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The Department of Local Government, Industry Regulation and Safety (LGIRS) has released updated Model Financial Statements (MFS) guidance material for 2025-2026 for all classes of local governments. 

This year's revision builds on last year’s guidance and templates, further reducing the reporting requirements, particularly for smaller local governments.

The MFS is compliant with Australian Accounting Standards and Local Government (Financial Management) Regulations 1996. 

The MFS for 2025-26 are available in the Financial Reporting section on the Financial Policy and Accounting page on the the department's website.

The MFS are intended as a broad guide to typical local government functions and activities. Accordingly, individual local governments must review their MFS and:

• incorporate any additional transactions or activities not covered.
• remove sections that do not apply, for example investment property.

Guidelines to assist with financial statement preparation have been published as a companion reference to the MFS.