Amendments to the Minimum Financial Requirements Regulation (MFR Regulation), mean contractors in financial categories SC1, SC2, 1, 2 and 3 will again be able to submit simpler financial reporting to the QBCC as part of a MFR report.
The Australian Accounting Standards Board (AASB) amended accounting standards that impact on the Minimum Financial Requirements (MFR) Regulation in July 2021. These changes removed the ability for some for-profit entities to prepare Special Purpose Financial Statements (SPFS) to satisfy reporting requirements, including MFR reporting to the QBCC.
As a result, all QBCC licensed contractors in financial categories SC1, SC2, 1, 2 and 3, were required to prepare General Purpose Financial Statements for MFR reports, which increased costs for these licensees.
The Queensland Government listened to industry concerns about these costs and has amended the MFR Regulation to reinstate SPFS for these licensees. Contractors who are applying to change their maximum revenue to an amount covered by one of the above financial categories may also apply the new provisions.
This change applies to financial information in MFR Reports for the quarter ending 31 December 2023 onwards.
There are no changes to annual reporting requirements.