Following a review by the Queensland Ombudsman of the university's student complaints policy and procedures, a revised complaints policy was finalized by qut and implemented in 2013. At the Caboolture campus, first year Bachelor of Business (Accounting) and year the second of the Bachelor of Education (Early Childhood) was presented. Professor Rod Wissler was appointed by the Queensland Government to the Queensland Music Festival Board for a four-year term.
The Annual Financial Report has been approved for issue by the University Council in accordance with the Queensland University of Technology Certificate. Cost includes direct material costs, direct labor and other costs directly attributable to the acquisition of the asset. Increases in the book value due to the revaluation of the art collection are credited to 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. Academic Vice Chancellor (DVC), Academic is responsible for the university's academic standards. This standard changes the terminology of the income statement to profit or loss and other comprehensive income.
This standard changes the terminology of the income statement to Profit or loss and other comprehensive income. In 2013, an investigation into the lease provisions found an error in the calculation of the provisions. The above figures are connected to the cash flow at the end of the year as follows, as shown in the cash flow statement:
January 2012
Queensland University of Technology Notes to the Financial Statements For the Year Ended 31 December 2013 19Property, plant and equipment continued 42. a) Land and building valuations The consolidated entity's land values are indexed using rates provided by an independent valuer. on a 'per campus' basis. In 2013, the land values of the consolidated entity were indexed as follows: Gardens Point campus 0%, Kelvin Grove campus 0%, Samford and Newstead properties -4% (2012 Gardens Point campus -5%, Kelvin Grove -10%, Samford estate - 10% and Newstead estate -5%). The consolidated entity indexes buildings (including heritage and land improvements) using rates from the Australian Bureau of Statistics.
Buildings were indexed using the 'Non-Residential Construction Implicit Price Deflator Total Non-Residential Building' -1.3% in 2013 and land improvements using the 'Engineering construction work done Implicit Price Deflator' -0.7% in 2013. The University's heritage and cultural assets were indexed using rates provided by the University's Art Curator: 3% in 2013 (2% in 2012). b) Non-current assets pledged as security There are no non-current assets pledged as security by QUT or any of its controlled entities. c) Valuation of other property, plant and equipment The University's heritage and cultural assets are indexed by rates provided by the University's Art Curator: 3% in 2013 (2% in 2012). The next independent valuation of the museum collections is due in 2016 as detailed in note 1(p).
December 2012
January 2013
December 2013
Due to the short-term nature of current trade payables, the carrying value is assumed to approximate fair value. The decrease in accrued expenses is attributable to the inclusion in 2012 of the final obligations for the Science and Engineering Center of $6.3 million. Other creditors declined when center management from the Sustainable Built Environment National Research Center was transferred to Curtin University in 2013.
The Queensland Government has lent a total of $69.63 million through the Smart State Research Facilities Fund and the Innovation Building Fund, which has a net present value of $20.921 million. All Smart State Research Facility loans and Innovation Building Fund loans are now received. These loans are interest-free, and repayments begin in year 11 of the 30-year term.
The University was authorized to borrow a total of $125 million through the QTC for the following infrastructure projects;. $78 million to fund a portion of the construction costs of the Science and Engineering Center and $47 million to fund a portion of the construction costs of the Creative Industries Precinct phase II. The $78 million has been drawn down for the Science and Engineering Center and $47 million for the Creative Industries Precinct phase II is scheduled to be drawn down during 2014.
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 (see Note 34).
Details of the fair value of the University's interest-bearing liabilities are provided in fair value measurements (see note 35). The University has no assets pledged as security for current interest-bearing obligations. The book values of the University's loans are expressed in the following currencies, for an analysis of the sensitivity of loans to interest rate risk and currency risk, see note 34.
Lease expenses reflect the difference between actual and straight-line payments for operating leases held by the university per 31 December 2013. The university has a number of operational leasing obligations regarding office accommodation and motor vehicles. There is 1 share out of 1,562,553 shares in GeneCo Pty Ltd which is not owned by the university.
