Financial reporting requirements
2024-25 Financial Reporting Requirements for Queensland Government Agencies (Parts 1 to 5 Combined)
These annual financial statement requirements include the Minimum Reporting Requirements and assist agencies in the preparation of their financial statements. The requirements provide updates on new and revised accounting policies and standards and additional guidance and advice on the application of such policies and standards.
| PART 1 – INTRODUCTION AND PRESCRIBED ACCOUNTING STANDARDS | |
|---|---|
| FRR 1A | Introduction and Prescribed Accounting Standards |
| PART 2 – BASIS OF PREPARATION | |
|---|---|
| FRR 2A | Basis of Financial Statement Preparation |
| FRR 2B | Materiality |
| FRR 2C | Accounting Policies, Estimates and Errors |
| FRR 2D | Form and Content of Financial Statements |
| FRR 2E | Controlled and Administered Items, Trust Transactions and Agency Arrangements |
| FRR 2F | Machinery-of-Government Changes |
| FRR 2G | Consolidated Financial Statements and Controlled Entities |
| FRR 2H | Interests in Associates and Joint Arrangements |
| FRR 2I | Management Certificate |
| PART 3 – FINANCIAL PERFORMANCE | |
|---|---|
| FRR 3A | Statement of Comprehensive Income |
| FRR 3B | Income |
| FRR 3C | Employee Benefit Expenses and Key Management Personnel Remuneration |
| FRR 3D | Expenses |
| FRR 3E | Distinction between Grants and Procurement Expenses |
| PART 4 – FINANCIAL POSITION | |
|---|---|
| FRR 4A | Statement of Financial Position |
| FRR 4B | Assets |
| Leases Contract Review and Data Collection Worksheet | |
| FRR 4C | Employee Benefit Liabilities |
| FRR 4D | Liabilities, Contingencies and Commitments |
| FRR 4E | Financial Instruments |
| FRR 4F | Equity, Contributions by Owners and Distributions to Owners |
| PART 6 – ILLUSTRATIVE FINANCIAL STATEMENTS | |
|---|---|
| FRR 6A | Sunshine Department Illustrative Financial Statements (Tier 1) |
| FRR 6B | Future Bay Regional Health Foundation (Tier 2) |
| SUMMARY OF NOTEWORTHY CHANGES |
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| This Summary of Noteworthy Changes lists noteworthy amendments reflected in the Financial Reporting Requirements for reporting periods beginning on or after 1 July 2024. It is an updated version of the corresponding summary issued in conjunction with the draft FRRs in May 2025. Further amendments since the release of the draft FRRs are indicated by shading. Summary of Noteworthy Changes |
| SUMMARY OF QUEENSLAND TREASURY RESPONSES TO STAKEHOLDER FEEDBACK |
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| This document summarises stakeholder feedback received regarding the draft FRRs issued for comment in May 2025, and explains how Queensland Treasury has addressed feedback (and if not incorporated into the June 2025 final version, the reasons for this). Summary of Queensland Treasury response to stakeholder feedback |