Guiding Local Government through financial reporting
We are continually working on development of tools and templates which could make the life of local government finance professionals easier. Our applications and templates provide solutions for effective dealing with various financial reporting matters.
Most popular products available for sale and for free are as follows:
For fees please contact us on igor@vcgroup.net.au or info@vcgroup.net.au
Apart from the above list of available templates, we can prepare customized applications at the client’s request.
Income Standards Application Pack (ISAP)
Income Standards Application Pack (ISAP) is an Excel-based template for analysis and implementation of new income standards. It is built on an algorithm specifically designed for NSW Local Government councils following comprehensive analysis and review of accounting standards, industry guidance and existing practice. The algorithm consists of a series of steps councils should go through in order to come up with the relevant accounting standard and income recognition approach.
Video presentations about ISAP and how it works are available here:
Advantages of ISAP:
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Easy to use
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All steps are linked to appropriate paragraph from AASB, the Code and other guidance
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System-based – hence, auditable
The pack has already been successfully implemented by 10 councils as part of the analysis of the effect of new income standards for the purposes of disclosure in 2019 financial statements. All 10 councils passed the audit of this section with no issues identified.
We offer different ISAP packages to meet council’s requirements. Please contact us for more details.
Lease analysis template
Before councils consider application AASB 16 Leases requirements on existing or new contracts, it is important to check whether the contract is a lease under the new standard. As an example, normal plant hire agreements may be in fact leases under AASB 16.
We developed an effective Excel-based template which allows for a quick and accurate check of applicability of AASB 16 to the contract. It is a one-page step-by-step Excel based template which returns an accurate result based on the responses from the user.
The template has already been successfully implemented by 4 councils as part of the analysis of the effect of new leases standard for the purposes of disclosure in 2019 financial statements.
Remediation provisions template
If council controls assets which will require remediation works at the end of the assets’ useful life, it is highly probable that provision should be recognized. Typical example is the provision for remediation works of a landfill.
Accounting for remediation provisions may be complicated and time consuming. Indeed, proper recognition of the new provisions, accounting for the effect of changes in the timing of remediation, change of discount rates and costing require accurate calculations and journals posting.
Our specifically designed template will allow councils to account for remediation provisions in a time effective manner and without much stress.
Roads unit rates benchmarking 2018 FREE
More than a half of all NSW councils will be doing revaluation of its transport assets in the year ended 30 June 2020. Majority of all councils perform revaluation of the road assets internally. To help councils with this engagement, we developed a benchmarking spreadsheet for roads unit rates. The spreadsheet lists unit rates for road assets based on km of sealed and unsealed roads. All data was taken from audited financial statements for the year ended 30 June 2018 published on councils’ web-sites. This spreadsheet is for free and available to all subscribers.
If you will have any comments or review notes on this product, please let us know.
FYI: We have already started to work on the same spreadsheet based on the 2019 financial statements. The new update will be available shortly. Monitor our article releases.
We are continually working on development of tools and templates which could make the life of local government finance professionals easier. Our applications and templates provide effective solutions for various financial reporting tasks.
Most popular products available for sale and for free are as follows:
My Asset Guard (MAG) - Asset Accounting System
Income Standards Application Pack (ISAP)
Remediation Provision Template "Remediator"
Apart from the above list of available templates, we can prepare customized applications at the client’s request.
My Asset Guard (MAG)
Check out MAG, our brand-new asset accounting solution that has been highly anticipated. A system created by asset accounting experts who are enthusiastic about managing assets for local government in an efficient manner.
MAG is a highly sophisticated and simple platform that can streamline your asset accounting and reporting at the lowest possible cost. It can be used continuously or as a temporary solution if councils need to guarantee data is simplified until another system is implemented.
For more details, please follow this link >> MAG
Income Standards Application Pack (ISAP)
Income Standards Application Pack (ISAP) is an Excel-based template for analysis of grants for the purposes of compliance with income standards. It is built on an algorithm specifically designed local government sector following comprehensive analysis and review of accounting standards, industry guidance and existing practice. The algorithm consists of a series of steps councils should go through in order to come up with the relevant accounting standard and income recognition approach.
Video presentations about ISAP and how it works are available here √ ISAP Presentation
Advantages of ISAP:
√ Easy to use
√ All steps are linked to appropriate paragraph from AASB, the Code and other guidance
√ System-based – hence, auditable
The pack has already been successfully implemented by more than 20 councils.
We offer different ISAP packages to meet council’s requirements. Please contact us for more details.
Remediation provision template "Remediator"
If a council controls assets which will require remediation works at the end of the assets’ useful life, it is highly probable that provision should be recognised. Typical example is the provision for remediation works of a landfill.
Accounting for remediation provisions may be complicated and time consuming. Indeed, proper recognition of the new provisions, accounting for the effect of changes in the timing of remediation, change of discount rates and costing require accurate calculations and journals posting.
Our specifically designed template called "Remediator" allows councils to account for remediation provisions in a time effective manner and without much stress.
We continue to receive positive feedback from satisfied users of the product:
"Highly recommended to any finance team struggling with convoluted spreadsheets and spending days and weeks"
Kalana Tennakoon, Manager Finance, Gunnedah Shire Council
Roads unit rates benchmarking
Majority of all NSW councils perform revaluation of road assets internally. To help councils with this engagement, we have developed a benchmarking spreadsheet for roads unit rates which we have been updating since 2018. The spreadsheet lists unit rates for road assets based on km of sealed and unsealed roads. All data is taken from audited financial statements being: Infrastructure, Property, Plant and Equipment Note in GPFS and Special Schedule 7 published on councils’ web-sites.
The spreadsheet we developed is a great tool which can help with the following tasks:
√ Comparison and benchmarking your council with other councils in your area and beyond;
√ Performing annual fair value assessment of the roads balances; and
√ Performing desktop revaluation of roads.
The 2022 benchmarking is available for download here >> Roads benchmarking 2023.
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