Annual financial statements

Under section 27 of the TEQSA Act, registered providers must give annual financial statements to TEQSA.  

The annual financial statements must be provided:

  • for each annual financial reporting period for which the provider is registered
  • in the approved form
  • with a statement by an independent qualified auditor
  • within six (6) months of the end of the annual financial reporting period.

Definitions

General Purpose Financial Statements has the same meaning as in the Glossary of defined terms of the Australian Accounting Standards Board (AASB) and AASB 101.7, i.e. ‘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’.

Non-Table A providers

For higher education providers that are not Table A providers under the Higher Education Support Act 2003 (HESA Act), annual financial statements will be taken 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 equivalent such 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.

Where 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, annual financial statements will be taken to be in the approved form if they:

  • are special purpose financial statements prepared in accordance with the following current standards set by the Australian Accounting Standards Board:
    • 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.

These are minimum requirements. Providers are encouraged to comply with additional AASBs where appropriate, and include:

  • a Directors’ declaration made in accordance with section 295 of the Corporations Act 2001, or equivalent such declaration
  • all explanatory notes, including a summary of significant accounting policies
  • a signed and dated auditor’s report
  • a signed and dated independent auditor’s declaration.

Providers are requested to send a copy of their annual financial statements in the approved form in electronic format to collections@teqsa.gov.au. Electronic format can be any of the following file types; DOC, DOCX, XLSX or PDF.

Table A providers

The annual financial statements of Table A providers under the HESA Act, and The University of Notre Dame Australia, will be taken to be in the approved form if they have been prepared in accordance with the Financial Statement Guidelines for Australian Higher Education Providers released by the Department of Innovation, Industry, Science and Tertiary Education in relation to the relevant annual financial reporting period.

Providers that do not publish their annual financial statements on their website are requested to send them in the approved form to collections@teqsa.gov.au. Electronic format can be any of the following file types: DOC, DOCX, XLSX or PDF.