LGFP Guidance Paper - Accounting for Infrastructure Damaged by Significant Weather Events

Abstract

In the wake of recent severe weather events in Far North Queensland, significant challenges have emerged in accurately assessing and reporting the impact on council infrastructure. Anthony’s presentation delves into the critical intersections of local government finance and infrastructure management, encapsulated within the "Accounting for Infrastructure Damaged by Significant Weather Events" position paper developed between the Queensland Audit Office and Queensland Local Government Finance Professionals. The discussion will underscore the essential preparations required by Council infrastructure departments to effectively respond to the impending financial year-end information requests from Council's finance staff. We will explore the nuanced accounting requirements detailed in the paper, which stress adherence to accounting standards. The guidance provided offers a systematic approach to inspecting damage, assessing asset conditions, and determining the necessary financial adjustments due to asset impairment. Furthermore, the presentation will address the strategic steps councils must undertake to ensure accurate documentation and reporting. This includes gaining timely site access for assessments, understanding the implications of restricted access, and the imperative early engagement with the Queensland Audit Office and council management to align on financial statement adjustments. By consolidating finance and infrastructure strategies, councils can enhance resilience and financial accountability in the face of natural disasters. This session aims to equip council staff with the knowledge to navigate the complex landscape of infrastructure accounting, ensuring that they are well-prepared for the financial year-end and beyond. Biography