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Higher Education Act, 1997 (Act No. 101 of 1997)

Regulations

Regulations for Annual Reporting by Public Higher Education Institutions

Part 2

 

2.1 Structure of the annual report

 

2.1.1 Information required in respect of the preceding year

 

• The report of the chairperson of the council
• The report of the principal on management and administration
• The council's statement on corporate governance
• The senate's report to the council
• The institutional forum's report to the council
• The council's report on risk assessment and the management thereof
• The statement of the Chief Financial Officer and the Chairperson of the Finance Committee of the Council on the Annual Financial Review
• The audited annual financial statements, which must comply with the South African Generally Accepted Accounting Practice (GAAP) or International Financial Reporting Standards (IFRS)
• Disclosure of remuneration of senior management (as a note to the annual financial statements)
• The electronic financial data (through a diskette, e-mail or other form and as an attachment to the annual report)

 

2.2 The List of Changes to the Reporting Regulations*

 

Changes (technical, terminology, format etc) have been effected in the reporting regulations and the schedule in order to amend certain definitions and terminology, delete, insert new definitions, terminology, and concepts and provide further details with regards to certain formats in the following sections:

• Part 1 (1.1) - Regulations, "general definitions'
• Part 2 (2.3) - Regulations, content of "the annual financial statements" (balance sheet, income statement and statement of changes in equity)
• Part 2 (2.4) - Regulations, format of "the disclosure of senior management remuneration"
• Chapter 1 (1.1) - Schedule, content "governance of South African public higher education institutions"
• Chapter 2 (2.2.3.2) - Schedule, deleted "the list of accounting policies"
• Chapter 4 (4.2) - Schedule, content of "the council's statement of responsibility for the financial statements"
• Chapter 4 (4.3) - Schedule, deleted "the duties or responsibilities of the independent auditors"
• Chapter 4 (4.4) - Schedule, numbering and content of "the report of the independent auditors to the council of the higher education institution"
• Chapter 4 (4.6) - Schedule, deleted "the statement of accounting policies relevant to the financial statements"
• Chapter 5 - Schedule, deleted "the examples of the annual financial statements"
• Chapter 6 (6.1 - 6.6) - Schedule, numbering, content and format of "the supplementary electronic financial data and the report of the independent auditors on the electronic financial data submitted to the department of education"
• Chapter 7 - Schedule, deleted "the explanatory comments on annual financial statements"
• Appendix A, deleted "the example of the Alternative Income Statement format"
• Appendix B, deleted "comments on fundamental distinctions between public and private organisations"
• Appendix C, deleted "identifying control, joint control, and significant influence relationships"

 

*NB: The above list of changes indicates the part/chapter, paragraph number, the document (regulations/schedule). and the heading where amendments have been effected. It does not however indicate specific line items because of the amount of changes made in each section.

 

The Forms – being sections 2.3 and 2.4 are available in Government Gazette No. 30132 dated 1 August 2007.

 

2.5 Date of submission of annual report

 

Public higher education institutions must submit their annual reports in respect of the preceding year on or before 30 June each year. Two hard copies of the Annual Report and an electronic copy of the Financial Data Template must be submitted.