Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2024 (Qld)

1   Short title

This regulation may be cited as the Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2024.

2   Regulation amended

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

3   Amendment of s 8 (Requirements for information or documents)

Section 8(2)—
insert—

Note—

See section 11D in relation to the requirements for MFR reports for particular licensees.

4   Insertion of new s 11D

After section 11C—
insert—

11D   Requirements for MFR report for particular licensees

(1)This section applies in relation to an MFR report for a category SC1, SC2, 1, 2 or 3 licensee that is required to be given to the commission.

(2)Despite section 8(2), the signed financial statements included in the MFR report need only comply with—

(a)the following prescribed accounting standards—

(i)Australian Accounting Standard AASB 101;

(ii)Australian Accounting Standard AASB 107;

(iii)Australian Accounting Standard AASB 108;

(iv)Australian Accounting Standard AASB 1048; and

(b)if another Australian Accounting Standard applies in relation to the licensee’s financial position—the recognition and measurement requirements under the other Standard.

5   Insertion of new pt 5, div 3

Part 5—
insert—

Division 3 Transitional provision for Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2024

29   Particular MFR reports required to be given before commencement

(1)This section applies if—

(a)an MFR report for a category SC1, SC2, 1, 2 or 3 licensee was required to be given to the commission after the start of the current quarter of the reporting year for the licensee; and

(b)immediately before the commencement, the report had not been given.

(2)Section 11D applies in relation to the MFR report.

(3)In this section—

current quarter, of a reporting year for a licensee, means the quarter of the reporting year for the licensee that started, but had not ended, before the commencement.

6   Amendment of sch 3 (Dictionary)

Schedule 3, definition related entity, ‘section 19’—
omit, insert—

section 10A