Financial Management Practice Manual (FMPM)

Financial
Management
Practice
Manual
Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

Reference Number/Code: 3041 Page 1 of 13
Once PRINTED, this is an UNCONTROLLED DOCUMENT. Refer to Policy Portal for latest version
CQUniversity CRICOS Provider Code: 00219C
CONTENTS
1 INTRODUCTION .................................................................................................................................... 4
1.1 Scope of application......................................................................................................................4

1.2 Purpose of the manual..................................................................................................................4
1.3 How to use the manual .................................................................................................................4
1.4 Glossary ........................................................................................................................................5
1.5 Policy approval, changes and review ...........................................................................................5
1.6 Approval and review details ..........................................................................................................5
2 REVENUE AND RECEIVABLES ............................................................................................................. 6
2.1 Revenue ........................................................................................................................................6

2.2 User charging ................................................................................................................................6
2.3 Cashiering .....................................................................................................................................6
2.4 Credit management ......................................................................................................................6
2.5 Refund payments and credit balances .........................................................................................7
3 EXP ENDITURE AND P AYABLES ........................................................................................................... 7
3.1 Expenditure ...................................................................................................................................7

3.2 Procurement..................................................................................................................................7
3.3 Special payments..........................................................................................................................8
3.4 Losses ...........................................................................................................................................8
3.5 Travel ............................................................................................................................................8
3.6 Insurance.......................................................................................................................................8
3.7 Internal charging ...........................................................................................................................8
4 ASSETS ................................................................................................................................................ 8
4.1 Assets............................................................................................................................................8
4.2 Cash ..............................................................................................................................................8
4.3 Investments ...................................................................................................................................9
4.4 Inventory........................................................................................................................................9
4.5 Property, plant and equipment .....................................................................................................9
4.6 Stocktake.......................................................................................................................................9
4.7 Intangible assets .........................................................................................................................10
5 LIABILITIES ......................................................................................................................................... 10
5.1 Liabilities......................................................................................................................................10
5.2 Contingencies .............................................................................................................................10
5.3 Taxation.......................................................................................................................................10

6 EQUITY AND RESERV ES .................................................................................................................... 10
6.1 Equity and reserves ....................................................................................................................10

7 FINANCI AL MANAGEMENT, PLANNING AND CONTROL.................................................................... 10
7.1 Planning ......................................................................................................................................10

7.2 Performance management .........................................................................................................11
7.3 Budgets .......................................................................................................................................11
7.4 Business cases ...........................................................................................................................11
7.5 Risk management .......................................................................................................................11
7.6 Internal audit ...............................................................................................................................11
7.7 Financial delegations and authorities .........................................................................................11
7.8 Management of financial information .........................................................................................12
Appendix 1: Legislation and Compliance ............................................................................................... 13
A1.1 Financial and Performance Management Standard 2009 (Qld) ................................................. 13
A1.2 Financial Accountability Act 2009 (Qld) ......................................................................................13
A1.3 Framework for the Preparation and Presentation of Financial Statements................................ 13
A1.4 Australian Accounting Standards ................................................................................................13

