Financial reporting for licensees

Who can prepare MFR reports

A licensee must ensure an MFR report is prepared by a qualified accountant.

A qualified accountant is someone who:

  • meets the requirements of a qualified accountant outlined in the ASIC Corporations (Qualified Accountant) Instrument 2016/786, or
  • is a Registered Company Auditor, or
  • holds a current public practising certificate from the Association of Taxation and Management Accountants or National Tax and Accountants Association.

The qualified accountant must also be independent of the licensee.

A person is not independent of the licensee  if the person is any of the following for the licensee or a related entity of the licensee:

  • an employee of the licensee;
  • an executive officer, investor, or shareholder of the licensee
  • a partner in the partnership of the licensee.

The QBCC Commissioner does not need to approve qualified accountants for the purpose of preparing MFR reports.