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Financial Reporting and Disclosure Policy

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Section 1 - Purpose

(1) QUT prepares financial information, including annual financial statements, to meet its statutory and reporting obligations.

(2) This Policy provides the principles for financial reporting and disclosures that apply to the internal and external financial reporting at QUT.

(3) Detailed procedures supporting this Policy are located in the QUT Finance Manual.

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Section 2 - Application

(4) This Policy applies to all staff members, as defined in the Code of Conduct - Staff.

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Section 3 - Roles and responsibilities

Position
Responsibility
QUT Council Ensures proper and effective management and operation of the University, including managing and controlling its finances (s9, Queensland University of Technology Act 1998).
Chancellor
Vice-Chancellor and President
Vice-President (Finance) and Chief Financial Officer
 Certify University annual financial statements.
Risk and Audit Committee
Reviews and recommends the annual financial statements to QUT Council.
Monitors the impact of all significant accounting standards and policies.
Executive Leadership Team Monitors the University’s financial performance and receives regular financial management reports.
Finance and Planning Committee
Oversees management of University financial and other resources, and monitors the performance in achieving strategic and corporate priorities.
Advises Council on University financial affairs, investments, physical and virtual infrastructure, and financial performance.
Heads of organisational areas Ensure compliance of their organisational area with university procedures and processes relating to financial resource management and assets, including maintenance and secure storage.
QUT Staff with financial responsibilities
Ensure that expenditure is recorded accurately and in a timely manner.
Comply with procedures in the QUT Finance Manual.
Ensure assets are properly maintained, stored securely and not exposed to hazards.
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Section 4 - Principles for Reporting and Disclosure

(5) QUT is committed to the following principles that ensure the University can provide information about the financial position, performance and changes in financial position to a wide range of users and statutory bodies.

  1. Integrity - ensuring that relevant and reliable information is reported.
  2. Accountability - financial reporting at QUT presents an accurate and fair view of the University.
  3. Compliance - financial reporting complies with the relevant legislation as listed in the QUT Register of Compliance Obligations.
  4. Comparability - financial reporting provides comparable and measurable information to the end user.
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Section 5 - Annual Financial Statements

(6) QUT prepares annual consolidated financial statements incorporating the assets, liabilities, revenue and expenses of QUT and its subsidiaries.  Annual financial reports are prepared in accordance with the Financial Reporting Requirements for Queensland Government Agencies and adhere to the Australian Accounting Standards - Interpretations.

(7) In order to meet statutory requirements, the financial statements are:

  1. certified to comply in all material respects within the prescribed requirements
  2. audited by the Queensland Auditor-General
  3. included in the annual report
  4. presented to the relevant Minister to be tabled in Queensland Parliament.

(8) In preparation of the financial statements QUT ensures that the statements are:

  1. completed on time, are relevant, and present a true and fair view of the financial performance and position of the University
  2. understandable to users and comparable to other public sector entities.
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Section 6 - Financial Data and Records Management

(9) To support internal and external reporting obligations and sound financial management practices, the University maintains financial systems to ensure that relevant, accurate and timely financial information is recorded.

(10) The University is committed to:

  1. responsible management and support of financial information systems used for the purpose of financial management and decision-making
  2. maintaining a comprehensive chart of accounts that supports the organisational structure
  3. maintaining a general ledger as the central repository for accounting information.

(11) The retention of financial records complies with the University Records Governance Policy.

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Section 7 - Assets

(12) QUT adheres to the framework for identifying, valuing, recording and writing-off non-current physical and intangible assets as set out in the Non-Current Asset Policies for the Queensland Public Sector. In conjunction with the Australian Accounting Standards, QUT ensures that financial resources are used responsibly, with due care, and for the purposes that they have been provided.

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Section 8 - Definitions

Term Definition
Disclosure Is additional information attached to the financial statements which could potentially influence the organisation’s financial results.
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Section 9 - Delegations

(13) Refer to the Register of Authorities and Delegations (C058, VC205, VC056, VC057, VC058) (QUT staff access only).