Financial Management Practice Manual

Financial Management Practice Manual Queensland Treasu r y Corporate Policy March 2012 Financial Management Practice Manual - March 2012 Queensland Treasury Corporate Policy Foreword The Financial Accountability Act 2009 imposes significant responsibilities on the Under Treasurer, as accountable officer of Treasury Department, to manage the department efficiently, effectively and economically. This includes requirements that the department maintain high standards of internal control and other financial governance processes, appropriate to its operations, and that these systems be documented in a Financial Management Practice Manual. The Financial Management Practice Manual identifies the key internal financial controls and other governance practices that collectively, constitute Treasury’s financial management framework. The manual incorporates intranet and internet linkages to other relevant whole-of-Government and internal policies, procedures

and guidelines that impact on the department’s financial management, as well as links to relevant legislation, Australian Accounting Standards and other authoritative pronouncements. The manual also documents the key accounting functions relevant to the Consolidated Fund, Treasury Offset Account and various Trust Funds the department manages on behalf of the Treasurer and/or other agencies. The manual further provides details about the Queensland Future Growth Corporation. The corporation is a statutory body comprising the Under Treasurer as a corporation sole. Local instructions, providing more detailed operational information about financial systems, internal controls and accounting processes must be established and maintained by portfolio offices that have discrete financial management responsibilities, consistent with the principles contained in this Manual and other Treasury policies and delegations. All Treasury employees who have financial management responsibilities should refer to and observe the requirements of this manual, as appropriate to their duties and responsibilities. Doing so will significantly assist the smooth functioning of the department and ensure consistency in its financial operations. Financial Management Practice Manual - March 2012 Queensland Treasury Corporate Policy Contents 1. Overview 1 11.8 Tax, fees, fines and levies . . . . . . . . . . . . . . . . . . . 17 1.1 Legislative basis - FMPM . . . . . . . . . . . . . . . . . . . . 1 11.9 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.2 Financial management framework . . . . . . . . . . . . . . . 1 11.10 Administered item revenue . . . . . . . . . . . . . . . . . . 17 1.3 Value for money considerations . . . . . . . . . . . . . . . . 1 11.11 Other administered revenue . . . . . . . . . . . . . . . . . 17 1.4 F inancial accountability handbook and tools . . . . . . . . . 1 11.12 Internal controls . . . . . . . . . . . . . . . . . . . . . . . . 18 1.5 Local instructions...

Website: www.treasury.qld.gov.au | Filesize: 787kb
No of Page(s): 40
Download Financial Management Practice Manual - Queensland Treasury ....pdf