FMPM 400 Overview - Liabilities and Contingency Management

Policy Financial Management Liabilities (FMPM 400 - FMPM 499) FMPM 400 Overview - Liabilities and Contingency Management

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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 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

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

08/2016

Revision History

Version

Approval date

Implementation date

Details

Author

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit

11-01

18/08/2011

18/08/2011

Finance Committee (06/11)

 

01-01

12/2001

12/2001

 

There are no related procedures.

There are no other related documents.