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.