VATICAN CITY—The Vatican released a summary of its 2014 financial statements on Thursday, reporting more than €1 billion in previously off-the-books assets and showing improved returns on investments over 2013.

Cardinal George Pell, who as prefect of the Secretariat for the Economy serves as the pope’s finance chief, said that the statements give the most accurate picture to date of the financial situation in the Vatican’s two main entities: the Holy See, which is the central administration of the world-wide Roman Catholic Church; and the government of Vatican City State, the 108-acre sovereign territory where the pope resides.

The cardinal said that the statements provide a realistic basis for pursuing the continuing financial reforms that Pope Francis has made a major goal of his pontificate.

As part of what the Vatican called a “journey of transition to new policies,” the 2014 statements are supposed to offer a more complete picture of assets and liabilities, verified by external auditors. The Vatican adopted international accounting standards in 2014, and those standards will be used to prepare the statements for 2015.

The Holy See reported a deficit of €25.6 million ($27.9 million), compared with €24.5 million for 2013. However, the Vatican noted, “had the same accounting treatment applied in 2014 been applied in 2013, the 2013 deficit would have been reported as €37.209 million. The improvement in 2014 was largely due to favorable movements in investments held by the Holy See.”