Business Rules

A Funded Organisation is required to submit financial statements annually with due dates in accordance with the lodgement period of its incorporating legislation, or if not otherwise stated, within 6 months of the end of its financial year.

For the Service Agreement, You, as an organisation, are considered by Us to be a 'Reporting Entity' as set out in the Statement of Accounting Concepts (SAC1), Definition of the Reporting Entity prepared by the Public Sector Accounting Standards Board of the Australian Accounting Research Foundation and by the Accounting Standards Review Board.

Financial Statements: Requirement 1 of 2

You must provide the Department with an audited financial report as a Reporting Entity, for each financial year*, which has been prepared at an organisation level and must be:

1. in the form of either a General Purpose Financial Report or a Special Purpose Financial Report (see below), as determined to be appropriate for You; and
2. prepared in accordance with the Australian Statements of Accounting Concepts and Australian Accounting Standards.

Any Special Purpose Financial Report must adopt the following as minimum reporting standards:

1. accrual accounting;
2. compliance with classification, recognition and measurement guidance of the Australian Accounting Standards and other mandatory reporting requirements; and
3. disclosure necessary to give a ‘true and fair view’ or ‘present fairly’ so as to ensure financial reports are not misleading.

Any Special Purpose Financial Report must include:

1. statement of profit and loss;
2. statement of financial position;
3. statement of cashflows;
4. notes to and forming part of the financial statements;
5. directors’ statement/declaration;
6. a ‘basis of preparation’ note as per the recorded board resolution regarding the basis of preparing financial reports, including all aspects of accounting standards that have not been complied with; and
7. independent audit report.

Financial Statements: Requirement 2 of 2

You must also provide an Annual Acquittal Statement for the Funding received from Us under this Funding Schedule during each financial year, which acquittal must:

1. be in the form of a Special Purpose Financial Report*;
2. apply the Australian Statements of Accounting Concepts and Australian Accounting Standards in the same manner to that used to satisfy the requirements for annual financial reporting; and
3. include:
   1. statement of profit and loss;
   2. statement of assets and liabilities;
   3. directors’ statement/declaration; and
   4. independent audit report.

If you are a local government, tertiary institution or a Queensland statutory body you are only required to provide us with an Annual Acquittal Statement (Financial Statements Requirement 2).