LG Solutions - Specific Accounting Advice





	Hands on Services from LG Solutions LG solutions are always available to talk to you regarding a specific issue that you are currently addressing or require assistance with and will determine with you whether we can assist in providing the right solution - so don't hesitate to contact us…we are always only as close as a phone call or e-mail away! Hands on Services offered include: REVIEWING YOUR COUNCILS "BUDGET RESULT" & REPORTS: Let us; a. Assess your Councils reported Budget Result & determine what it does/doesn't mean, b. Guide you on how to present your "Budget Result" quarterly reports, c. Give your "Budget Result" meaning and transparency, d. Review your Quarterly Budget Position and provide you with the "Movement in Councils Available Working Capital" each Qtr, and e. Provide our Budget Result/GL "set up" template to give you "year round" Budget Result & "all round" Budget Reporting confidence! OPERATING and FINANCE LEASES Reviews: We can provide a comprehensive "Whole of Lease Cost" analysis, the provision of an opinion on the Operating lease/Finance lease categorisation and the relevant accounting entries required. Let us be part of any lease or buy decision (up front) and give you the full picture, permitting you to make an informed decision, avoid any nasty audit categorisations at year end and assess the leases effective interest rate against Councils borrowing rate. INVESTMENT REPORTS to COUNCIL We are able to provide a new service that reviews Council’s Investment Accounting and Reporting Practices in relation to its compliance with AIFRS 132 & 139, the Local Government Act (1993) and the associated Financial Regulations therein. Whilst our Review cannot provide an opinion on the appropriateness of specific Investments that Council has on its Register (which would be seen as Investment Advice), we can provide some relief to Responsible Accounting Officers by ensuring you are reporting and accounting for Councils Investments correctly and in a manner that is (in our opinion) clear and appropriate given the Investments that Council has in its portfolio. NB: A recent review by us of a selection of Councils Month End Investment Reports indicated that some Councils could definitely better disclose & present their Investments each month than is presently occurring!! FYI…we anticipate our review would take between 1 to 2 days, depending on Councils portfolio size & mix of investments. As part of the review & report, we will provide recommendations on Councils day to day accounting & month to month reporting practices to ensure your compliance with both Statutory & Accounting Standard Requirements! INVESTMENT AMORTISATION SCHEDULES in accordance with AASB 139: Under AIFRS, Councils must amortise ALL Premiums and Discounts to the Face Value of Financial Instruments in accordance with the Effective Interest Method. With only a couple of pieces of information on an Investment, we can provide an Investment Specific Amortisation Schedule that is in accordance with AASB 132/139 and more importantly provides you with the Journal Entries needed to ensure you are correctly amortising the Premium/Discount in accordance with AIFRS and more importantly that you are correctly recording Councils Interest Income for the month & year!! EMPLOYEES LEAVE ENTITLEMENTS DISCOUNTING: We guarantee a 24 hour turnaround in providing your discounted ELE balances for 30/6/09, or in providing a forecast of the discounted result during the year, and thereby removing any loss of independence perceptions if you are currently being assisted in these calculations by your auditor. Through our LG Advice service (and the experience that comes with it), you can let us assist and be that additional set of "arms & legs" you need for those issues you have wanted to address, or require a second opinion on!