FMPM 400 Overview - Liabilities and Contingency Management

Intent

The intent of this overview is to set out the requirements regarding the establishment and maintenance of a liability and contingency management system.

Scope

Liabilities and Contingency Management.

Definitions

Commitment

Contingent Liability

Employee Entitlements

Liability

Policy and Procedures

Function and Responsibility

It is the responsibility of:

• the Chief Financial Officer (FMPM 410-499 excluding 440 and 490);

• the Director, Human Resources Management (FMPM 440: Policy - Employee Entitlements); and

• the Director, Governance and Corporate Services (FMPM 490: Policy - Contingent Liabilities) to establish and maintain liability and contingency management systems (FMPM 410-499) which efficiently, effectively and economically manage all liabilities.

The liability management system (FMPM 410-489), including adequate internal controls, must provide for:

• identifying, incurring, measuring, managing, satisfying and recording liabilities; and

• promptly identifying, monitoring, recording and reporting commitments for capital expenditure.

• any commitment entered into for the employment of persons, to be in accordance with the requirements of the applicable Acts, industrial awards and agreements, University policy and the like.

The contingency management system (FMPM 490: Policy - Contingent Liabilities), must provide for:

• promptly identifying, monitoring and recording contingencies; and

• reporting, at least annually about the contingencies.

Related documents, legislation or JCU Statutes

Financial and Performance Management Standard 2009 (S25 & S26)

Statutory Bodies Financial Arrangement Act 1982

Leasing in the Queensland Public sector- policy guidelines published by Queensland Treasury

For enquiries in relation to this FMPM Overview please contact directorfabs@jcu.edu.au.

Administration

Approval Details

Revision History