63Annual financial statements of territory authorities

63 Annual financial statements of territory authorities territory authority must prepare annual financial statements for its operations during the year. (2) The annual financial statements must be prepared in accordance with accounting standards and in a form that facilitates a comparison between the financial operations of the territory authority during the financial year and the estimates of the operations in the authority’s statement of intent for the 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 61 (5) (e) (Territory authority statements of intent) in a statement included in a proposed budget for the authority for a financial year—a statement of the change and the reasons for it; and (c) any other statement necessary to fairly reflect the financial operations of the authority during the year and its financial position at the end of the year.