The fourth iteration of the plan, titled Plan 4, provided the planning framework for the university in 2015. QUT's target is for Aboriginal and Torres Strait Islander people to make up 1.7 per cent of the workforce. The Annual Financial Report has been approved for issue by the University Council in accordance with the Queensland University of Technology Certificate.
The University labels certain derivatives as: hedging the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or hedges of highly probable expected future transactions (cash flow hedges). Observable inputs are publicly available data that are relevant to the characteristics of the assets/liabilities being valued. However, if the increase reverses a decrease previously recognized in the income statement, the increase is first recognized in the income statement in the amount of the original decrease.
However, if the increase reverses a decrease that was previously recognized in the income statement, the increase is first recognized in the income statement to the extent of the original decrease. Increases in the accounting value as a result of revaluation of the art collection are recognized in the revaluation reserve in other comprehensive income. Any difference between the proceeds (minus transaction costs) and the redemption amount is recognized in the income statement over the loan period using the effective interest method.
The DVC, Corporate Programs and Partnerships is the VC's responsibility to lead the growth of the university's corporate education. Administrative Services, Secretary of QUT Council and Chief Administrative Officer of the University, accountable to the VC for University Administration. Employees of the consolidated company are entitled to severance pay upon retirement, disability or death.
January 2014
December 2014
January 2015
December 2015
Prepayments, totaling $69,509 million (2014) previously included in Note 16 Receivables, have been reclassified to Note 21 Other non-financial assets in accordance with State and Commonwealth reporting requirements. OS-HELP is a loan scheme to help eligible undergraduate students undertake some of their courses of study overseas. Due to the short-term nature of current trade payables, the carrying amount is assumed to approximate fair value.
The increase in the OS-HELP liability is attributed to increased government funding for increased student loan applications for 2015. The Queensland Government, through the Smart State Research Facilities and Innovation Building Fund, lent a total of $69.63 million, which had an aggregate loan repayment amount totaling $21.097 million according to The University was approved to borrow a total of $125 million through the QTC for the following infrastructure projects: $78 million to finance a portion of the costs of construction of the Science and Engineering Center; and $47 million to fund part of the construction cost of Phase II of the Creative Industries Zone.
$78 million was drawn down for the Science and Engineering Center and $47 million for Phase II of the Creative Industries District expired due to the priority use of internal funding. As part of the state borrowing program, the university has access to an $11.5 million working capital loan through QTC. A working capital loan, which is a temporary overdraft (limit up to 30 days) used for cash flow.
Details of the University's exposure to changes in interest rates for interest-bearing liabilities are set out in financial risk management (refer to note 35). Details of the fair value of the University's interest-bearing liabilities are presented in the fair value measurement (refer to note 36). The University has no assets pledged as security for current interest-bearing obligations.
The accounting value of the university's loan is denominated in the following currencies, for an analysis of the borrowing's sensitivity to interest rate risk and currency risk, see note 35.
The university has five leases that are prepaid and not included in the liability calculation. The joint venture agreement between the University and the Queensland Government to establish the Kelvin Grove. The University's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.
The University uses different methods to measure the different types of risks it is exposed to. The risk to the University of experiencing currency fluctuations due to changes in exchange rates is usually minimal as most contracts are denominated in Australian dollars. The University is limited to foreign exchange futures and foreign exchange option contracts only.
The risk for the university is that the value of a financial instrument will fluctuate as a result of changes in market prices. The university uses different methods to measure different types of risks to which it is exposed. The risk to the University of currency fluctuations arising from changes in exchange rates is usually minimal as the majority of contracts are in Australian dollars.
The University is limited to foreign exchange futures and foreign exchange option contracts only. The risk for the university is that the value of the financial instrument will fluctuate due to changes in market prices. The University values goods and services based on a combination of cost recovery or market forces.
The University's exposure to market risk for changes in interest rates is primarily related to long-term debt obligations. The University's exposure to market risk for changes in interest rates is also related to short-term investments. The table below summarizes the sensitivity of the University's financial assets and liabilities to interest rate risk, foreign exchange risk and other price risk.
Fair Value Measurements 2015
Fair Value Measurements 2014 Financial Assets
Fair Value Measurements 2014 Financial Liabilities
Australian Government Financial Assistance -CGS and Other Education Grants Commonwealth Grants Scheme #1 Indigenous Support Program. Queensland University of Technology Notes to the Financial Statements for the year ended 31 December 2015 figures of Australian Government Financial Assistance continuing education -CGS and other education scholarships continued 67. Queensland University of Technology Notes to the Financial Statements for the year ended 31 December 2015 Australian Public financial assistance continued -CGS and other educational grants continued 67.
Queensland University of Technology Notes to the financial statements for the year ended 31 December 2015 Australian Government financial assistance continued 68. Queensland University of Technology Notes to the financial statements for the year ended 31 December 2015 Australian Government financial assistance continued 69. Queensland University of Technology Notes to the Financial Statements For the Year ended 31 December 2015 Australian Government Financial Assistance continued ships continued 70.
Queensland University of Technology Notes to the financial statements for the year ended 31 December 2015 Australian Government Financial Assistance figures continued 71. Queensland University of Technology Notes to the financial statements for the year ended 31 December 2015 Australian Government Financial Assistance continued research 72 Queensland University of Technology Notes to the Financial Statements for the year ended 31 December 2015 continued 73.
Queensland University of Technology Notes to the financial statements for the year ended 31 December 2015 Australian Government funding continues tralian Research Council Grants continue 74. Queensland University of Technology Notes to the financial statements for the year ended 31 December 2015 total Australian Government financial assistance continued Australian Research Council Grants Continued 75. Notes to the Financial Statements of Queensland University of Technology for the year ended 31 December 2015 Australian Government Financial Assistance continued tralian Research Council Grants continued 75.
Queensland University of Technology Notes to the Financial Statements for the Year ended 31 December 2015 Australian Government Financial Assistance continued 77. QUT Queensland University of Technology RACI Royal Australian Chemistry Institute SCAD Sessional career advancement development. Other members are the University of Technology Sydney, RMIT University, the University of South Australia and Curtin University.
Annual Report 2015
