Financial reporting for licensees

Who can provide reports

An 'accepted independent accountant' can provide a report. They must be independent of the business structure, have the required qualifications for the relevant maximum revenue (MR) category, and cannot be the:

  • applicant
  • licensee
  • director
  • secretary
  • employee
  • spouse
  • business partner
  • investor or
  • shareholder of the applicant or licensee.

The accepted independent accountant must apply relevant Australian Accounting and Auditing Standards and meet mandatory reporting requirements when preparing the financial report. The following table shows the required qualifications and relevant MR categories for appropriately qualified persons:

Qualification

may complete MFR Report for

Registered company auditor holding professional Indemnity Insurance of at least $250,000

Categories 1 to 7

Holder of a current public practising certificate from the Australian Society of Certified Practising Accountants (CPA)

Categories 1 to 2*

Holder of a current public practising certificate from the Institute of Chartered Accountants in Australia (ICAA)

Categories 1 to 2*

Holder of a current public practising certificate from the National Institute of Accountants (NIA)

Categories 1 to 2*

Holder of a current public practising certificate from the Association of Taxation and Management Accountants (ATMA)

Categories 1 to 2*

Holder of a current public practising certificate from the National Tax & Accountants Association (NTAA)

Categories 1 to 2*

Holder of at least Membership status of one of the above professional associations

Category 1 only

Registered Tax Agent

Category 1 only

Another Responsible Person – in extraordinary circumstances

At the discretion of, and by prior approval of, the Commission

*May also complete MFR Reports for Categories 3-7 only where the Applicant or Licensee is not subject to ASIC audit requirements

Other qualifications

If you are: 

  • A person with an ASA qualification; or
  • A Professional National Accountant (PNAs),

you can only provide an MFR Report (PDF) for a Category 1 turnover as you don’t hold a public practising certificate.

Can you change the MFR  Report?

We will accept a report that has been re-typed onto the accountant’s letterhead, as long as the report wording has not been altered.