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Change to QBCC Minimum Financial Requirement (MFR) Reporting Regulations



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From today, 16 February 2024, amendments to the Minimum Financial Requirement (MFR) regulation relating to the use of Special Purpose Financial Statements (SPFS) vs General Purpose Financial Statements (GPFS) has been introduced.

For clients who have previously been required to submit a MFR Report when applying for financial categories 1 to 3, QBCC will again accept Special Purpose Financial Statements.

This change applies to financial information in MFR Reports for the quarter ending 31 December 2023 onwards.

This change does not affect the annual reporting requirements for categories 1-3 (annual reporting form and internal management accounts required).

There are no changes to self-certifying categories SC1 and SC2 – an MFR declaration is required.

There are also no changes to the existing requirements for contractor licensees in financial categories 4 to 7 – for both MFR Reports and annual reporting purposes, these licensees are required to provide General Purpose Financial Statements.

For more information on the amendment to the regulation, click here.

If you require any help understanding your financial reporting requirements, please get in touch with our industry experts, Rebecca Macdonald and Ben Hitchings.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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