Financial Services

External Reporting Obligations Policy

There are a number of State and federal reporting obligations the University has to comply with.

Policy statement

Financial reporting requirements

The University is required to comply with the financial reporting requirement of:

  • Financial Management Act 2006 and Treasurers Instructions
  • Higher Education Support Act, 2003 and ARC Act 2001
  • Census and Statistics Act 1905
  • Any other contractual agreements or funding conditions.

The principal external reporting requirements currently undertaken by Financial Services are:

  1. The University has a financial year ending 31 December. The Senate, as the accountable authority, is required to submit an approved annual report to the Minister of Education (State), by 28 February of each year.

    The annual financial statements are required to include:

    • Statement of Financial Performance (Profit & Loss Statement)
    • Statement of Financial Position (Balance Sheet)
    • Statement of Cashflows
    • Notes to the Financial Reports.

    The annual report also includes commentary on the economic factors, investment performance and specific financial disclosures required under State legislation (such as advertising expenditure). Financial Services also provides financial information for the performance indicators and any other information as directed by the Minister.

    The draft financial statements and performance indicators are forwarded to the Auditor General for audit purposes. The Auditor General is required to issue an opinion with three months of receiving the Financial Statements. On receiving the opinion of the Auditor General the University forwards the complete final report to the Minister for Education. The Financial Management Act 2006, Section 64, requires the Minister to table a final copy of the report to both Houses of Parliament within 21 days of receiving them. A copy of the audited annual report including the audit opinion is to be provided to the Department of Education and Training (DET) by no later than 31 March 2017 of the year following the year-end.

  2. Provision of extracted financial information to DET through spreadsheets based on the annual financial statements. These spreadsheets are sent with copies of the audited annual report including the audit opinion by no later than 30 June of the year following year-end.
  3. Quarterly statistical reporting to the Australian Bureau of Statistics. Information relating to income, expenditure and capital acquisitions and disposals are required to be submitted within two weeks of each quarter end.
  4. Other financial reports or information required for specific grants and/or activities. These reports must comply with the specific requirements under which the funds are granted.

Many external financial reports for specific purpose grants and activities are also prepared by other administrative units or the appropriate School/Centre or Business Unit. Common examples are income and expenditure statements on research grants (Research Services), annual reporting on CRC and other Centre activities (Centres) and reporting other by specific purpose grants. Financial Services provides advice relating to any external reporting requirements if required.

Responsibilities and format

Financial Services is responsible for producing corporate financial reports and statements. The financial statements are produced in a format consistent with the requirements of:

  • Financial Management Act 2006 and Treasurer Instructions
  • The University of Western Australia Act, 1911 as amended
  • The Higher Education Support Act, 2003 and issued Guidelines
  • Australian Accounting Standards and UIG Consensus views
  • Accrual basis of accounting
  • Generally accepted accounting principles.

Financial Services is responsible for the production of the annual financial statements in accordance with these requirements. These statements are based on the data recorded in the financial information management system and any other information which is made known. It is the responsibility of all University staff in charge of financial management responsibilities to provide requested information to support the financial statement preparation, as well as advising Financial Services of any changes to activities or financial management practices which may impact on the completeness of information available.

Certification of documentation

  • The financial statements are certified by the Chief Finance Officer (Executive Director Finance and esources) and other members of the “Accountable Authority” in accordance with the Financial Management Act 2006. The statements are certified after being endorsed by the Strategic Resources Committee and Senate.
  • Other external reports and financial information are certified as a true and fair extraction from the University’s financial system by staff in accordance with delegated authorities.

Year-end close procedures

Year-end processing and reconciliation procedures are required to ensure the financial information is a true and fair reflection of the financial results and financial position at the end of the financial year. The year-end requirements are timetabled and published by Financial Services. It is imperative that all financial transactions and reconciliations are completed in accordance with the timetable and prior to the closure of the records for the financial year. All University staff responsible for financial administration are to ensure compliance with the relevant timetable dates and processing requirements relevant to their activities.

Consolidated entity

PeopleSoft Financials is used to record the transactions and financial position of the various Business Units of the University. External reports that require the whole of the University must be consolidated to include the activities of the Perth International Arts Festival and Currie Hall based on the information recorded in their financial information systems. Reports required on the basis of the consolidated University entity must also include a number of other controlled entities, details of which are held by Financial Services.

The provision of financial reports and other financial information to external parties is required under legislation requirements, specific control arrangements and funding conditions. Whilst financial reports provided to parties external to the University may be in various formats, they must accurately and truly reflect financial information as recorded in the University’s financial information management system, PeopleSoft Financials and associated subsidiary systems.

This section provides information regarding the nature of the external reports prepared by Financial Services and the processing and certification of these reports.