Removal of Special Purpose Financial Reports | Queensland Building and Construction Commission

From 1 July 2021, the Australian Accounting Standards Board (AASB) removed the ability to prepare Special Purpose Financial Reports (SPFRs) for certain entities preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements.

QBCC’s MFR Regulation includes a transitional provision which permits a 12 month “grace” period on financials when a change to accounting standards has occurred (or a new standard is released, such as AASB 16).

This means, once the transitional period expires, on 1 July 2022, the QBCC will be looking for a disclosure in the notes to the financial statements to say whether they are general purpose or reduced general purpose.

As the removal of SPFRs is outside of the jurisdiction of the QBCC, accountants should contact their professional body for further assistance or guidance.

Last reviewed: 1 Oct 2021 Last published: 1 Oct 2021