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Policy Financial Management Financial Management and Control (FMPM 800 - FMPM 899) FMPM 860 Annual Financial Statements
FMPM 860 Annual Financial Statements
To set out the requirements in respect of the University’s Annual Financial Statements (Statutory Accounts).
Approval of significant accounting policies
Preparation of the annual financial statements
Director, Financial and Business Services
Recommendation of financial statements to Council
Finance Committee & Audit and Compliance Committee
Approval of financial statements
Management Certification of financial statements
Chancellor, Vice-Chancellor, Deputy vice Chancellor, Services and Resources
Audit certification of financial statements
Definitions (Related Glossary Terms)
Finance Committee must approve the University’s significant accounting policies (refer Finance Committee Directive Appendix B – Accounting Policies) including any changes thereto.
At the end of each calendar year, the Director, Financial and Business Services is responsible for the preparation of a set of annual financial statements on the University’s operations.
The annual financial statements must be prepared each year having regard to the minimum reporting requirements required by ‘Financial Reporting Requirements for Queensland Government Agencies’ published by Queensland Treasury and the prescribed accounting standards, to the extent they apply to the University. These include:
- Australian Accounting Standards;
- Statements of Accounting Concepts (SACs);
- Framework for the Preparation and Presentation of Financial Statements.
The University must also comply, as appropriate, with the ‘Financial Statement Guidelines for Australian Higher Education Providers’ published by the Australian Government Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education (DIICCSTRE)
The annual financial statements must be furnished to the Queensland Auditor-General by a date agreed between the University and the Queensland Auditor-General. The date agreed must allow the audit and audit report to be completed no later than 2 months after the end of the financial year to which the statements relate. The Treasurer may decide a later date by which the University must give the statements to the Queensland Auditor-General.
Adequate procedures must be in place to ensure the timely preparation of annual financial statements without the need to apply for extensions of time except where there are extenuating circumstances. Where any extension of time is necessary, requests should be submitted, with supporting reasons and advice of the action being taken to expedite the matter.
In circumstances where compliance with these standards would contravene requirements under an Act or would not give a true and fair view, the University shall:
- prepare the financial statements to satisfy the requirements of the Act or so as to give a true and fair view;
- disclose in the financial statements a reference to the standard not complied with together with a brief advisory comment; and
- if the University is of the opinion that the Financial and Performance Management Standard 2009 should be revised or altered, submit those particulars to the Treasurer for consideration and advice.
The annual financial statements must be prepared in accordance with the accounting policies as outlined under Finance Committee Directive Appendix B – Accounting Policies.
Finance Committee & Audit and Compliance Committee, must recommend to Council the adoption of the annual financial statements.
Council must approve the unaudited annual financial statements of the University prior to the nominees certifying the financial statements by signing the Management Certificate.
After the financial statements have been audited and certified by the Queensland Auditor-General, they will be published in such a manner as the Minister directs.
All copies of the financial statements published must be true copies of the financial statements and be accompanied by the Management Certificate and the Independent Audit Report.
The annual financial statements must be included in the Annual Report. Refer Finance Committee Directive 870 - Annual Reports and Finance Committee Directive Appendix B – Accounting Policies.
At the first meeting held by the Council of the University after it receives, from the Auditor-General, its annual financial statements and the auditor-general’s report on the statements Council must consider the statements and the report including any comments, observations or suggestions about anything arising out of the audit.
Related documents, legislation or JCU Statutes
Financial Accountability Act 2009 (Sec 62, 63)
Financial and Performance Management Standard 2009 (Sec. 43, 45)
Financial Reporting Requirements for Queensland Government Agencies (published by Queensland Treasury)
Financial Statement Guidelines for Australian Higher Education Providers issued by the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education (DIICCSRTE)
For enquiries in relation to this FMPM Policy please contact firstname.lastname@example.org
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Deputy Vice Chancellor, Services and Resources
Date for next Major Review:
NOTE: A minor amendment will not result in a change of the next major review date.
Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment
Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect
|17-1||22/02/2017||23/02/2017||Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework; Executive Director, Finance and Resource Planning replaced with Deputy Vice Chancellor, Services and Resources.||Quality, Standards and Policy Officer|
Finance Committee (13/11/12)
There are no related procedures.
There are no other related documents.