Removal of Special Purpose Financial Reports | Queensland Building and Construction Commission

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Removal of SPFR

QBCC’s MFR Regulation includes a transitional provision which permits a 12 month “grace” period on financials when a change to accounting standards has occurred (or a new standard is released, such as AASB 16).  

This means, once the transitional period expires, on 1 July 2022, the QBCC will be looking for a disclosure in the notes to the financial statements to say whether they are general purpose or reduced general purpose.  

As the removal of SPFRs is outside of the jurisdiction of the QBCC, accountants should contact their professional body for further assistance or guidance.

Last reviewed: 1 Oct 2021 Last published: 1 Oct 2021
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