The Queensland Building and Construction Commission (QBCC) has recently announced changes to their Minimum Financial Requirements (MFR) policy. The premise for the change was to ensure that licensees are financially viable and to better monitor companies at potential risk of insolvency or collapse.
Starting from 1 January 2019 licensees need to provide financial information (not an MFR report) to the QBCC on an annual basis (as was the case prior to 2014). The changes are taking place in a two stage process:
The first phase of implementation, which includes a return to annual reporting, took effect from 1 January 2019.
The second phase, scheduled to commence from 1 April 2019, aims to improve the standard of reporting, particularly for larger, high-risk licensees.
To read the full article on reporting requirements, CLICK HERE.