CQUniversity Annual Report - Central Queensland University

More documents

Recommendations

Info

16 Central Queensland University and Controlled Entities Notes to the Financial Statements for the year ended 31 December 2012 (l) Investments and other financial assets The Group classifies its investments in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, and available-for-sale financial assets. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and, in the case of assets classifed as held-to-maturity, re-evaluates this designation at each reporting date. (i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading. A financial asset is classified in this category if it is acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets. There are no financial assets categorised as ‘financial assets at fair value through profit or loss’ as at 31 December 2012. (ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after reporting date which are classified as non-current assets. Loans and receivables are included in receivables in the statement of financial position. (iii) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Group’s management has the positive intention and ability to hold to maturity. (iv) Available-for-sale financial assets Available-for-sale financial assets, comprising principally marketable equity securities, are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets apart from those which are available to be sold at short notice in an active market. Purchases and sales of financial assets are recognised on trade-date – the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss, are initially recognised at fair value and transaction costs are expensed in other comprehensive income. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses are recognised in other comprehensive income and presented in reserves in equity. Financial assets are de-recognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When securities classified as available-for-sale are sold, the accumulated fair value adjustments recognised in other comprehensive income are included in the income statement as gains and losses from investment securities. Subsequent measurement Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective interest method. Impairment The Group assesses annually whether there is objective evidence that a financial asset or a group of financial assets are impaired. If any such evidence exists an impairment loss is recognised in the income statement. (m) Investment properties Investment properties exclude properties held to meet service delivery objectives of Central Queensland University and are held to earn rental income and/or for capital appreciation. Investment properties are initially recognised at cost. Costs incurred subsequent to initial acquisition are capitalised when it is probable that future economic benefits in excess of the originally assessed performance of the asset will flow to Central Queensland University. Where an investment property is acquired at no cost or for nominal consideration, its estimated value shall be deemed to be its fair value, as at the date of acquisition. Subsequent to initial recognition at cost, investment property is carried at fair value, which is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods such as recent prices in less active markets or discounted cash flow projections. These valuations are reviewed annually by a Registered Valuer. Changes in fair values are recorded in the income statement.
CQUniversity ANNUAL REPORT 2012 (n) (o) Central Queensland University and Controlled Entities Notes to the Financial Statements for the year ended 31 December 2012 Rental revenue from the leasing of investment properties is recognised in the income statement in the periods in which it is receivable, as this represents the pattern of service rendered through the provision of the properties. Property, plant and equipment Land and buildings (except for investment properties – refer to note 1(m) above), infrastructure, library heritage and art collections are shown at fair value, based on periodic, but at least triennial, valuations by external independent valuers less subsequent depreciation for buildings and infrastructure. During intervening years a management assessment of fair value using indices supplied by external valuers which are specifically tailored assessments of market trends occurring at the time. Buildings, infrastructure and land indices and assessment were supplied by G Pyman (FAPI, MRICS) Registered Valuer No. 1856; B MacAulay (AVAA No. 336) provided a specific assessment for Artworks. The University Heritage Collection was independently revalued during 2012 by J Harbeck, an Australian Government Cultural Gifts Program Valuer. Any accumulated depreciation at the date of revaluation is restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after valuation equals its revalued amount. All other