QUT's achievements in 2014 are the result of the wonderful commitment of our academic and professional staff to the University's ambitions. The fourth iteration of the plan, titled Plan 4, was released in May 2014 and provided a revised planning framework for the university. The ratings in the 2015 edition of the Good Universities Guide showed a significant improvement for QUT.
The QUT Business School has retained its 4 Palmes of Excellence in the 2014 Eduniversal international rankings of the top 1000 companies. In 2014, the Staff Opinion Survey was conducted for the sixth time and QUT achieved an overall engagement score of 81 percent – the second highest score for the sector. Tim Fairfax AM, received the award of Companion (AC) in the General Division of the Order of Australia.
The annual financial statements represent the audited general financial statements of the Queensland University of Technology. The Annual Financial Report has been approved for issue by the University Council in accordance with the Queensland University of Technology Certificate. The University designates certain derivative financial instruments as either: a fair value hedge of recognized assets or liabilities or a firm commitment (fair value hedge); or hedges against highly probable forecasted transactions (cash flow hedges).
The fair value measurement of non-financial assets is based on the highest and best use 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 (excluding transaction costs) and the redemption amount is recognized in the income statement during the borrowing period using the effective interest method.
Vice Chancellor The Senior Vice Chancellor is responsible for the university's academic standards. The DVC, Corporate Programs and Partnerships are accountable to the VC for leading the growth of the university's corporate education. Further information on the university's exposure to interest rate changes on interest-bearing liabilities can be found in financial risk management (see note 34).
Details of the fair value of the University's interest-bearing liabilities are set out in fair value measurements (see note 35). Administrative Services QUT All of the above individuals were also key management personnel during the year ended December 31, 2014. Administrative Services QUT All of the above individuals were also key management personnel during the year ended December 31, 2014.
26 Key Management Personnel Disclosures, continued (d) Key Management Personnel Remuneration. i) Members of the Queensland University of Technology.
Fair Value Measurements 2014
Queensland University of Technology Notes to the Financial Statements for the Year Ended 31 December 2014. c) Valuation techniques used to derive level 2 and level 3 fair values (i) Repeated fair value measurements. The fair value of financial instruments that are not traded in an active market (for example, fixed interest securities) is determined using valuation techniques. If all significant inputs required for the fair value of an instrument are observable, the instrument is included in level 2.
Fair value is measured using reports provided by QIC and QTC, such as QIC customer product summaries, QTC borrowing statements and QTC cash fund statements. The valuation technique used to calculate fair value for land and works of art is the market approach and for buildings and heritage buildings is the cost approach. The fair value of financial instruments that are not traded is determined by calculating the net asset value of these instruments.
All the resulting fair value estimates are included in level 2, except for unlisted equity securities explained in (d) below. Queensland University of Technology Notes to the Financial Statements For the Year ended 31 December 2014 35Fair value measurement continued (d) Fair value measurements using significant unobservable inputs (level 3) continued The accompanying notes form part of these financial statements. i) Valuation inputs and relationships with fair value The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements. Relationship of unobservable inputs to fair value Unlisted securities / managed funds 1 280earnings growth +- 10%the higher the earnings growth the higher the fair value Loans (non-commercial)21 097 risk adjusted discount rate 4% - 6%the lower the discount rate the higher the net present value of the non-commercial loans Buildings and heritage buildings 577,928 estimate of the remaining service potential based on an assessment of current physical conditions.
A 10% increase/decrease in these factors would increase/decrease the fair value by 10% Artwork28,554 estimates around the condition of the artwork and changes in market demand for certain artists +- 15% increase/decrease in these factors would increase/decrease decrease the fair value by 7% *There was no significant interrelationship between unobservable inputs that materially affect the fair value. A 10% increase/decrease in these factors would increase/decrease the fair value by 10%. Artwork28.554 estimates the condition of the artwork and changes in market demand of certain artists. A 15% increase/decrease in these factors would increase/decrease the fair value by 7%. *There was no significant interrelationship between unobservable inputs that materially affect fair value. Notes to the annual accounts of Queensland University of Technology for the year ended 31 December 2014 The accompanying notes form part of these annual accounts.
For the year ended 31 December 2014 36Acquittal of Australian Government Financial Assistance 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 2014 36 Acquittal of Australian Government Financial Assistance 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 2014 36 Acquittal of Australian Government Financial Assistance continued (e) Australian Research Council Grants continued The accompanying notes form part of these financial statements.
Queensland University of Technology Brisbane Australia