The University entered into a joint venture with the Queensland Government to develop a 16.5 hectare site adjacent to the current Kelvin Grove campus. The joint venture established the Kelvin Grove Urban Village (KGUV) to provide new opportunities in teaching, research and community engagement for the University. The University's activities expose it to a number 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's overall risk management program focuses on the unpredictability of financial markets and aims to minimize potential negative effects on the University's financial performance. The risk to the University that currency fluctuations will occur due to changes in foreign exchange rates is usually minimal, as most contracts are in Australian dollars. The University is limited to foreign exchange forward contracts and exchange options 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's exposure to market risk for changes in interest rates relates primarily to the long-term debt obligations. The university has limited exposure to interest rate risk due to interest-free loan programs (through the Smart State Loans and Innovation Building Fund) and the long-term debt through QTC's generic debt pool.
The university's exposure to the market risk of interest rate changes also applies to short-term investments. The following table summarizes the sensitivity of the University's consolidated financial assets and financial liabilities to interest rate risk, currency risk and other price risks. The following tables summarize the maturities of the university's financial assets and financial liabilities Average interest rate Variable interest rate In 1 year1-5 years5+ yearsNon-interestTotal.
Fair Value Measurements 2013
Queensland University of Technology Notes to the financial statements for the year ended 31 December 2013. d) Fair value measurements using significant unobservable inputs (level 3).
Fair Value Measurements 2012 Financial Assets
Fair Value Measurements 2012 Financial Liabilities
Queensland University of Technology Notes to the financial statements for the year ended 31 December 2013 The accompanying notes form part of these financial statements. 36 Exemption of Australian Government Financial Assistance (a)DIISRTE -CGS and Other DIISRTE Grants Commonwealth Grant Scheme #1Indian Support Program Partnership and Participation Program Capital Development Pool Note. QueenslandUniversity of Technology Notes to the financial statements for the year ended 31 December 2013 Exemption of Australian Government Financial Assistance continued (a)DIISRTE -CGS and other DIISRTE grants continued The accompanying notes form part of these financial statements.
For the Year ended 31 December 2013 36Disclaimer of Australian Government Financial Assistance continued (a)DIISRTE -CGS and other DIISRTE grants continued The accompanying notes form part of these financial statements. For the Year ended 31 December 2013 36Disclaimer of Australian Government Financial Assistance continued The accompanying notes form part of these financial statements. b) Higher Education Loan Programs (excluding OS-HELP) HECS-HELP (Aus. For the Year ended 31 December 2013 Release from Australian Government Financial Assistance continued The accompanying notes form part of these financial statements.
For the year ended 31 December 2013 36Acquittal of Australian Government Financial Assistance continued The accompanying notes form part of these financial statements. For the year ended 31 December 2013 Acquittal of Australian Government Financial Assistance, continued The accompanying notes form part of these financial statements. For the year ended 31 December 2013 36Acquittal of Australian Government Financial Assistance continued The accompanying notes form part of these financial statements. d)DIISRTE Joint research commitment to research Training program for research.
For the Year ended 31 December 2013 36Disclaimer of Australian Government Financial Assistance continued The accompanying notes form part of these financial statements. e) Others. Capital Funding Better Universities Renewal Fund Education Investment Fund Total Note. f)Australian Research Council Grants Projects Fellowships Total (i) Discovery Note. Queensland University of Technology Notes to the Financial Statements For the Year ended 31 December 2013 Release of Australian Government Financial Assistance continued (f)Australian Research Council Grants continued The accompanying notes form part of these financial statements.
Queensland University of Technology Notes to the Financial Statements For the Year ended 31 December 2013 36Disclaimer of Australian Government Financial Assistance continued (f)Australian Research Council Grants continued The accompanying notes form part of these financial statements. AC Companion of the Order of Australia AM Member of the Order of Australia AMBA Association of MBAs AO Officer of the Order of Australia APCRC-Q Australian Prostate Cancer Research Center – queensland AQF Australian Qualifications Framework ARC Australian Research Council ASA Academic Skills Advisor ASD Autism Spectrum Disorders ATN Australian technology Network AusHSI Australian Center for Health Services Innovation. Other members are University of Technology Sydney, RMIt University, University of South Australia and Curtin University of Technology.
Queensland University of Technology Brisbane Australia
