Annual Report 2015-16

Community Financial Report – 2015/16
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
financial performance for the financial year just ended.

Council’s financial statements are prepared based on Australian accounting standards, and contain
specific information regarding 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 our 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 2015/16                                                          Page 31