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2015-11-16 GC Agenda - Item 3, Attach 1 - Annual Report 2014-15
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Community Financial Report – 2014/15
Background
This Community Financial Report aims to simplify the financial information required to be prepared
by Council under legislation and accounting standards, and provides a simple summary of our
Council’s financial performance for the financial year just ended.
Council’s financial statements are prepared based on accounting standards, and contain specific
information regarding Council’s financial performance for the relevant period. Financial statements
include a Statement of Comprehensive Income (i.e. profit and loss), a Statement of Financial
Position (i.e. balance sheet), a Statement of Cash Flows as well as a Statement of Changes in
Equity. Collectively, the statements provide a formal picture of the financial strength of an
organisation.
The Community Financial Report consists of five key reporting elements, each of which has a
specific purpose for the measurement and presentation of Council’s finances. The linkages
between the five key elements are shown below:
Statement of
Comprehensive
Income
Statement of
Statement of Financial
Financial
Cash Flows Ratios
Position
Statement of
Changes in
Equity
Noosa Council Annual Report 2014/15 Page 27
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