Untitled document
Local Government (Finance and Reporting) Amendment Regulations 2011
S.R. No. 103/2011
TABLE OF PROVISIONS
Regulation Page
1Objectives
2Authorising provision
3Principal Regulations
4Definitions
5Financial Statements
6Notes to financial statements
7Part 5 revoked
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ENDNOTES
STATUTORY RULES 2011
S.R. No. 103/2011
Local Government Act 1989
Local Government (Finance and Reporting) Amendment Regulations 2011
The Governor in Council makes the following Regulations:
Dated: 27 September 2011
Responsible Minister:
JEANETTE POWELL
Minister for Local GovernmentMATTHEW McBEATH
Clerk of the Executive Council
1Objectives
The objectives of these Regulations are to amend the Local Government (Finance and Reporting) Regulations 2004—
(a)to provide that the financial statements of a Council included in its annual report are prepared in accordance with the current accounting standards; and
(b)to make a technical amendment.
2Authorising provision
These Regulations are made under section 243 of the Local Government Act 1989.
3Principal Regulations
In these Regulations, the Local Government (Finance and Reporting) Regulations 2004[1] are called the Principal Regulations.
4Definitions
(1)In regulation 4 of the Principal Regulations, for the definition of AAS substitute—
"AAS means the accounting standards published by the Australian Accounting Standards Board from time to time;".
(2)In regulation 4 of the Principal Regulations, in the definition of financial statements, after "in accordance with" insert "the current".
5Financial Statements
In regulation 13 of the Principal Regulations, after "in accordance with" insert "the current".
6Notes to financial statements
In regulation 14 of the Principal Regulations, after "required by" insert "the current".
7Part 5 revoked
Part 5 of the Principal Regulations is revoked.
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ENDNOTES
[1] Reg. 3: S.R. No. 30/2004 as amended by S.R. No. 130/2004.
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Table of Applied, Adopted or Incorporated Matter
The following table of applied, adopted or incorporated matter is included in accordance with the requirements of regulation 5 of the Subordinate Legislation Regulations 2004.
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Regulation 4 which amends regulation 4 of the Principal Regulations | Australian Accounting Standard AASB 1 "First-time Adoption of Australian Accounting Standards" as published by the Australian Accounting Standards Board | The whole |
| Australian Accounting Standard AASB 2 "Share-based Payment" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 3 "Business Combinations" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 4 "Insurance Contracts" as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 5 "Non-current Assets Held for Sale and Discontinued Operations" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 6 "Exploration for and Evaluation of Mineral Resources" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 7 "Financial Instruments: Disclosures" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 8 "Operating Segments" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 9 "Financial Instruments" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 101 "Presentation of Financial Statements" as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 102 "Inventories" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 107 "Statement of Cash Flows" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 108 "Accounting Policies, Changes in Accounting Estimates and Errors" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 110 "Events after the Reporting Period" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 111 "Construction Contracts" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 112 "Income Taxes" as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 116 "Property, Plant and Equipment" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 117 "Leases" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 118 "Revenue" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 119 "Employee Benefits" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 120 "Accounting for Government Grants and Disclosure of Government Assistance" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 121 "The Effects of Changes in Foreign Exchange Rates" as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 123 "Borrowing Costs" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 124 "Related Party Disclosures" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 127 "Consolidated and Separate Financial Statements" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 128 "Investments in Associates" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 129 "Financial Reporting in Hyperinflationary Economies" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 131 "Interests in Joint Ventures" as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 132 "Financial Instruments: Presentation" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 133 "Earnings per Share" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 134 "Interim Financial Reporting" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 136 "Impairment of Assets" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 137 "Provisions, Contingent Liabilities and Contingent Assets" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 138 "Intangible Assets" as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 139 "Financial Instruments: Recognition and Measurement" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 140 "Investment Property" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 141 "Agriculture" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1004 "Contributions" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1023 "General Insurance Contracts" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1031 "Materiality" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1038 "Life Insurance Contracts" as published by the Australian Accounting Standards Board | The whole | |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 1039 "Concise Financial Reports" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1049 "Whole of Government and General Government Sector Financial Reporting" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1050 "Administered Items" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1051 "Land Under Roads" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1052 "Disaggregated Disclosures" as published by the Australian Accounting Standards Board | The whole | |
| Australian Accounting Standard AASB 1053 "Application of Tiers of Australian Accounting Standards " as published by the Australian Accounting Standards Board | The whole |
| Statutory rule provision | Title of applied, adopted or incorporated document | Matter in applied, adopted or incorporated document |
| Australian Accounting Standard AASB 1054 "Australian Additional Disclosures" as published by the Australian Accounting Standards Board | The whole |
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