Financial reporting for licensees
Financial reporting requirements for Category 1-3 (Maximum revenue between $600,001 - $30,000,000)
Applying for a licence
Licensees that require a maximum revenue (MR) in the financial year up to $30,000,000, are required to submit financial information in the MFR Report or other report (listed in the MFR policy).
The report can be no more than 4 months in age, from the end of the financial reporting period being relied upon, at the time the accountant signs the report (unless otherwise stated in this policy, or as approved by the Commission).
The financial information may be based on the applicant’s most recent financial information, being either:
- last financial year end accounts; or
- the current financial year to date accounts.
A copy of the Signed Financial Statements being relied upon must accompany the MFR report. The report must not be signed more than 30 days prior to the date it is provided to the
Forms submitted with alterations, other than the completion of the spaces provided, may be refused by the Commission; i.e. incomplete forms, or forms with information supplied in addition to or in place of what is requested.
Changing your Maximum Revenue
To increase or decrease the Maximum Revenue between $600,001 - $30,000,000 the licensee must complete and submit financial information in the MFR Report or other report (listed in the MFR policy) together with a copy of the signed financial statements relied upon to complete the MFR report.
Annual Reporting requirements
The QBCC Regulation commencing 1 January 2019 requires licensees who have a Maximum Revenue between $600,001 - $30,000,000 to provide reports about their financial position prepared under the Australian Accounting Standards including:
- a profit and loss statement;
- a debtors and creditors report; and
- a statement of cash flows.
Alternatively, if you are required to prepare annual reports for the Australian Securities and Investments Commission (ASIC) or the Australian Securities Exchange (ASX), a copy of these reports may be lodged to the Commission to satisfy this annual reporting requirement.
To allow existing licensees to meet the reporting requirements, licensees or their nominated representative can login to myQBCC from 1 January 2019 to complete the Minimum Financial Requirements report from the MyForms tab.
New licensees will be given a written notice stating the required annual reporting date after the licence is approved.