Annual Reports are the primary performance reporting document, including financial statements and non-financial performance information. It contains information about the company’s performance over the last 12 months. Annual Reports are presented to the Parliament.
Purpose of annual reports
The overarching purpose of annual reports is to inform the Parliament and the public about the achievements, non-financial performance and financial position of Commonwealth entities and companies at the end of each reporting year.
Annual reports serve to inform the Parliament (through the responsible Minister), other stakeholders, educational and research institutions, the media and the general public about the performance of companies in relation to activities taken.
Annual reports are also a key reference document and a document for internal management. They form a critical part of the historical record.
Annual reports are also a key accountability mechanism of the Commonwealth performance framework, through the reporting of the actual performance of companies in the annual report against the planned performance information outlined in their corporate plans.
The annual report must be presented to Parliament by the responsible Minister.
Annual report principles
When Commonwealth companies are preparing an annual report, they should consider the following principles. An annual report should:
Be written in plain English and provide sufficient information and analysis for the Parliament to make a fully informed judgement on company performance.
Align with the overall Commonwealth resource management framework, Public Governance, Performance and Accountability Act 2013, Public Governance, Performance and Accountability Rule 2014 and the Commonwealth performance framework.
Be developed by taking into account merit reporting - the relative benefits and costs of reporting.
