Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2020 (Qld)

1   Short title

This regulation may be cited as the Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2020.

2   Regulation amended

This regulation amends the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018.

3   Insertion of new s 4B

After section 4A—
insert—

4B   Meaning of prescribed accounting standard

(1)A prescribed accounting standard means any of the following documents published by the Australian Accounting Standards Board—

(a)Australian Accounting Standards;

(b)Statements of Accounting Concepts;

(c)Interpretations;

(d)Framework for the Preparation and Presentation of Financial Statements.

(2)Also, if a document mentioned in subsection (1) is amended or replaced, a prescribed accounting standard includes the document as in force immediately before it was amended or replaced.

(3)However, subsection (2) applies in relation to a document only for a period of 12 months starting on the day the amendment or replacement takes effect.

4   Amendment of sch 3 (Dictionary)

(1)Schedule 3, definition prescribed accounting standards—
omit.

(2)Schedule 3—
insert—

prescribed accounting standard see section 4B.