Financial reporting policy

The Department of Treasury and Finance provides various guidance materials to assist Victorian public sector entities meeting their accounting and financial reporting obligations.

The main guidance materials include:

  • Financial Reporting Directions (FRDs), which prescribe both financial and non-financial reporting requirements.
  • Model Reports for Victorian Government Departments, which are revised and issued annually.
  • Long Service Leave models and the related data input, including wage inflation and discount rates.
  • Accounting policy update newsletters, which are issued bi-annually to outline accounting policy areas of importance for public sector financial reporting.

The Valuer-General building indices and Valuer-General land indices are accessible only to departments, entities and agencies internal to the VPS network.

The 2008 Long Service Leave Model is available for use only by Victorian public sector departments and agencies that are consolidated into the State's financial statements (this excludes local councils, universities and other public sector entities).

AASB 124 Related Party Disclosures

The AASB 124 Related Party Disclosures guidelines are provided to assist Victorian government departments and other public sector entities with their implementation process for year-end reporting.

Accounting Standards Checklists

The Accounting Standards Checklists are available for use only by Victorian public sector departments and agencies that are consolidated into the State of Victoria’s financial statements.

Annual leave and long service leave arrangements

The 2008 long service leave model is available for use only by Victorian public sector departments and agencies that are consolidated into the State's financial statements. This excludes local councils, universities and other public sector entities.

Financial reporting directions and guidance

Financial reports are prepared in accordance with Australian Accounting Standards and Interpretations (AASs) as issued by the Australian Accounting Standards Board (AASB).

Model Report

The Model Report for Victorian Government Departments is provided to assist Victorian government departments and other public sector entities with the planning and preparation of disclosures in their annual reports.

Valuer-General building indices

The Valuer-General Victoria (VGV) Building Cost Indexation Factors are provided for Victorian Government departments and agencies for financial reporting purposes only.

Valuer-General land indices

The Department of Treasury and Finance has contracted the Valuer-General Victoria (VGV) to provide on an on-going basis property price movement indices, for use by departments in October and April each year.

Wage inflation and discount rates

The wage inflation and wage discount rates are provided to assist entities to calculate annual leave (if measured on a discounted basis) and long service leave entitlements.

Updated

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