From today, QBCC Licence Holders are now required to submit General Purpose Financial Statements with their MFR Report which has come about due to changes to the Australian Accounting Standards and our very own QBCC insisting on having the Financial Statements prepared this way. We aren’t excited about the change as it we don’t see the changes resulting in any net benefit to either the QBCC or you with the additional complexity, time and cost to prepare the MFR Report. 

Further details can be found out:

https://www.qbcc.qld.gov.au/resources/article/removal-special-purpose-financial-statements-spfs

We wanted to make you aware of the changes for a couple of reasons:

• We will be asking you for additional information to prepare the Financial Statements as we will now need to account for the following (and more):

 
• Annual and Long Service Leave outstanding
 
• Tax Effect Accounting
 
• Lease Liabilities
 
• Plant and Equipment to be recorded at their recoverable amount

• The time to prepare the Financial Statements will be longer
• The cost of the preparing the Financial Statements will obviously be more.

The General-Purpose Financial Statements are only required for those required to have an MFR report prepared & are largely required where a licence holder wants to change their License Category or increase their Maximum Revenue.  We would therefore recommend increasing the Maximum Revenue as much as possible at the first instance, so you are not required to have another MFR report and Financial Statements prepared again in a short timeframe.

If you would like to talk to us about these requirements, please give us a call 4914 2400

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