
Policy Financial Management Financial Management and Control (FMPM 800 - FMPM 899) FMPM 860 Annual Financial Statements
FMPM 860 Annual Financial Statements
- Courses
- Future Students
- Current Students
- Research and Teaching
- Partners and Community
- About JCU
- Celebrating 50 Years
- Anton Breinl Research Centre
- Agriculture Technology and Adoption Centre
- Living on Campus
- Advanced Prawn Breeding Research Hub
- Advanced Analytical Centre
- Applying to JCU
- Alumni
- AMHHEC
- Australian/NZ Students
- Australian Lions Stinger Research
- Boating and Diving
- Australian Tropical Herbarium
- ATSIP
- Careers at JCU
- Association of Australian University Secretaries
- Careers and Employability
- Australian Quantum & Classical Transport Physics Group
- CITBA
- Centre for Tropical Bioinformatics and Molecular Biology
- Chancellery
- CMT
- CASE
- College of Business, Law and Governance
- College of Healthcare Sciences
- College of Medicine and Dentistry
- College of Science and Engineering
- CPHMVS
- COVID-19 Advice
- CSTFA
- Centre for Disaster Solutions
- Daintree Rainforest Observatory
- Diploma of Higher Education
- Discover Nature at JCU
- Division of Research and Innovation
- Division of Tropical Environments and Societies
- Division of Tropical Health and Medicine
- Staff Intranet
- Economic Geology Research Centre
- Elite Athletes
- Estate
- Fletcherview
- Foundation for Australian Literary Studies
- Gender Equity Action and Research
- GetReady4Uni
- Give to JCU
- Information for JCU Cairns Graduates
- Graduate Research School
- Graduation
- JCU Ideas Lab
- Indigenous Education and Research Centre
- Indigenous Legal Needs Project
- IT Services
- Information for Agents
- International Students
- JCU College
- JCU Contact Information
- JCU Eduquarium
- JCU Global Experience
- JCU Motorsports
- JCU Prizes
- JCU Sport
- Language and Culture Research Centre
- LTSE
- LearnJCU
- Library
- MARF
- Marine Geophysics Laboratory
- New Students
- Off-Campus Students
- Office of the Provost
- Office of the Vice Chancellor and President
- Open Day
- Orpheus
- Outstanding Alumni Awards
- Parents and Partners
- Pathways to University
- Planning and Performance
- Planning for your future
- Placements
-
Policy
- Academic Governance
- Community, Marketing and Alumni
-
Corporate Governance
- Distinguished Professor Policy
- Bullying, Discrimination, Harassment, and Sexual Misconduct Policy
- Business Continuity Policy
- Child Safety Policy
- Code of Conduct
- Code of Conduct – Explanatory Statement
- Code of Conduct – University Council
- Code of Conduct – University Council Explanatory Statement
- Compliance Policy
- Conduct of Council Elections Policy
- Conflicts of Interests Policy – University Council and its Committees
- Controlled and Non-Controlled Entities Policy
- Critical Incident Policy
- Domestic and Family Violence Policy
- General Practice Training Governance Policy
- Incident Management Policy
- Indemnity, Insurance and Legal Claims Policy
- Information Privacy Policy
- Legal Services Policy
- Litigation Assistance
- Emeritus Professor Policy
- Affiliation of a Residential College Policy
- Records Management Policy
- Reportable Gifts Policy
- Social Media Policy
- Risk Management Policy
- Right to Information Policy
- University Archives - Access
- University Seal Policy
- Visiting Speaker and Event Policy
- Organisational Structure Policy
- Academic Freedom Policy
- Equity
-
Estate and Facility Management
- Advertising on Campus
- Alcohol Consumption on University Property
- Approval of Works to University Buildings and Site Infrastructure
- Authorised Use of University Facilities, Premises and/or Grounds for Non-core Purposes
- Environmental Policy
- High Voltage Access Policy
- Memorial Plaques
- Noise on University Sites
- Pets on Campus
- Real Estate Dealings Policy
- Space Allocation and Management Policy
- Timetable and Class Registration Policy
- Tree Protection
- Vehicle Fleet Policy
- Weapons Policy
- Security Policy
-
Financial Management
- Appendices
-
Assets (FMPM 200 - FMPM 399)
- FMPM 200 Overview - Assets & Cash Management
- FMPM 210 Cash
- FMPM 220 Policy - Bank Accounts
- FMPM 230 - Petty Cash Advances
- FMPM 300 Investments
- FMPM 320 Plant and Equipment
- Financial FMPM 322 - Acquisitions of Plant and Equipment
- FMPM 260 Other Advances
- FMPM 330 Non-Capital Assets
- FMPM 280 Official Stores
- FMPM 290 Prepayments
- FMPM 323 - Disposal of Property, Plant and Equipment Procedure
- FMPM 324 Stocktake
- FMPM 350 Intangible Assets
- FMPM 270-2 Accounts Receivable - Student Debtors - Penalties
- FMPM 240 Travel Advances (Students)
- FMPM 330 Non-Capital Assets
- FMPM 270-1 Accounts Receivable
- FMPM 250 - Policy Salary Advances
- Equity (FMPM 500 - FMPM 599)
- Expenses (FMPM 700 - FMPM799)
- Financial Management and Control (FMPM 800 - FMPM 899)
- Further Applications (FMPM 900 - FMPM 999)
- Introduction (FMPM 100 - FMPM 199)
- Liabilities (FMPM 400 - FMPM 499)
- Revenue (FMPM 600 - FMPM 699)
-
Human Resources
- Academic Promotion Policy
- Adjunct Appointments and Vice Chancellor's Fellow Policy
- Awards for Excellence Policy
- Bullying, Discrimination, Harassment, and Sexual Misconduct Policy
- Community and Indigenous Language Allowance
- Competency Pay for Tradespersons Policy
