CQUniversity Annual Report - Central Queensland University

CQUniversity ANNUAL REPORT 2012
Objectives and principal activities
Central Queensland University
and Controlled Entities
Notes to the Financial Statements
for the year ended 31 December 2012
The principal activities of the consolidated entity are listed in the Council Members Report.
Note 1: Summary of significant accounting policies
The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.
The Chancellor by signature has approved the release of the financial statements as at the date of signature.
(a)
Basis of preparation
Central Queensland University is a statutory body established under the Central Queensland University Act 1998, and
domiciled in Australia. The financial report includes separate financial statements for Central Queensland University as an
individual entity and the consolidated entity consisting of Central Queensland University and the entities it controls.
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ANNUAL FINANCIAL STATEMENTS
The annual financial statements represent the audited general purpose financial statements of Central Queensland
University. They have been prepared on an accrual basis and comply with the Australian Accounting Standards.
Additionally the statements have been prepared in accordance with the following statutory requirements:
Higher Education Support Act 2003 (Financial Statement Guidelines)
Central Queensland University Act 1998
Financial and Performance Management Standard 2009 made under the Financial Accountability Act 2009
With respect to compliance with Australian Accounting Standards and Interpretations, Central Queensland University has
applied those requirements applicable to not-for-profit entities, as the University is a not-for-profit entity.
Basis of measurement
These financial statements have been prepared under the historical cost convention, except for available-for-sale financial
assets, land, buildings and infrastructure, artworks, heritage collection and investment property.
Critical accounting estimates
The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s
accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.
Estimates and assumptions that have a potential significant effect are outlined in the following financial statement notes:
Available for sale financial assets – Note 21
Property, plant and equipment – Note 25
Deferred tax assets and liabilities – Note 27
Provisions – Note 29
Contingencies – Note 34
Retrospective restatement
The group has made a retrospective restatement to the prior period to recognise internally generated software. As this
change effected the 2011 financial year only no column for the 2010 financial year has been provided. The effect of this
restatement is set out in the table below:
Note 2011 Unadjusted Adjustment 2011 Adjusted
$’000 $’000 $’000
Income Statements
Employee related expenses 10 146,448 (651) 145,797
Depreciation 11 12,990 138 13,038
Management and other fees 13 15,122 (305) 14,817
Travel 7,775 (3) 7,772
Statements of Financial
Position
Intangible assets 26 5,325 820 6,145
Equity
Retained surplus 31(b) 206,376 820 207,196