1 INTRODUCTION
The Financial Management Practice Manual (FMPM) outlines the financial systems, practices and controls
utilised in the financial management of the University. It is a tool used to ensure compliance with relevant
legislation, regulation and government policy while providing clear direction to ensure the efficient, effective
and economical management of the University’s financial resources.
1.1 Scope of application
The FMPM (the Manual) is an instrument of internal control and each staff member involved in the financial
management of the University is to comply with the policy documents in the Manual. Staff are also
encouraged to recommend improvements to the Manual and associated policy documents to ensure
currency and relevance.
1.2 Purpose of the manual
The FMPM was prepared in accordance with and to meet the University’s obligations with respect to the
Financial and Performance Management Standard 2009 (Qld), and other relevant legislation and regulatory
requirements as detailed in Appendix 1: Legislation and Compliance.
In addition to the compliance nature of the Manual, it also provides a high-level policy framework for staff in
carrying out the University’s financial management and general business. The Manual is not intended to be
used only by staff in the Finance and Planning Division, but by all staff who undertake day-to-day financial
activities.
The Manual takes a principles-based approach, incorporating high-level statements of principle, and is not
intended as a repository for procedures and processes that support day-to-day activities. The staff member
responsible for implementing the relevant policy document is also responsible for establishing and
maintaining detailed procedures and processes to implement the FMPM and its related policy documents.
1.3 How to use the manual
The FMPM is structured as a comprehensive and interactive document for staff seeking direction and
information on the University’s financial management practices. Many of the practices documented in the
Manual take a principles-based approach, specifying high-level and general requirements to provide senior
management with flexibility to determine the processes and functions to be used in delivering the University’s
goals and objectives.
The Manual contains two distinct levels of information relating to each core financial management practice of
the University – broad level statements providing an overview of the core area of practice and reference to
related policy documents for more detailed information, each of which include a hyperlink enabling access to
the related policy document. University policy documents related to the Manual are noted at the end of each
section, and correspond to a core area of practice. The Manual’s core design favours useability and function
to enable staff to access as broad or as detailed information as is required.
The Manual and its related policy documents refer to a range of other documents, including Queensland
Government legislation and standards, Australian Accounting Standards, and other University policy
documents. All of these documents form part of the FMPM and should be referred to for additional
information and direction. Appendix 1: Compliance and Legislation summarises the key legislative and
regulatory requirements associated with the FMPM.
Principal accounting policies adopted by the University are presented in the annual financial report which is
formally published each year as part of the University’s annual report.
The use of the acronym ‘FMPM’ is used to denote all policy documents that form part of the University’s
financial management policy framework, each of which should be read in conjunction with the Manual. The
Manual and its corresponding documents are divided into the following sections:

1 Introduction
2 Revenue and Receivables
3 Expenditure and Payables
4 Assets
5 Liabilities
6 Financial Management, Planning and Control
7 Equity
1.4 Glossary
A glossary of terms is provided within each document. Terms not defined in this document may be in the
University glossary.
1.5 Policy approval, changes and review
Approval, amendment and review of the FMPM and its associated policy documents will be carried out and
approved in accordance with the University’s Policy Document Development and Review Procedure and the
Delegation of Authority Policy (FMPM).
Review of the Manual and its associated policy documents will be carried out in accordance with the
minimum review periods set out in the Policy Document Development and Review Procedure and amended
as the need arises (e.g. with changes required as the result of changes to legislation, government policy,
internal processes or strategic direction).
All approved changes to the Manual and its associated policy documents will be published on the
University’s policy portal and communicated to all relevant staff as soon as practical after approval via
StaffNet.
1.6 Approval and review details
Approval and Review Details

Approval Authority Council
Advisory Committee to Approval Authority Audit, Risk and Finance Committee
Administrator Deputy Vice-Chancellor (Finance and Planning)
Next Review Date 21/07/2020
Approval and Amendment Details

History
Original Approval Authority and Date Council 19/11/2002
Amendment Authority and Date Council 28/02/2003; Council 18/04/2003; 22/08/2005; Council 8/12/2006;
Council 09/07/2007; Administrative update (new logo) 14/09/2009; Council
14/07/2014; Reviewed and Administrative Amendments – Deputy Vice-
Chancellor (Finance and Planning) 21/07/2017; Minor Amendments
Administrator Approved – Deputy Vice-Chancellor (Finance and Planning)
31 May 2019.
Notes

