The extension of the current banking staffing balancing period has been extended until 31 March 2014. This means that schools will carry over a staffing balance from 2012 into 2013, and there will be no automatic reimbursement of under-use or recovery of over-use during 2013 by the Ministry.
Advice from the OAG is that no school should record a banking staffing liability or banking staffing asset as at 31 December 2012 in their annual financial statements. All schools will however be required to add a disclosure note to their financial statements relating to this extension. We will make sure you are informed of this required change and appropriate wording as part of our adjustments process at the end of you’re audit.