- Early Retirement Policy
- Enterprise Agreement 2016
- Employment and Recruitment of Casuals
- Infectious Diseases Policy and Immunisation Guidelines
- Market Loading Policy
- Optional Working Hours System (Op-Time)
- Overpayment of Wages Policy
- Recruitment, Selection and Appointment Policy
- Relocation Assistance Policy
- Salary Packaging Program Policy
- Special Studies Program Policy
- Staff Study Assistance Policy
- Statement on Staff External Activities - Existing
- Supported Wage System (SWS) Policy
- Visiting Appointments
- Equal Employment Opportunity
- Conflict of Interest Policy
- Remote Working Policy
- Digital Infrastructure
-
International
- Attendance Monitoring Policy - English Language and Foundation Programs
- Enrolment Requirements for International Student Visa-Holders Policy
- Management of Off-Campus Operations, Ventures and Partnerships
- Satisfactory Academic Progress (SAP) Requirements for US Federal Aid Loans Eligibility
- Transfer of International Student Visa Holders to Other Educational Institutions
- US Federal Aid Loans – Return to Title IV
-
Learning and Teaching
- Annual Review of Subjects with Low Enrolments
- Blended Learning Policy
- Charter of Responsibilities for Academic Quality and Governance
- Curriculum Approval, Accreditation, Monitoring, Review and Improvement Policy
- English Language and Numeracy Policy
- Framework for Postgraduate Courses Policy
- First Year Experience and Retention Policy
- Graduate Attributes
- Graduate Certificate of Education (Academic Practice) Internal Sponsorship Policy
- Honours Assessment and Postgraduate Coursework Awards Policy
- Learning Teaching and Assessment Policy
- Policy Glossary
- Review of a Student’s Suitability to Continue a Course Involving Placement
- Student Digital Experience Policy
- Student Experience of Learning and Teaching (SELT) Policy
- Student Retention Policy
- Coursework Academic Integrity Policy
-
Quality and Planning
- Annual Report Policy
- Course Performance Reports and Division Academic Program Reports – Policy
- Financial and Operational Performance Management Policy
- Planning Management Policy
- Policy Development and Review Policy
- Reviews of Organisational Units and Thematic Areas - Policy and Procedures
- Quality Enhancement Framework
- Research Education
- Research Management
-
Student Services
- Academic Progression Policy
- Administration of Commonwealth Scholarships Policy
- Admissions Policy
- Attendance Monitoring Policy - English Language and Foundation Programs
- Award Finalisation and Graduation Policy
- Bullying, Discrimination, Harassment, and Sexual Misconduct Policy
- Copyright Policy and Procedure
- Coursework Scholarships, Bursaries, Grants and Prizes Policy
- Coursework Enrolment Policy
- Enrolment Requirements for International Student Visa-Holders Policy
- Intervention Strategy for Students Who Have Not Made Satisfactory Academic Progress
- Library Use Policy
- Publications by Members of Staff
- Student Review and Appeals Policy
- Student Code of Conduct
- Student Complaint Management Policy and Procedures
- Student Fee Payments and Refunds Policy
- Student Results Policy
- Transfer of International Student Visa Holders to Other Educational Institutions
- Work Health and Safety
- Policy search
- PAHL
- Publications
- Professional Experience Placement
- Queensland Research Centre for Peripheral Vascular Disease
- Rapid Assessment Unit
- Researcher Development Portal
- JCU Connect
- Safety and Wellbeing
- Scholarships @ JCU
- SICEM
- Staff
- Student Equity and Wellbeing
- TESS
- TREAD
- TropEco
- TQ Maths Hub
- TUDLab
- Unicare Centre and Unicampus Kids
- UAV
- VAVS Home
- Work Health and Safety
- WHOCC for Vector-borne & NTDs
- Media
- Copyright and Terms of Use
- Australian Institute of Tropical Health & Medicine
Intent
To set out the requirements in respect of the University’s Annual Financial Statements (Statutory Accounts).
Scope
Function | Responsibility of |
---|---|
Approval of significant accounting policies | Finance Committee |
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 | Council |
Management Certification of financial statements | Chancellor, Vice-Chancellor, Deputy vice Chancellor, Services and Resources |
Audit certification of financial statements | Queensland Auditor-General |
Definitions (Related Glossary Terms)
Policy
Requirements
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);
- Interpretations;
- 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
Australian Accounting Standards
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)
James Cook University Act 1997
Statements of Accounting Concepts (SACs)
For enquiries in relation to this FMPM Policy please contact farp.finance@jcu.edu.au
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval details
Policy Sponsor: | Deputy Vice Chancellor, Services and Resources |
---|---|
Approval Authority: | Finance Committee |
Date for next Major Review: | 04/2016 |
Revision History
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
Version no. | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
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 |
12-1 | 11/2012 | 20/11/2012 | Finance Committee (13/11/12) | |
11-01 | 14/04/2011 | 14/04/2011 | Finance Committee (02/11) | |
02-1 | 08/2002 |