How do I prepare financial reports for QBCC

Knowing the basics will help you.

As of February 2024

What do I need to report?

It depends on the category you are in.

Your usually category is based on your revenue. 

Here is the main QBCC page.

You might need to prepare GPFR, or SPFR. 

There are two types of reports

1. Annual reporting
2. MFR (Minimum financial reports)

Need GPFR?

Once you figure out the category, and if you need GPFR, then see below.

We help many accounting firms with QBCC clients. 

Generally what we do is:

1. Work off your current Xero - no need to set up a separate one, unless we have to
2. Add in provisions - impairment, payroll leave and more
3. Add in leases - leases over 12 months might need to be added to the balance sheet
4. Add in tax effect accounting - present future tax payable and future tax deductions
5. Fix Xero's cash flow - this usually needs some editing
6. Add related party section and disclosure
7. Add key management personnel section and disclosure
8. Add tables for movements between comparative and opening and closing balances 
9. Add disclosures - directors, structure, capital, policies etc

We can turn these around in 5 business days. 

Email: donnie@entrycounts.com 

Download an example GPFR PDF

Our QBCC Resources