Annual Report 2005 - Publications Unit - The University of Western ...

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THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2005Contents of the notes to the financial statementsNote1. Summary of significant accounting policiesRevenue2. Australian Government financial assistance including HECS-HELP and other AustralianGovernment Loan Programmes3. Western Australian and Local Government financial assistance4. Other research grants and contracts5. Investment income6. Fees and charges7. Salaries and other recoveries8. Other revenueExpenses9. Employee benefits and on-costs10. Student expenses11. Materials and supplies12. Depreciation, amortisation and impairment13. Repairs and maintenance14. Grants distributed15. Travel16. Professional fees17. Other expenses18. Remuneration of University’s Senate members and senior officers19. Remuneration of auditors20. Explanatory statement on significant variations for University fundsAssets21. Cash and cash equivalents22. Receivables23. Inventories24. Non-current assets classified as held for sale—restricted25. Investment properties—restricted26. Other financial assets27. Investments accounted for using the equity method28. Property, plant and equipment29. Intangible assets30. Restricted assetsLiabilities31. Payables32. Other financial liabilities33. Provisions34. Deferred revenueEquity35. Reserves36. Retained profits37. Commitments38. Contingent liabilities and assets39. Supplementary financial information40. Related party transactions41. Subsidiaries42. Investments in associates43. Events occurring after the balance sheet date44. Segment information45. Reconciliation of net operating results to net cash inflow from operating activities46. Financial instruments47. Explanation of transition to Australian equivalents to International Financial Reporting Standards48. Acquittal of Australian Government financial assistance39
1. Summary of significant accounting policiesTHE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2005The following are the principal accounting policies adopted in the preparation of the financial report and have been consistentlyapplied for all years presented, unless otherwise stated. The financial report includes separate financial statements for TheUniversity of Western Australia and the consolidated entity consisting of the University and its subsidiaries and associates.(a)Basis of preparationThe financial statements constitute a general purpose financial report which has been prepared in accordance withAustralian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Boardand Urgent Issues Group (UIG) interpretations, as applied by the Treasurer’s Instructions.The Financial Administration and Audit Act 1985 and the Treasurer’s Instructions are legislative provisions governingthe preparation of financial statements and take precedence over pronouncements of the Australian AccountingStandards Board and may modify or clarify their application, disclosure, format and wording to provide certainty andensure consistency and appropriate reporting across the public sector. If any such modification has a material orsignificant financial effect upon the reported results, details of that modification and where practicable, the resultingfinancial effect, are disclosed in individual notes to these financial statements.The financial statements have been prepared on the accrual basis of accounting using the historical cost convention asmodified by the revaluation of financial assets at fair value through the profit and loss and investment property.The financial statements are presented in Australian dollars ($), which is the University’s functional and presentationcurrency. All values are rounded to the nearest thousand dollars ($’000) unless otherwise stated.In preparation of the financial statements, management is required to exercise its judgement when applying theaccounting policies. When there is a higher degree of judgement or complexity or areas where assumptions andestimates are significant to the financial statements these are disclosed separately.(b)First time adoption of Australian Equivalents to International Financial Reporting StandardsThese financial statements are the first financial statements to be prepared in accordance with Australian Equivalents toInternational Financial Reporting Standards (AIFRS). AASB 1 First time Adoption of Australian Equivalents toInternational Financial Reporting Standards has been applied in preparing these financial statements. Until 31December 2004 the financial statements have been prepared under the previous Australian Generally AcceptedAccounting Principals (AGAAP). With the exception of AASB 132 and 139, the comparative figures in respect of 2004have been restated to reflect the differences between AGAAP and AIFRS. The group has taken the exemption availableunder AASB 1 to apply only AASB 132 and AASB 139 from 1 January 2005.Reconciliations explaining the effect on transition from previous AGAAP to AIFRS are given in note 47.(c)Principles of consolidationThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of The University ofWestern Australia (‘University’) as at 31 December 2005 and the results for the year then ended. The term‘consolidated’ used throughout these financial statements means The University of Western Australia and itssubsidiaries. A list of subsidiaries appears in the notes to these financial statements.The effects of all intra-group transactions in the economic entity are eliminated in full. Where subsidiaries are acquiredor disposed during a year, they are consolidated from the date control is transferred to the group or de-consolidatedfrom the date that control ceases. The accounting policies of consolidated entities are consistent with the policies of theUniversity.Associates are accounted for in the consolidated financial statements using the equity method. A list of associatesappears in the notes to these financial statements.(d)Financial effects of changes to Australian Government payment arrangements for 2005 grant yearBackgroundDepartment of Education, Science and Training (DEST) made changes to payment arrangements in late 2004 so thatall recurrent payments in respect of a grant year will be made in that year. The past practice of making the first paymentin respect of a grant year at the end of December of the previous year was discontinued. For the 2005 grant year, thefirst payment was made in January 2005 instead of December 2004.Financial effects for 2004The University has deferred recognition of the first payment of each grant year to the year in which the grants relate to,and not when received. Therefore the changes to the Australian Government payment arrangements for 2005 grantyear have no impact on the reported operating results for 2004.40
Page 1 and 2: Annual Report2005
Page 4 and 5: Chancellor’sIntroductionIt is my
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Page 8 and 9: performance and to ensure its fisca
Page 10 and 11: SENATE MEMBERSAPPENDIX AThe members
Page 12 and 13: APPENDIX CExecutive Director(Financ
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Page 16 and 17: ResearchThe University of Western A
Page 18 and 19: Community RelationsBeyond serving t
Page 20 and 21: Capital WorksDuring 2005, in line w
Page 22 and 23: The Impact ofState LegislationIn Au
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Page 27 and 28: TABLE 2: STUDENT ENROLMENTS AND LOA
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Page 33 and 34: INDEPENDENT AUDIT OPINIONTo the Par
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Page 81 and 82: 48.4 DEST ResearchTHE UNIVERSITY OF
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Page 88 and 89: Proportion of Top School Leavers Ap
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Indicator 1.4 Graduate Destinations
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Commencing Higher Degree by Researc
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Selected Research Publications (a)
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Total Research Income (a) per Acade
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