Annual financial statements
Providers must supply TEQSA with annual financial statements (under section 27 of the Tertiary Education Quality and Standards Agency Act 2011 [TEQSA Act]).
The annual financial statements must be provided:
- for each annual financial reporting period the provider is registered
- in the approved form
- with a statement by an independent, qualified auditor
- within six months of the end of the annual financial reporting period.
General Purpose Financial Statements
Refers to ‘financial statements that are intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs’.
This definition has the same meaning as in the Glossary of defined terms of the Australian Accounting Standards Board (AASB) and AASB 101.7.
Special Purpose Financial Statements
Refers to ‘a complete set of financial statements, including the related notes, and an assertion statement by those responsible for the financial report, prepared in accordance with a special purpose framework. The related notes ordinarily comprise a summary of significant accounting policies and other explanatory information. The requirements of the applicable financial reporting framework determine the format and content of a financial report prepared in accordance with a special purpose framework.’
Means a registered company auditor (within the meaning of the Corporations Act 2001), or a person approved by TEQSA.
Non-Table A providers
We will consider annual financial statements (from non-Table A providers under the Higher Education Support Act 2003) to be in the approved form if they:
- are General Purpose Financial Statements prepared in accordance with all the current standards set by the Australian Accounting Standards Board
- include a signed and dated Directors’ Declaration made in accordance with section 295 of the Corporations Act 2001 (or an equivalent declaration)
- include all explanatory notes, including a summary of significant accounting policies
- include a signed and dated auditor’s report
- include a signed and dated auditor’s independent declaration.
If a non-Table A provider is not required by the Corporations Act 2001 or relevant Australian Accounting Standards Board (AASB) to prepare General Purpose Financial Statements, we will consider annual financial statements to be in the approved form if they:
- are special purpose financial statements prepared in accordance with the following current standards set by the AASB:
- AASB 101: Presentation of Financial Statements
- AASB 107: Statement of Cash Flows
- AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors
- AASB 1031: Materiality
- AASB 1048: Interpretation of Standards
- AASB 1053: Application of Tiers of Australian Accounting Standards.
As these are minimum requirements, providers are encouraged to comply with additional AASB requirements where appropriate. These include:
- a Directors’ Declaration made in accordance with section 295 of the Corporations Act 2001 (or equivalent declaration)
- provision of all explanatory notes, including a summary of significant accounting policies
- a signed and dated auditor’s report, and
- a signed and dated independent auditor’s declaration.
Providers should submit a copy of their annual financial statements in the approved form and report financial information solely through the Department of Education and Training’s HELP IT System (HITS).
Table A providers
We will consider annual financial statements from Table A providers to be in the approved form if they have been prepared in accordance with the Department of Education and Training’s Financial Statement Guidelines.
Providers that do not publish their annual financial statements on their website are requested to send them in the approved form to collections [at] teqsa.gov.au.
NOTE: the following file types are supported: DOC, DOCX, XLSX and PDF.
See also: Guidance note on Financial Standing