The purpose of this policy is to ensure adequate practices are put in place to direct the accounting and inform treatment of revenue, expenditure, assets, liabilities, equity and to guide the preparation & presentation of Annual Financial Statements.
These policies are included in full with each set of statements. To specify and outline the specific treatment Council has adopted in its financial reporting and treatment of relevant accounting issues, in particular where:
- The accounting standards offer more than one option in the treatment of a particular issue
- Where the Office of Local Government Code of Accounting Practice has alternative treatments or seeks Council to make a choice or elect a particular method
- Council practices require further explanation or clarification