1Short titleThis regulation may be cited as the Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2020.2Regulation amendedThis regulation amends the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018.3Insertion of new s 4BAfter section 4A—insert—4BMeaning of prescribed accounting standard(1)A prescribed accounting standard means any of the following documents published by the Australian Accounting Standards Board—

(a)Australian Accounting Standards;

(b)Statements of Accounting Concepts;

(c)Interpretations;

(d)Framework for the Preparation and Presentation of Financial Statements.

(2)Also, if a document mentioned in subsection (1) is amended or replaced, a prescribed accounting standard includes the document as in force immediately before it was amended or replaced.(3)However, subsection (2) applies in relation to a document only for a period of 12 months starting on the day the amendment or replacement takes effect.4Amendment of sch 3 (Dictionary) (1)Schedule 3, definition prescribed accounting standards—omit.(2)Schedule 3—insert—prescribed accounting standard see section 4B.