Objective (AASB1052_12-07_COMPmar20_07-21)

The objective of this Standard is to specify principles for reporting:

(a) financial information by function or activity by local governments; and

(b) financial information about service costs and achievements by government departments.

Disclosures made in accordance with this Standard provide users with information relevant to assessing the performance of a local government or government department, including accountability for resources entrusted to it.