Model Financial Statements 2023-24 update
The Department of Local Government, Sport and Cultural Industries (DLGSC) has released updated Model Financial Statements (MFS) guidance material for 2023-24 for all classes of local governments.
This year’s update builds on the guidance material and templates issued last year, and continues to ease the reporting burden, especially for smaller local governments.
The MFS are compliant with Australian Accounting Standards and Local Government (Financial Management) Regulations 1996.
They are available on the financial policy and accounting support webpage of the department’s website.
The MFS are a guide to the common functions and activities of local government; therefore, all local governments will still need to review their version and:
- add any transactions or activities not covered
- remove any sections that might not be applicable e.g. investment property.
Guidelines to support financial statement preparation have been published as a reference guide to the MFS.
Note: Chief executive officers are encouraged to have their staff register for LG Alerts to stay updated on changes and where to access guidance and support material.