Update on proposed changes to financial reporting for providers of residential aged care and home care

Page last updated: 24 June 2015

This information was uploaded on 24 June 2015

Dear Aged Care Provider,

In January 2014, the Assistant Minister for Social Services asked the Aged Care Financing Authority (ACFA) to provide advice on options to improve the collection of appropriate financial data from aged care providers, including options to rationalise current financial reporting requirements.

ACFA’s report Improving the Collection of Financial Data from Aged Care Providers was released on Tuesday 28 October 2014 and is available on the Department's website.

Based on this report, in February 2015 the Department released a discussion paper on proposed changes to financial and prudential reporting for residential and home care providers with thirty five submissions being received. As a result of the feedback received the Department is continuing to consult with industry through the Design and Implementation Group (DIG) on the proposed changes. The DIG includes a range of representatives from the sector and advisers to the sector.

The Government has not as yet made any final decisions on changes to the financial reporting framework pending the ongoing consultations.  Any changes that may be decided upon by Government would not apply to 2014-15 reporting requirements.  The Department is considering trialling possible new requirements with providers in consultation with the DIG, though arrangements for a trial have not yet been settled.

Kind regards

Ageing and Aged Care Stream
Department of Social Services