ACCOUNTING AND FINANCIAL MANAGEMENT POLICY

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1 ACCOUNTING AND FINANCIAL MANAGEMENT POLICY Document data Document type: Rule/Policy/Plan/Guidelines/Operating Procedures Administering entity: Administration & Finance Manager Date approved: April 2009 Date amended: 20 December 2013 Approved by: (Council/Principal/ Academic Board) Indicative time for review: Annual Responsibility for review: Principal 1 Purpose The purpose of this document is to provide guidance in the appropriate accounting treatment in determining TOP Institute s (TOP) financial position and financial performance. In accordance with Australian Accounting Standards, Statements of accounting Concepts and other authoritative pronouncements of the Australian accounting Standards Board. 2 Scope This policy refers to all accounting activities of TOP. 3 Procedures 3.1 Special purpose financial report The financial statements constitute a special purpose financial report which has been prepared in accordance with Corporations Act requirements, applying the recognition and measurement principles of Australian Accounting Standards and other mandatory professional requirements in Australia. The financial statements are audited by Pricewaterhouse Coopers In accordance with AASB 101 Financial Presentations, the financial statements have been prepared on the accrual basis of accounting using the historical cost convention, except for certain assets and liabilities which are measured at fair value. 3.2 Non- current assets Recognition Property, plant and equipment includes the following categories: classroom equipment computing equipment plant and equipment teachers reference books 1

2 3.2.2 In accordance AASB 116 Property Plant and Equipment, all property, plant and equipment with a useful life of more than 12 months is recorded as a non- current asset at cost, less subsequent depreciation and impairment The Facility Manager and Finance Manager will arrange for an annual stocktake of assets: Verify the existence of the assets listed at least up to the value threshold (80% or 100% depending on the cycle) Identify any changes to asset records Identify any capital assets held that are not on the list The Facility Manager and Finance Manager will provide a statement verifying the assets held and advising any changes, and will update the assets register to reflect the results of the stocktake All non- current assets having a limited useful life are depreciated or amortised over their estimated useful lives. TOP uses a straight- line depreciation method to record the assets depreciation and amortization, on an annual basis. Assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date In accordance with AASB 136 Impairment of Assets, at each reporting date, TOP reviews the carrying amounts of each class of asset within property, plant and equipment to determine whether there is any indication that those asset classes have suffered an impairment loss. 3.3 Intangible assets In accordance with AASB 138 Intangibles, an Intangible Asset shall be recognised if, and only if: (a) it is probable that expected future economic benefits are attributable to the asset and will flow to TOP; and (b) the cost of the asset can be measured reliably TOP s accounting policy is to amortize such assets over useful life of 5-10 years. 3.4 Revenue Recognition In accordance with AASB 118 Revenue, income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and Goods and Services Taxes (GST). Revenue is recognised as follows: Course Fee Income Revenue from provision of courses is recognised when the services are provided. When invoices for course income are issued in advance of the time period to which they relate, the amount is recorded under deferred revenue. Amounts are released to revenue during the relevant service period. 2

3 3.4.2 Interest income Interest income is recognised using the effective interest method. 3.5 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, in accordance with AASB 107 Statement of Cashflow Statements cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short- term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 3.6 Trade Receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade receivables are generally due for settlement within days. They are presented as current assets unless collection is not expected for more than 12 months after the reporting date. 3.7 Trade and Other Payables Payables, including accruals not yet billed, are recognised when TOP becomes obliged to make future payments as a result of a purchase of assets or services. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. Other payables which includes provisions is recorded in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets. Unearned deferred revenue is also recognized as current liability. 3.8 Employee Benefits Remuneration In accordance with AASB 119 Employee Benefits, TOP pays its employees based on their employment contracts and reviews annually. Academic staff is managed by the academic board and are covered by professional indemnity and public liability insurances Annual Leave In accordance with AASB 119 Employee Benefits, annual leave benefit is recognised at the reporting date in respect to employees services up to that date and is measured at the nominal amounts expected to be paid when the liabilities are settled Long Service Leave Long service leave is recorded in accordance with AASB 119 Employee Benefits. The liability for long service leave expected to be settled within 12 months of the reporting date is recognised in the 3

4 provision for employee benefits as a current liability and is measured at the nominal amounts expected to be paid when the liability is settled. The liability for long service leave falling due more than 12 months after the reporting date is recognised in the provision for employee benefits as a non- current liability and is measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date Employee Benefits On- Costs In accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets, on- costs arising from employee benefit obligations (including payroll tax and workers compensation) is recognised as employee benefits costs when TOP has a present legal or constructive obligation as a result of past events. It is more likely than not that an outflow of resources will be required to settle the on- cost obligation and the expected costs are accrued over the period of employment using the present value of the on- cost obligation at the reporting date Superannuation TOP contributes to the Superannuation fund on behalf of its employees in accordance with the Superannuation Guarantee Administration Act 1992 and the Australian Taxation Office. 3.9 Foreign Currency Translation In accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates, transactions in currencies other than Australian Dollars are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Exchange gains and losses are brought to account in the Income Statement. 4 Taxes In accordance with AASB 112 Income Taxes, income tax and deferred tax are calculated based on the accounting profit adjusted for permanent and timing differences, with the appropriate provision for tax recorded in the financial statements. Deferred accounting is calculated by reference to the balance sheet method where the differences between the tax and accounting values of assets and liabilities are recorded as deferred tax assets and liabilities. 4.1 Accounting Transaction Procedures The Finance Manager overseas a monthly financial close process incorporating reconciliations of all balance sheet accounts and accrual processes at the end of the each month. Processing of transactions is performed using recognised off the shelf accounting software. 4

5 4.2 Financial Management System MYOB is used for the company s accounting records (with appropriate back up procedures). Hardcopy records are also retained and stored in locked filing cabinets TOP s accounting transactions are daily managed and monitored by its CPA qualified accountant. Appropriate segregation of duties is applied in managing the accounting function. 4.3 Auditing Arrangements TOP s annual report is audited by Pricewaterhouse Coopers. 4.4 Budget Monitoring TOP s Finance Department and the Directors on a consistent and regular basis overseas whether targets are being met and use the monthly actual to budget reporting for decision- making and enforcing accountabilities TOP prepares monthly report of actual costs and revenues compared with the budget to monitor budget performance. The Board of Directors review and investigate any significant differences and the appropriate actions as required. 5

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