Queensland Subordinate Legislation as Made Queensland Subordinate Legislation as MadePart 3 —
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11A Licensee must ensure MFR report is prepared by qualified accountant A licensee must ensure an MFR report for the licensee is prepared by a qualified accountant.
11B Requirement to give replacement MFR report(1) This section applies if the licensee becomes aware that the most recent MFR report given by the licensee to the commission contains information that is incorrect in a material particular.Examples of information that may be incorrect in a material particular—• a calculation error affecting amounts used to work out net tangible assets• a mistake resulting from applying the prescribed accounting standards incorrectly• a statement based on a misinterpretation of facts• a statement or calculation based on circumstances that have changed or that the licensee was not aware of previously(2) For subsection (1), information is not incorrect in a material particular only because it is a minor error or other matter that, if a change were made to the report to correct the error or matter, would not be a change of substance.(3) The licensee must, as soon as the licensee becomes aware, or ought reasonably to be aware, of the matter mentioned in subsection (1), give the commission notice of the matter.Penalty—Maximum penalty—20 penalty units.(4) Also, the licensee must, as soon as practicable after giving notice under subsection (3), give the commission a new MFR report.Penalty—Maximum penalty—20 penalty units.(5) The new MFR report must indicate all changes made since the last MFR report given by the licensee to the commission.
11C Information contained in MFR report must be current(1) The information contained in an MFR report must be no more than 4 months old as at the day the report is signed by a qualified accountant.(2) An MFR report must be signed by a qualified accountant no more than 30 days before the day the report is given to the commission.
11D Qualified accountants(1) A person is a
"qualified accountant" for a licensee if the person—(a) is an accountant who is independent of the licensee; and(b) is approved by the commission.(2) A person is not independent of the licensee if the person is any of the following in relation to the licensee, or a related entity of the licensee—(a) an employee;(b) if the licensee is a corporation—an executive officer of, or investor or shareholder in, the corporation;(c) if the licensee carries on business in partnership—a partner in the partnership.
11E Licensee must keep internal management accounts(1) A licensee must prepare internal management accounts for each quarter of the licensee’s reporting year.(2) The commission may, by written notice, ask the licensee to give the commission a copy of the licensee’s internal management accounts.(3) The licensee must comply with the written notice within 14 days after the licensee receives the notice, unless the licensee has a reasonable excuse.Penalty—Maximum penalty—20 penalty units.(4) This section does not apply to an applicant.
11F Licensee must give commission information about significant change to business(1) This section applies if there is a significant change to the business carried out under a licence.(2) The licensee for the licence must, as soon as practicable, give the commission—(a) for a category SC1 or SC2 licensee—a declaration, in the approved form, about the licensee’s compliance with the minimum financial requirements; or(b) for another category of licensee—an MFR report.(3) In this section—
"significant change" , to a business, means a change to the structure of the business that may impact its financial position, including the following—(a) a change of ownership of the business;(b) if the licensee is a corporation—a change to an executive officer of the corporation;(c) if the licensee carries on business in a partnership—a change to the partners in the partnership, or another substantial change to the partnership agreement;(d) if the licensee is a trustee of a trust—a change to the trustees of the trust, or a substantial change to the trust instrument.
11G Commission may require category SC1 or SC2 licensees to give MFR report(1) The commission may, by written notice, ask a category SC1 or SC2 licensee to give the commission an MFR report.(2) The notice must state a reasonable time of at least 21 days within which the MFR report must be given.(3) The licensee must comply with the notice unless the licensee has a reasonable excuse.Penalty—Maximum penalty—20 penalty units.