Policy University Management FMPM 400 - FMPM 499 - Liabilities FMPM 400 Overview - Liabilities and Contingency Management
FMPM 400 Overview - Liabilities and Contingency Management
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Intent
The intent of this overview is to set out the requirements regarding the establishment and maintenance of a liability and contingency management system.
Scope
Liabilities and Contingency Management.
Definitions
Policy and Procedures
Function and Responsibility
It is the responsibility of:
the Chief Financial Officer (FMPM 410-499 excluding 440 and 490);
the Director, Human Resources Management (FMPM 440: Policy - Employee Entitlements); and
the Director, Governance and Corporate Services (FMPM 490: Policy - Contingent Liabilities) to establish and maintain liability and contingency management systems (FMPM 410-499) which efficiently, effectively and economically manage all liabilities.
The liability management system (FMPM 410-489), including adequate internal controls, must provide for:
identifying, incurring, measuring, managing, satisfying and recording liabilities; and
promptly identifying, monitoring, recording and reporting commitments for capital expenditure.
any commitment entered into for the employment of persons, to be in accordance with the requirements of the applicable Acts, industrial awards and agreements, University policy and the like.
The contingency management system (FMPM 490: Policy - Contingent Liabilities), must provide for:
promptly identifying, monitoring and recording contingencies; and
reporting, at least annually about the contingencies.
Related documents, legislation or JCU Statutes
Financial and Performance Management Standard 2009 (S25 & S26)
Statutory Bodies Financial Arrangement Act 1982
Leasing in the Queensland Public sector- policy guidelines published by Queensland Treasury
For enquiries in relation to this FMPM Overview please contact directorfabs@jcu.edu.au.
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 08/2018 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
01-01 | 12/2001 | 12/2001 |