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Chart of Accounts - Account Description |
LiabilitiesA liability is recognised when, and only when, it is probable that the future sacrifice of economic benefits will be required and the amount of the liability can be measured reliably. Non-Current Liabilities are obligations Obligations which are due and payable greater than 12 months after the reporting period. Unless otherwise stated all Liability Accounts are for the use of Corporate Finance staff only. NON-CURRENT LIABILITIES1731 STATE GOVERNMENT LOAN (CURRENT YEAR) Account used to record State Government Loans to QUT, made in the current year. 1732 STATE GOVERNMENT LOAN (AT COST) The amount transferred from 1731- State Government Loan (Current Year) as part of year end close off. The balance of the account reflects the value of the loan made to the University by the State Government in prior years. 1733 BANK LOAN (CURRENT YEAR) Account used to record Bank Loans to QUT, made in the current year. This account can only be used by Division of Finance and Resource Planning. 1734 BANK LOAN (AT COST) The amount transferred from 1733 (Bank Loan (Current Year)) as part of the year end close off. The balance of the account reflects the fair value of the loan. This account can only be used by Division of Finance and Resource Planning. 1760 PROVISION FOR LONG SERVICE LEAVE - NONCURRENT Provision for employees' long service leave that is not expected to be paid within the next 12 months. 1761 PROVISION FOR ANNUAL LEAVE - NON-CURRENT Provision for employees' annual leave that is not expected to be paid within the next 12 months. 1762 PROVISION FOR LEAVE LOADING - NON-CURRENT Provision for employees' leave loading that is not expected to be paid within the next 12 months. 1773 LEASE PAYMENTS ACCRUAL - NON-CURRENT This account is a provision for lease expenses that are not expected to be paid within the next 12 months. |
