FMPM 860 Annual Financial Statements

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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)

Annual Report.

Policy

Requirements

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:

  1. Australian Accounting Standards;

  2. Statements of Accounting Concepts (SACs);

  3. Interpretations;

  4. 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)

Urgent Issues Group Abstracts

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
17-122/02/201723/02/2017Policy 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

  

There are no related procedures.

There are no other related documents.