23

Jan

Removal of Special Purpose Financial Statements (SPFS)

The Australian Accounting Standards Board (AASB), have announced new standards which change the way certain for-profit entities must conduct their reporting. The changes mean that for these affected entities, the previous minimum reporting requirements, being Special Purpose Financial Statements (SPFS), are replaced with General Purpose Financial Statements (GPFS) resulting in significantly more work in order to meet […]

28

Oct

Christmas Shutdown 2022

The Christmas and New Year’s holidays are fast approaching.   Unfortunately, contractual deadlines that fall on or around this time are often missed, which can result in a significant financial burden. Below we explain how construction industry legislation in Queensland deals with the Christmas and New Year’s holiday shutdown period (Christmas Shutdown Period) and we offer some simple[…]

10

Feb

Top 10 Tips for contractors to ensure they comply with MFR’s

In Queensland, building contractors are required to comply with the Minimum Financial Requirements (MFRs), which are regulated by the QBCC. This week, Kirsty Stewart shares her top tips for contractors to ensure they comply with the MFRs and maintain a financially sustainable business: It is a condition of a building contractor’s licence that the licensee comply with[…]