MFR Report window closing soon

2 September 2022

There is a window of opportunity to rely on the Special Purpose Financial Statements (SPFS) and skip the greater cost of preparing the General Purpose Financial Statements (GPFS) in the preparation of a QBCC Minimum Financial Requirements (MFR) report.

When are MFR Reports required?

MFR Reports are required in some situations for licensees in Category 1 and above including:

• Applying for a new contractor licence
• For audit purposes
• When licensees upgrade to a new licence category (e.g. upgrading from SC2 to Category 1)
• Licensees trading in a trust
• Reporting a decrease in net tangible assets
• Substantial business changes, and more.

A full list of when an MFR Report is required is available on the QBCC website.

A MFR Report prepared on 30 June 2022 accounts may be completed up until 30 October 2022 and rely on SPFS.

This MFR Report must be completed and signed by your accountant no later than 30 October 2022 and submitted to QBCC no later than 30 November 2022! This window is rapidly closing.

If you prepare a MFR Report based on accounts 1 July 2022 or later, you will be required to prepare GPFS and incur the greater costs of preparation.

An MFR Report can take some time to prepare, consult your accountant now to determine if you need to submit to QBCC before the window closes.