2 REVENUE AND RECEIVABLES
This section outlines the University’s revenue management system in accordance with section 17 of the
Financial and Performance Management Standard 2009. The policy documents in this section provide clear
direction on the identification, collection, management and recording of revenue, the levying of charges for
goods and services provided by the University and, where necessary, the timely writing-off of revenues that
become unrecoverable.
2.1 Revenue
The Revenue Policy (FMPM) outlines the principles of revenue management across the University to ensure
consistent and prompt identification, assessment and recording of revenue. The Revenue Policy also
contributes towards meeting the University's obligations under the Financial and Performance Management
Standard 2009 by ensuring the existence of an effective revenue management system.
2.2 User charging
The User Charging Policy (FMPM) provides direction on the identification, establishment, review, monitoring
and approval of fees and charges levied by the University to its customers. The User Charging Policy
(FMPM) also contributes towards meeting the University’s obligations under the Financial and Performance
Management Standard 2009 by ensuring the effective management of its revenue by setting charges for
goods or services provided. The Waiver Policy and Procedure (FMPM) provides direction on managing
waivers, corrections and reversals of such charges.
2.3 Cashiering
The Cashiering Policy (FMPM) outlines the practice of cashiering across the University to ensure the
consistent, prompt and appropriate receipting and handling of revenue. The Cashiering Policy (FMPM) also
contributes towards meeting the University’s obligations under the Financial and Performance Management
Standard 2009 by ensuring the existence of an effective revenue management system that provides for the
prompt collection of revenue.
2.4 Credit management
The University has established a range of policy documents to ensure the existence of appropriate internal
controls to minimise the risks associated with credit management. These policy documents incorporate the
appropriate follow-up of outstanding debtors, and the timely and appropriately authorised write-off of
uncollectible debts. The suite of Credit Management policy documents also contributes towards meeting the
University’s obligations under the Financial and Performance Management Standard 2009 by ensuring the
existence of an effective credit management system to underpin the revenue management system. These
policy documents also contribute towards the requirement of a revenue management system that facilitates
the prompt collection, management and follow up of revenues.
The University’s Credit Management policies and procedures are addressed specifically in the following
documents:
• The Credit Management Procedure (FMPM) outlines the credit control measures in place to maximise the
cash flows of the University and minimise the risk of revenue write-off due to bad or uncollected debts.
These procedures outline the circumstances under which credit charges are applied to both student and
general debtors and how such debtors will be managed to ensure timely and complete payment.
• The Collections Policy and Procedure (FMPM) provides direction to staff, students and others on the
administration and management of University debtors and outlines the procedures regarding the
management and collection of outstanding accounts and where necessary, debt recovery. The
Collections Policy and Procedure (FMPM) applies to both student debtors and general debtors.
• The Payment Plans Procedure (FMPM) outlines the underlying principles, criteria and procedure for the
management of payment plans for full fee paying students and general debtors of the University.
• The Payment Plan (VET) Procedure outlines the underlying principles, criteria and procedure for the
management of payment plans for vocational education and training (VET) students.
• The Bad Debts Procedure (FMPM) outlines the University procedures on the management, provision and
write-off of bad debts.

2.5 Refund payments and credit balances
The Student Refund and Credit Balance Policy and Procedure and VET FEE-HELP Tuition Fee Refund
Policy provide direction for applicants, students and staff on the circumstances whereby the University will
refund credit balances to all applicants and students who have a credit balance on their account. These
policies also set out the processes of administration and management of student refunds and credit balances
and outline procedures for refunding credit balances. The Suspense Policy (FMPM) provides further direction
on how such payments will be monitored and recorded.
Excess payments made by general debtors are outside the scope of the Student Refund and Credit Balance
Policy and Procedure. However, in keeping with the purpose and scope of this document, where all attempts
to return excess payments to a University debtor have been exhausted, excess payments made to the
University by a general debtor will be forfeited to the University and formally recognised as revenue after a
period of three months. The Suspense Policy (FMPM) provides further direction on how such payments will
be monitored and recorded.
The University is not governed by section 97 of the Financial Accountability Act 2009 and therefore may
retain unclaimed funds.
3 EXPENDITURE AND PAYABLES

This section outlines the University’s expense management system in accordance with section 19 of the
direction on the identification, approval, payment and recording of University expenditure, together with a
strong framework for the fair, competitive and ethical undertaking of procurement activities.
In addition, this section outlines the process for considering, approving and monitoring special payments in
accordance with section 20 of the Financial and Performance Management Standard 2009, and clear
directions for staff in identifying, considering and, where appropriate, reporting losses in accordance with
sections 21 and 22 of the Financial and Performance Management Standard 2009.
3.1 Expenditure
The Expenditure Policy (FMPM) outlines the principles of expense management across the University to
ensure consistent and prompt identification, authorisation, payment and recording of expenditure. The
Expenditure Policy (FMPM) also contributes towards meeting the University’s obligations under the Financial
and Performance Management Standard 2009 by establishing an effective expense management system to
ensure the payment of appropriate and approved expenditure and which complies with statutory and
regulatory requirements.
3.2 Procurement
The University has established a range of policy documents to ensure that all procurement activities carried
out for and on behalf of the University represent value for money, and have been subject to both competitive
and ethical procurement arrangements and processes. These platforms also ensure staff have the necessary
information to assist them with selecting the appropriate procurement method for their individual
circumstances and that such activities are carried out consistently across the University. This suite of policy
documents also contribute towards meeting the University’s obligations under the Financial and Performance
Management Standard 2009 by ensuring the existence of an effective expense management system
incorporating tendering, requisitions, purchase orders, goods receipt and payment.
The University’s procurement policy documents are as follows:

