Financial statements guide
Financial statements enable readers to assess the Department’s financial performance, cashflows and position.
This financial report covers the Department of Corrective Services and its controlled entities for the 2003-04
The Department of Corrective Services is a Queensland Government department established under the
Public Service Act 1996.
It is a requirement of every Queensland Government department to prepare general purpose financial
statements as outlined in section 40 of the Financial Administration and Audit Act 1977.
A number of components make up the Department of Corrective Services’ Financial Statements, including:
- Statement 1 — Statement of Financial Performance: This statement shows the expenses and revenues and the results of operations for the financial year.
- Statement 2 — Statement of Financial Position: This statement provides information concerning assets, liabilities and the Government’s equity at the end of the financial year. Current assets shown are reasonably expected to be converted to cash, sold or consumed in the operations of the Department in the next financial year. Current liabilities are reasonably expected to consume cash in the next financial year.
- Statement 3 — Statement of Cashflows: This statement provides information concerning sources and uses of cash during the financial year and available cash at the end of the financial year.
- Statement 4 — Statement of Financial Performance by Outputs: This statement provides information on revenues and expenses for each output.