27Annual financial statements of directorates

27 Annual financial statements of directorates (1) A directorate must, as soon as practicable after the end of each financial year, prepare annual financial statements relating to its operations during the year. (2) The annual financial statements of a directorate must be prepared in accordance with accounting standards and in a form that facilitates a comparison between the financial operations of the directorate during the year and the estimates of those operations contained in the budget for the directorate for the financial year. (3) The annual financial statements must include— (b) if a change was made during the year to the conditions of a capital injection set out under section 12 (1) (c) (ii) (Directorate budgets) in a statement included in a proposed budget for the directorate for a financial year—a statement of the change and the reasons for it; and

Division 3.2 Financial reports and performance statements of directorates (c) a statement of the accounting policies adopted by the directorate; and (d) any other statements necessary to fairly reflect the financial operations of the directorate during the year and its financial position at the end of the year. budget, for a directorate for a financial year, means the budget for the directorate for the year presented to the Legislative Assembly under section 10 (b) (Budget papers).