• The Procurement Policy and Policy provides a framework for the procurement of all goods and/or services
for and on behalf of the University. They outline the principles and practices necessary for efficient,
transparent and ethical procurement practices across the University while providing detailed direction to
ensure consistent practices and compliance with procurement thresholds.
• The Corporate Credit Card Procedure (FMPM) outlines the University’s approach to corporate credit
cards, from application and eligibility, through to approved usage and acquittal of expenditure.

3.3 Special payments
The Special Payments Policy (FMPM) outlines the types of discretionary payments the University is able to
make and the process by which such requests should be considered, approved and monitored. The Special
Payments Policy (FMPM) also contributes towards meeting the University’s obligations under the Financial
and Performance Management Standard 2009 by ensuring the existence of a process for managing,
considering and processing special payments.
3.4 Losses
The Losses Policy (FMPM) outlines the types of losses the University may incur and the process by which
such losses should be identified, considered, monitored and recorded. The Losses Policy (FMPM) also
contributes towards meeting the University’s obligations under the Financial and Performance Management
Standard 2009 by ensuring the existence of a process for identifying, recording and, where necessary,
reporting losses.
3.5 Travel
The Travel Policy and Procedure specifies the University’s processes regarding domestic and international
travel, covering various approval, expenditure, compliance, funding and acquittal requirements. The Travel
Policy and Procedure also incorporates information regarding application for and use of the University’s
corporate credit card for travel purposes.
3.6 Insurance
The Insurance Policy (FMPM) provides direction on the University’s insurance arrangements and information
on the types of insurance cover held by the University. Information is also provided on the process to be
followed should a claimable event arise.
3.7 Internal charging
The Internal Charging Policy (FMPM) provides information on the University’s process of internal charging
between Responsibility Centres. The Policy outlines the allocation and calculation process and the
circumstances that give rise to an internal charge.
4 ASSETS
This section outlines the University’s asset management system in accordance with section 23 of the
direction on the identification, acquisition, management, disposal, valuation, recording and write off of
University assets. Also in this section is the University’s asset planning principles, outlining acquisition,
replacement, upgrade and maintenance practices in relation to significant assets.
In addition, this section outlines, in part, the University’s cash management system in accordance with section
24 of the Financial and Performance Management Standard 2009 by providing clear direction on investing
cash and transmitting timely and reliable cash flow forecasts to the Treasury Department.
4.1 Assets
The Asset Policy (FMPM) provides direction on the definition of University assets and identifies the methods
by which these assets are recognised, classified and recorded. The Asset Policy (FMPM) also identifies the
associated policy documents that govern management of the various asset classifications recognised by the
University. The policy also contributes towards meeting the University’s obligations under the Financial and
Performance Management Standard 2009 by establishing an effective asset management system to ensure
the appropriate identification, acquisition, management, valuation, recording and writing off of assets, and that
is compliant with relevant statutory and regulatory requirements.
4.2 Cash
The Cash Management Policy (FMPM) outlines the principles of cash management across the University to
ensure the efficient and effective management of the University’s cash resources to maximise investment

