Legislative requirements Legislation The advice in this section was based on requirements outlined in the following legislation: AASB 101 Presentation of Financial Statements, AASB 116 Property, Plant and Equipment, AASB 117 Leases, AASB137 Contingent Liabilities and Contingent Assets and AASB 139 Financial Instruments Recognition and Measurement A New Tax System (Goods and Services Tax) Act 1999 Education and Training Reform Act 2006 Part 2.3 Government School Councils – – Education and Training Regulations 2017 Part 4 Government School Councils and – – Parents Clubs. Part 7 Accountability and Reporting Financial Management Act 1994 – Standing Directions of the Minister of Finance 2018 under the Finance Management Act 1994 Section 4.1 Planning and managing performance, 5.2 Annual reporting and 5.3 – External reporting and information provision. Definitions Balance Day The recording of transactions under an accrual system may result in Adjustment revenue and expense items being recognised in a particular period when they actually relate to a future period. Journal entries may be required to adjust accounting records to recognise revenue or expenditure in the correct period. Balance This report will identify whether any anomalies occur between the Integrity Report balances recorded against the creditor and the transactions data recorded against the creditor (CR21160). The Balance Integrity Report (DR21902) will indicate whether there are any anomalies between the balances recorded against the sundry debtor and the transaction data recorded against the sundry debtor. Capital A capital commitment will arise when a school enters into a legally commitments binding non-cancellable agreement/contract for the acquisition of equipment or capital works. A capital commitment does not include maintenance contracts associated with assets held (these are usually an operating commitment). Capital commitments are not recognised in CASES21 finance system, as they are to occur in the future. A capital commitment will arise when there is a signed contract for a tangible asset i.e. building, gymnasium, playground or toilet block.
Legislative requirements Legislation The advice in this section was based on requirements outlined in the following legislation: AASB 101 Presentation of Financial Statements, AASB 116 Property, Plant and Equipment, AASB 117 Leases, AASB137 Contingent Liabilities and Contingent Assets and AASB 139 Financial Instruments Recognition and Measurement A New Tax System (Goods and Services Tax) Act 1999 Education and Training Reform Act 2006 – Part 2.3 – Government School Councils Education and Training Regulations 2017 – Part 4 – Government School Councils and Parents Clubs. Financial Management Act 1994 – Part 7 Accountability and Reporting Standing Directions of the Minister of Finance 2018 under the Finance Management Act 1994 – Section 4.1 Planning and managing performance, 5.2 Annual reporting and 5.3 External reporting and information provision. Definitions Balance Day Adjustment The recording of transactions under an accrual system may result in revenue and expense items being recognised in a particular period when they actually relate to a future period. Journal entries may be required to adjust accounting records to recognise revenue or expenditure in the correct period. Balance Integrity Report This report will identify whether any anomalies occur between the balances recorded against the creditor and the transactions data recorded against the creditor (CR21160). The Balance Integrity Report (DR21902) will indicate whether there are any anomalies between the balances recorded against the sundry debtor and the transaction data recorded against the sundry debtor. Capital commitments A capital commitment will arise when a school enters into a legally binding non-cancellable agreement/contract for the acquisition of equipment or capital works. A capital commitment does not include maintenance contracts associated with assets held (these are usually an operating commitment). Capital commitments are not recognised in CASES21 finance system, as they are to occur in the future. A capital commitment will arise when there is a signed contract for a tangible asset i.e. building, gymnasium, playground or toilet block.