To round out 2019, below are some areas of focus for our public sector clients. These are drawn from our latest financial audit work and analysis across all entities.

The key audit matters section of the Independent Auditor’s Report has been introduced.

Queensland Treasury Financial Reporting Requirements (FRRs) for 2018–19 are available on Queensland Treasury’s website. www.tre

The Australian Accounting Standards Board (AASB) is reviewing financial reporting requirements for the public sector.^{1, 2} 

Can the International Public Sector Accounting Standard IPSAS 41 Financial Instruments help us in Australia?

Each year, the Queensland Audit Office (QAO) measures the timeliness and quality of public sector financial statements.

We report on the results of these measures to parliament.  

Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.

Here's what you need to do.

Should Australia develop a simpler, and better, reporting framework—particularly for entities that are not listed?

When we ask this question, most people respond with, ‘Yes’, or a more emphatic, ‘Yes!’.

AASB 15 applies to both for-profit and not-for-profit entities. For-profit entities must apply AASB 15 for financial years beginning on, or after, 1 January 2018.