property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the income statement during the financial period in which they are incurred. Increases in the carrying amounts arising on revaluation of land, buildings, infrastructure, library heritage and art collections are credited to reserves in equity. To the extent that the increase reverses a decrease for that class previously recognised in profit or loss, the increase is first recognised in profit and loss. Decreases that reverse previous increases of the same asset class are first charged against revaluation reserves directly in equity of the remaining reserve attributable to the asset class; all other decreases are charged to the income statement. Asset classes land, library heritage and art collections are not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their remaining useful lives as follows: freehold buildings 2 to 59 years infrastructure 2 to 39 years leasehold improvements 1 to 16 years plant and equipment 4 to 25 years The assets’ residual values and useful lives are reviewed annually, and adjusted if appropriate. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal are determined by comparing proceeds with carrying amount. These are included in the income statement. Where revalued assets are sold, it is Group policy to transfer the amounts included in other reserves in respect of those assets to retained earnings. Intangible assets Intangible assets with a cost or other value equal to or greater than $100,000 are recognised in the financial statements, items with a lesser value being expensed. Each intangible asset is amortised over its estimated useful life to the Group, less any anticipated residual value. The residual value is zero for all the Group’s intangible assets. It has been determined that there is no active market for any of the Group’s intangible assets. As such, the assets are recognised and carried at cost less accumulated amortisation and accumulated impairment losses. No intangible assets have been classified as held for sale or form part of the disposal group held for sale. Purchased software Software development costs in excess of $100,000 are recognised as an asset on acquisition only when the consolidated entity controls future economic benefits as a result of the costs incurred that are probable and can be measured reliably. Costs attributable to feasibility assessments are expensed as incurred. The costs capitalised include the cost of materials, direct labour, directly attributable overheads and other incidental costs incurred. The purchase cost of this software is being amortised on a straight-line basis over the period of the expected benefit to the university, namely 3 to 5 years. 17 ANNUAL FINANCIAL STATEMENTS
Page 1 and 2:
CQUniversity A N N U A L R E P O R
Page 3 and 4:
CQUniversity ANNUAL REPORT 2012 AT
Page 5 and 6:
CQUniversity ANNUAL REPORT 2012 FRO
Page 7 and 8:
CQUniversity ANNUAL REPORT 2012 VIC
Page 9 and 10:
CQUniversity ANNUAL REPORT 2012 A S
Page 11 and 12:
CQUniversity ANNUAL REPORT 2012 STR
Page 13 and 14:
CQUniversity ANNUAL REPORT 2012 OUR
Page 15 and 16:
Page 17 and 18:
CQUniversity ANNUAL REPORT 2012 15
Page 19 and 20:
CQUniversity ANNUAL REPORT 2012 and
Page 21 and 22:
Page 23 and 24:
CQUniversity ANNUAL REPORT 2012 CQU
Page 25 and 26:
Page 27 and 28:
CQUniversity ANNUAL REPORT 2012 ENG
Page 29 and 30:
Page 31 and 32:
CQUniversity ANNUAL REPORT 2012 The
Page 33 and 34:
Page 35 and 36:
CQUniversity ANNUAL REPORT 2012 A n
Page 37 and 38: CQUniversity ANNUAL REPORT 2012 ENG
Page 39 and 40: CQUniversity ANNUAL REPORT 2012 STU
Page 41 and 42: CQUniversity ANNUAL REPORT 2012 39
Page 45 and 46: CQUniversity ANNUAL REPORT 2012 IND
Page 49 and 50: CQUniversity ANNUAL REPORT 2012 EXC
Page 51 and 52: CQUniversity ANNUAL REPORT 2012 CEN
Page 63 and 64: CQUniversity ANNUAL REPORT 2012 OUR
Page 66 and 67: 64 Our Contact Details
Page 68 and 69: 66 Glossary
Page 71 and 72: CQUniversity A N N U A L R E P O R
Page 73 and 74: CQUniversity ANNUAL REPORT 2012 CQU
Page 75 and 76: CQUniversity ANNUAL REPORT 2012 COU
Page 77 and 78: CQUniversity ANNUAL REPORT 2012 num
Page 79 and 80: CQUniversity ANNUAL REPORT 2012 Cen
Page 81 and 82: CQUniversity ANNUAL REPORT 2012 9 C
Page 83 and 84: CQUniversity ANNUAL REPORT 2012 Obj
Page 85 and 86: CQUniversity ANNUAL REPORT 2012 (c)
Page 87: CQUniversity ANNUAL REPORT 2012 Cen
Page 91 and 92: CQUniversity ANNUAL REPORT 2012 (r)
Page 93 and 94: CQUniversity ANNUAL REPORT 2012
Page 97 and 98: CQUniversity ANNUAL REPORT 2012 Not
Page 111 and 112: CQUniversity ANNUAL REPORT 2012 (a)
Page 139 and 140:
CQUniversity ANNUAL REPORT 2012 Not
Page 141 and 142:
CQUniversity ANNUAL REPORT 2012 Not
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
CQUniversity ANNUAL REPORT 2012 Par
Page 149 and 150:
Page 151 and 152:
Page 153:
show all

CQUniversity Annual Report - Central Queensland University

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?