Document ID: chunk:federal_register_of_legislation:F2024C00381:reg:32:p1
Version: federal_register_of_legislation:F2024C00381
Segment Type: reg
Provision Reference: reg 32 (pt 1/2)
Character Range: 40279–43368

32  Financial statements
 (1) This section is made for the purposes of paragraph 19‑10(2)(ab) of the Act and only applies to higher education providers approved under section 16-25 of the Act.
 (2) If the higher education provider is a for-profit private sector entity, the financial statements for the annual financial reporting period must:
 (a) be either a general purpose or special purpose financial statement that complies with the applicable accounting standards; and
 (b)  be prepared by a qualified accountant in accordance with the applicable accounting standards; and
 (c)  include a declaration by a qualified accountant or appropriate senior authorising officer (such as a Chief Executive Officer, Chief Operating Officer, Chief Financial Officer or financial manager) that the provider has, as at the date of the declaration, complied with all statutory obligations relating to the payment of:
 (i) Commonwealth, State and Territory taxes; and
 (ii) the superannuation guarantee charge in relation to employees of the provider.
 (3) If the higher education provider is a not-for-profit private sector entity and had total revenue of $10 million or more for the previous annual financial reporting period, the financial statement for the annual financial reporting period must:
 (a) be a general purpose financial statement that complies with the applicable accounting standards; and
 (b) be prepared by a qualified accountant in accordance with the applicable accounting standards; and
 (c) include a declaration by a qualified accountant or appropriate senior authorising officer (such as a Chief Executive Officer, Chief Operating Officer, Chief Financial Officer or financial manager) that the provider has, as at the date of the declaration, complied with all statutory obligations relating to the payment of:
 (i) Commonwealth, State and Territory taxes; and
 (ii) the superannuation guarantee charge in relation to employees of the provider.
 (4) If the higher education provider is a not-for-profit private sector entity and had total revenue of less than $10 million for the previous annual financial reporting period, the financial statement for the annual financial reporting period must be either:
 (a) a special purpose financial statement that complies with the following accounting standards:
  (i) AASB 101, Presentation of Financial Statements;
  (ii) AASB 107, Statement of Cash Flows;
  (iii) AASB 108, Accounting Policies, Changes in Accounting Estimates               and Errors;
  (iv) AASB 1048, Interpretation of Standards;
  (v) AASB 1054, Australian Additional Disclosures; or
 (b) a general purpose financial statement that complies with the applicable accounting standards.
 (5) If the higher education provider is part of a consolidated entity, the financial statement for the annual financial reporting period must be accompanied by:
 (a) a copy of the most recent consolidated financial statements for the entity prepared in accordance with applicable accounting standards; and
 (b) such additional information related to the consolidated entity