CQUniversity Annual Report - Central Queensland University

CQUniversity ANNUAL REPORT 2012
(r)
(s)
(t)
(u)
(v)
Central Queensland University
and Controlled Entities
Notes to the Financial Statements
for the year ended 31 December 2012
(vi) Executive remuneration
Key executive management personnel and remuneration disclosures are made in accordance with Section 5 to the
Financial Reporting Requirements for Queensland Government Agencies, issued by Queensland Treasury in conjunction
with the requirements of the Financial Statement Guidelines for Australian Education Providers, issued by the Department
of Industry, Innovation, Science, Research and Tertiary Education. Refer to Note 32 for the disclosures on key executive
management personnel and remuneration.
Provisions
Provisions for grant recovery and lease make good are recognised when: the Group has a present obligation as a result of
past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be
reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the
present obligation at the balance sheet date. The discount rate used to determine the present value reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the
passage of time is recognised as a finance cost.
Financial instruments
Recognition
Financial assets and financial liabilities are recognised in the statement of financial position when the Group becomes party
to the contractual provisions of the financial instrument.
Classification
Financial instruments are classified and measured as follows:
cash and cash equivalents - held at fair value through profit or loss
receivables – held at amortised cost
available for sale financial assets – fair value and cost (Note 21)
payables – held at amortised cost
provisions – held at amortised cost
The Group does not enter into transactions for speculative purposes, nor for hedging. Apart from cash and cash
equivalents, the Group holds no financial assets classified at fair value through profit or loss.
Council member benefits
Central Queensland University Council members do not receive any remuneration for attendance at council meetings or
activities. Council members who are also employees of the University receive their normal remuneration while attending to
council business. Council members who are also public service employees of other entities are remunerated by their
employing entity in accordance with arrangements with that entity. The University accepts financial responsibility for travel
costs related to university meetings and activities.
Rounding and comparatives
Amounts shown in these financial statements have been rounded to the nearest thousand dollars, or in certain cases, the
nearest dollar. Comparative information has been restated where necessary to be consistent with disclosures in the current
reporting period.
Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the amount of GST incurred
is not recoverable from the Australian Taxation Office (ATO). In this case it is recognised as part of the cost of acquisition
of an asset or as part of an item of expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the ATO is included with receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST component of the cash flows arising from investing or financing
activities, which are recoverable from or payable to the ATO, are presented as operating cash flows.
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ANNUAL FINANCIAL STATEMENTS