VPRS 15208 Annual Reports and Statements of Accounts

The annual reports describe the activities of the organisation during the year concluded. The reports include annual financial statements and other relevant statistics. Finance statements provide the final summary of the agency's financial situation at a particular point in time. They are usually compiled once a year and published with an annual report, although they may be compiled at more regular intervals. The types of statements and their format are generally determined by legislative requirements, and these in turn determine the nature of the accounts required to be maintained. The various Water Acts have required an annual statement of accounts be prepared containing the amount of all moneys received and expended by it, all rates made, contracts entered into, and works begun, continued or completed during the year. The annual statement was to include also an account of all the assets and liabilities of the authority at the end of the reporting period.