income while ensuring sufficient cash on hand to meet obligations and avoid funding shortfalls. The Cash
Management Policy (FMPM) also contributes towards meeting the University’s obligations under the
Financial and Performance Management Standard 2009 by ensuring the existence of an effective cash
management system that provides for the payment and investment of cash, transmitting timely and reliable
cash flow forecasts to the Treasury Department, and that is compliant with relevant statutory and regulatory
requirements.
4.3 Investments
The Treasury and Investments Policy and Procedure (FMPM) outlines the University’s authority to invest
under the Central Queensland University Act 1998 and the Statutory Bodies Financial Arrangements Act
1982. They detail the investment objectives and goals of the University, and established restrictions and
appropriate governance processes. Recording and presentation of investments is also addressed. The
Treasury and Investments Policy and Procedure (FMPM) also contributes towards meeting the University’s
obligations under the Financial and Performance Management Standard 2009 by ensuring the existence of
an effective asset management system to facilitate the identification, managing, valuing and recording of
investment assets.
4.4 Inventory
The Inventory Policy (FMPM) and the Inventory Stocktake Procedure (FMPM) outlines the principles of
inventory management across the University and provides a consistent process for planning and conducting
inventory stocktakes. These policy documents also contribute towards meeting the University’s obligations
under the Financial and Performance Management Standard 2009 by ensuring the existence of an effective
asset management system to facilitate the identification, management and recording of inventory assets.
4.5 Property, plant and equipment
The University has a range of policy documents to ensure the existence of appropriate internal controls for
the effective management of its assets and compliance with relevant statutory and regulatory requirements.
These policy documents incorporate the recognition of property, plant and equipment upon acquisition,
capital works in progress, asset planning and management, disposal and recording of depreciation,
impairment and valuation of the asset base. The suite of policy documents relating to property, plant and
equipment also contribute towards meeting the University’s obligations under the Financial and Performance
Management Standard 2009 by ensuring the existence of an effective asset management system that
provides for identifying, acquiring, managing, disposing of, valuing, recording and writing off of assets.
The University’s property, plant and equipment policy documents are as follows:
• The Property, Plant and Equipment Policy (FMPM) outlines the principles of asset management and
planning across the University to ensure the consistent and prompt identification, acquisition and
management of the University’s asset base.
• The Property, Plant and Equipment Disposal Procedure (FMPM) provides clear direction to staff on the
process for disposing of University property, plant and equipment, facilitating the accurate and timely
accounting for the disposal of all assets and portable and attractive items and supporting the provision of
relevant information for reporting and decision-making purposes.
• The Property, Plant and Equipment Depreciation, Valuation and Impairment Policy (FMPM) outlines the
methods by which the University values, depreciates and calculates impairment on items of property, plant
and equipment to ensure consistent application across the asset base.
4.6 Stocktake
The Assets and Portable and Attractive Items Stocktake Policy (FMPM) sets out the requirements governing
the management of assets and portable and attractive items across the University. The documents provide
clear direction on the types of items that will form part of the stocktake process, and for processing additions,
retirements and transfers together with details of the stocktake schedule and subsequent reporting
requirements. The Assets and Portable and Attractive Items Stocktake Policy (FMPM) also contributes
towards meeting the University’s obligations under the Financial and Performance Management Standard
2009 by ensuring the existence of an asset management system that provides for identifying and managing
its assets.

4.7 Intangible assets
The Intangible Asset Capitalisation and Amortisation Policy and Procedure (FMPM) provides direction on
identifying and valuing intangible assets and the subsequent processes for recording amortisation and
derecognition (disposal). The Intangible Asset Capitalisation and Amortisation Policy and Procedure (FMPM)
also contributes towards meeting the University’s obligations under the Financial and Performance
Management Standard 2009 by ensuring the existence of an asset management system that provides for
identifying, disposing, valuing, recording and writing off assets classified as intangibles.
5 LIABILITIES
This section outlines the University’s liability management system in accordance with section 25 of the
direction on the identification, incurrence, measurement, management, satisfaction and recording of
liabilities, together with the prompt identification, monitoring, recording and reporting of commitments for
capital expenditure.
In addition, this section also outlines the principles of identification, monitoring, recording and reporting of
contingencies in accordance with section 26 of the Financial and Performance Management Standard 2009.
5.1 Liabilities
The Liability Policy (FMPM) provides direction on the definition of University liabilities and identifies the
method by which these liabilities are recognised, classified and recorded. The Liability Policy (FMPM) also
identifies the associated policy documents that form the basis for managing the various liability classifications
recognised by the University and the internal control mechanisms that support them. The Liability Policy
(FMPM) also contributes towards meeting the University’s obligations under the Financial and Performance
Management Standard 2009 by ensuring the existence of an effective liability management system that
provides for identifying, incurring, measuring, managing, satisfying and recording liabilities, and promptly
identifying, monitoring, recording and reporting capital expenditure commitments, and that is compliant with
relevant statutory and regulatory requirements.
5.2 Contingencies
The Contingencies Policy (FMPM) provides direction on the definition of University contingencies and
identifies the ways in which such contingencies are to be recorded and managed across the University. The
Contingencies Policy (FMPM) also contributes towards meeting the University’s obligations under the
Financial and Performance Management Standard 2009 by ensuring the existence of an effective
contingency management system that provides for promptly identifying, monitoring, recording and reporting
contingencies, and that is compliant with relevant statutory and regulatory requirements.
5.3 Taxation
The Taxation Policy (FMPM) provides direction on the University’s treatment of taxation and relevant
information regarding the various taxation legislation to ensure staff have a proper understanding of the
taxation compliance requirements of the University.
6 EQUITY AND RESERVES

