Annual financial statements basics

Introduction

• As a Commonwealth Entity the Australian National University has obligations under the Public Governance, Performance and Accountability (PGPA) Act 2013 (the Act).
• To meet these obligations the University's accounts and records must be kept in a way that:
  • complies with any requirements prescribed by the rules under the Act;
  • enables the preparation of the annual financial statements; and
  • allows those financial statements to be conveniently and properly audited in accordance with the Act.

Process Overview

• Year-end processing and reconciliation procedures are required to ensure that the University can meet both its obligations under the Act and the deadlines outlined above.
• All staff with financial delegation or responsibility for financial administration must ensure they are familiar and comply with the university's year-end requirements, critical dates and deadlines.
• Responsibility for the completeness and accuracy of information submitted in the year end process resides with the Head of Budget Unit.