us collaborate on emerging issues and any changes to financial reporting or auditing requirements.
Through our audits of major capital projects, the Queensland Audit Office (QAO) has developed insights to assist our auditors and clients in determining when to start capitalising project costs. This blog shares these insights as a guide and outlines how we will engage with our clients.
When designed and delivered well, government grants can help achieve important outcomes – from supporting communities and small businesses to encouraging innovation and investment.
In this blog, we summarise Queensland Treasury’s major changes in its 2024–25 Financial Reporting Requirements for Queensland Government Agencies (FRRs) and its Non-Current Asset Policies for the Queensland Public Sector (NCAPs) for this year.
The Queensland Audit Office’s annual update for clients’ chief financial officers, finance managers, and other staff involved in financial statement preparation is a key part of our engagement program.