Document Feedback - Review and Comment
Step 1 of 4: Comment on Document
How to make a comment?
1. Use this to open a comment box for your chosen Section, Part, Heading or clause.
2. Type your feedback into the comments box and then click "save comment" button located in the lower-right of the comment box.
3. Do not open more than one comment box at the same time.
4. When you have finished making comments proceed to the next stage by clicking on the "Continue to Step 2" button at the very bottom of this page.
Important Information
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(1) This Procedure is applied in accounting for all financial liabilities except for: (2) Refer to the Accounting (Financial) Policy. (3) Refer to the Accounting (Financial) Policy. (4) Payables and borrowings are recognised in the balance sheet when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation, and the amount at which the settlement will take place can be measured reliably. (5) Trade and other payables represent liabilities for goods and services provided to the University prior to the end of the reporting period which are unpaid. These amounts are unsecured and are provided with credit terms of payment. (6) Payables are recognised at the fair value of the item purchased and are subsequently measured at an amortised cost. Any differences between the cost of the transaction and the redemption amount shall be recognised in the income statement as finance costs. The cash flows relating to the payable are not discounted or increased if the effect of doing so is immaterial. (7) Borrowings are initially recognised at fair value, net of transaction costs incurred and are subsequently measured at amortised cost. Fees paid on the establishment of a loan facility (which are not an incremental cost relation to the actual draw down of the facility) are recognised as prepayments. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method. (8) Payables and borrowings are to be removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the income statement. (9) Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed. (10) For the purpose of this Procedure:Accounting Procedure - Payables and Borrowings
Section 1 - Background and Purpose
Top of PageSection 2 - Scope
Section 3 - Policy Statement
Section 4 - Procedure
Recognition
Measurement
Payables
Borrowings
De-Recognition
Borrowing Costs
Section 5 - Definitions