'asset'

means an economic resource that is under the control of a public higher education institution, which will result in future economic benefits flowing into a public higher education institution and which has originated as a result of past events;

'auditor'

means any person registered as such in terms of the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991);

'consolidation'

means the incorporation of the financial statements of a public higher education institution together with the financial statements of corporate entities, including trusts that fall under its control, into a single set of consolidated financial statements, as specified by the South African GAAP/lnternational Financial Reporting Standards;

'council'

means the governing body of a public higher education institution as prescribed by the Higher Education Act, 1997 (Act NO.101 of 1997);

'Department of Education'

means the government department responsible for education at the national level;

'equity'

means the residual interest in the assets of a public higher education institution after deducting all its liabilities (equity is the difference between the assets and liabilities of a public higher education institution);

'expenses'

means the decrease in economic benefits during the accounting period in the form of outflows or the depletion of assets or the raising of liabilities that result in decreases in equity other than those relating to distributions to equity participants;

'income'

means the increase in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants;

'institutional statute'

means any statute made by the council of a public higher education institution under section 32 of the Higher Education Act, 1997 (Act No.101 of 1997);

'liability'

means a present obligation which is the result of past events and the settlement of which will result in the outflow of economic benefits;

'Minister'

means the Minister of Education;

'principal'

means the head/chief executive or accounting officer of a public higher education institution and includes a vice-chancellor or a rector;

'public higher education institution'

means any higher education institution that is established, deemed to be established or declared as a public higher education institution under the Higher Education Act, 1997 (Act No.1 01 of 1997);

'restricted funds'

means those funds of a higher education institution that may be used only for the purposes that have been specified in legally binding terms by the provider of such funds or by another legally empowered person;

'SA GAAP'

means the South African Statements on Generally Accepted Accounting Practice (as harmonised with the International Financial Reporting Standards (IFRS));

'senate'

means the body contemplated in section 28 of the Higher Education Act, 1997 (Act No. 101 of 1997), and includes an academic board;

'senior management'

means the employees of a public higher education institution designated as such in its Institutional Statutes;

'the Higher Education Act'

means the Higher Education Act, 1997 (Act No. 101 of 1997);

'unrestricted funds'

means those funds of a public higher education institution that fall within the unrestricted control of its council.

1.2        Application

These Regulations for Annual Reporting apply to all public higher education institutions.

1.3        Date of Commencement

These Regulations for Annual Reporting take effect on publication.