6.1 Equity and reserves
The Equity and Reserves Policy (FMPM) provides direction on the University’s treatment of equity including
the recognition and classification of equity and reserves, and information regarding the establishment and
maintenance of reserves. The internal distribution of interest on investments is also covered.
7 FINANCIAL MANAGEMENT, PLANNING AND CONTROL

7.1 Planning
The Planning and Reporting Policy (FMPM) provides direction on the University’s planning and reporting
processes and outlines the development, approval, implementation, management and reporting requirements

of the University’s planning framework. The Planning and Reporting Policy (FMPM), in conjunction with the
University’s planning framework, incorporates the Strategic Plan, Corporate Plan and Operational Plans.
In addition, the Planning and Reporting Policy (FMPM) also contributes towards meeting the University’s
responsibility for strategic and operational plans under the Financial and Performance Management Standard
2009.
7.2 Performance management
The Performance Management Policy (FMPM) establishes a robust performance management system to
enable the University to assess whether it is achieving its stated objectives in a way that is efficient, effective
and economical. The Performance Management Policy (FMPM) also contributes towards meeting the
University’s obligations under the Financial and Performance Management Standard 2009 and ensures
compliance with the ‘ Queensland Government Performance Management Framework’.
7.3 Budgets
The Budget Policy (FMPM) provides information and direction on the University’s budget philosophy and
7.4 Business cases
To enable sound judgement on the purchase and expenditure of significant University assets and projects,
circumstances exist where responsibility areas must prepare a Business Case for submission to the relevant
approval authority. The Business Case Procedure articulate when a business case should be prepared and
provides direction to assist staff in their preparation. The Business Case Template and the Business Case
Template – New Initiative offers staff a consistent format for presenting a business case for consideration and
approval.
7.5 Risk management
The Risk Management Policy and Procedure (FMPM) outlines the University’s approach to risk management
aimed at improving decision- making, accountability and outcomes through the effective use of risk
management and by integrating risk management into the daily operations of the University. The Risk
Management Policy and Procedure (FMPM) acknowledges that considered risk-taking is necessary and
acceptable in the pursuit of the University’s mission and strategic objectives, and it is the risk management
process outlined as part of the Risk Management Policy and Procedure (FMPM) that ensures such risks are
managed accordingly. The Risk Management Framework and Guidelines have been developed in support of
the Risk Management Policy and Procedure (FMPM) and to ensure risk management processes are
consistently applied to the University’s wide range of activities.
The Risk Management Policy and Procedure (FMPM) and the Risk Management Framework and Guidelines
also contribute towards meeting the University’s obligations under the Financial and Performance
Management Standard 2009 by ensuring the existence of a risk management system that mitigates risk to
the University from unacceptable costs or losses from its operations and manages any risks that may affect
the University’s ability to provide continued services to the community.
7.6 Internal audit
The University’s internal audit function assists the University Council, the Audit, Risk and Finance Committee
and all members of management and staff to effectively discharge their responsibilities through a process of
systematic and independent audits. The Internal Audit Charter Policy (FMPM) outlines the objectives of the
internal audit function, and its scope and application across the University’s operations.
The Internal Audit Charter Policy (FMPM) also contribute towards meeting the University’s obligations under
the Financial and Performance Management Standard 2009 by ensuring the existence of an internal audit
function that operates efficiently, effectively and economically, and incorporates robust planning and reporting
functions.
7.7 Financial delegations and authorities
The University’s Delegation of Authority Policy (FMPM) specifies the appropriate legal authority to exercise
powers and carry out certain actions for which staff and officers of the University are accountable. Its
implementation is part of the University’s commitment to responsible corporate governance. Delegation of

authority and powers is accompanied by appropriate internal control structures and systems to enable
efficient but controlled operation of the business.
7.8 Management of financial information
The University has established a range of policy documents that contribute towards the effective, efficient
and economic management of financial information and ensure compliance with relevant statutory and
regulatory requirements. These policy documents incorporate information security, records management and
information disposal and contribute towards meeting the University’s obligations under the Financial and
Performance Management Standard 2009 by ensuring the existence of an appropriate financial information
management system for the recording, storage, keeping, retrieval and destruction of financial information.
The recording of financial information is outlined specifically in the policy documents that form part of this
Manual, while information relating to records management, disposal and security is addressed specifically in
the following documents:
• The Records Management Policy and Procedure provides a framework for creating, managing and
disposing of records and information throughout the University. It also specifies what information can be
disposed of as part of normal administrative practice without corporate governance approval.
• The Information Security Management Policy and Procedure defines the approach the University will take
in securing its information resources and services and provides direction on the security and management
of the University’s information resources and services.

Appendix 1: Legislation and Compliance
A1.1 Financial and Performance Management Standard 2009 (Qld)
The purpose of the Standard is to provide a framework for the accountable officer of the University to develop and
implement systems, practices and controls for the efficient, effective and economic financial and performance
management of the University. The University is not limited by the Standard but must adopt a proactive approach in
monitoring the appropriateness of its systems, operations and overall financial position and performance.
In summary, the Standard requires that the accountable officer must ensure the following:
• establishment of an appropriate governance framework and cost-effective internal control structure
• development of a strategic plan and operational plan
• existence of a resource management system incorporating revenue, expense, asset, cash, liability, contingency,
financial information and risk management systems
• establishment of an internal audit function, and
• preparation of an annual report.
In reference to the FMPM, the Standard requires that the accountable officer must prepare and maintain a financial
management practice manual for use in the financial management of the University.
A1.2 Financial Accountability Act 2009 (Qld)
The Act provides the legislative basis for the financial administration and audit of public finances for state
government departments and statutory bodies in Queensland, and is the Act of law governing financial
administration and audit of the University’s accounts.
A1.3 Framework for the Preparation and Presentation of Financial Statements
The Framework outlines the concepts that underlie the preparation and presentation of the University’s financial
statements and provides a mechanism for ensuring consistency in reporting and disclosure.
In reference to the FMPM, the Australian Accounting Standards Board (AASB) has developed the Framework to
achieve the following:
• assist preparers of financial statements in applying Australian Accounting Standards and in dealing with topics
that have yet to form the subject of an Australian Accounting Standard
• assist auditors in forming an opinion as to whether financial statements conform with Australian Accounting
Standards and
• assist users of financial statements in interpreting the information contained in financial statements prepared in
conformity with Australian Accounting Standards.
A1.4 Australian Accounting Standards
The Australian Accounting Standards provide a mechanism for ensuring consistency in accounting treatments by all
Australian reporting entities. Where applicable, these Standards are to be applied as the framework for the
technical accounting processes and treatments of the University’s financial transactions.


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Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

1.1 Scope of application......................................................................................................................4

2.1 Revenue ........................................................................................................................................6

3.1 Expenditure ...................................................................................................................................7

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

6.1 Equity and reserves ....................................................................................................................10

7.1 Planning ......................................................................................................................................10

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

1.1 Scope of application

1.2 Purpose of the manual

1.3 How to use the manual

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

1.5 Policy approval, changes and review

1.6 Approval and review details

Approval and Review Details

Approval and Amendment Details

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

2.2 User charging

2.4 Credit management

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

3 EXPENDITURE AND PAYABLES

The University’s procurement policy documents are as follows:

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

3.7 Internal charging

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

4.5 Property, plant and equipment

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

6 EQUITY AND RESERVES

7 FINANCIAL MANAGEMENT, PLANNING AND CONTROL

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

7.2 Performance management

7.4 Business cases

7.5 Risk management

7.7 Financial delegations and authorities

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

7.8 Management of financial information

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

A1.2 Financial Accountability Act 2009 (Qld)

A1.3 Framework for the Preparation and Presentation of Financial Statements

A1.4 Australian Accounting Standards

Financial Management Practice Manual (FMPM) Effective Date: 31/05/2019

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