How do I prepare financial reports for QBE insurance

QBE are now (as of 2023) making construction businesses submit AASB 1060 / Tier 2 financial reports.

They believe this provides them with assurance of the going concern of the entity.

We have helped many accounting firms meet these demands.

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Key thresholds to watch:

1. AASB 15 is required for annual limits up to $9.99 million
2. AASB 1060 GPFR required for firms with revenue from $10M to $49.99M
3. AASB 1060 GPFR Audited needed for firms over $50M in revenue

This shift raises important questions:

1. Will other insurance companies follow QBE’s lead?
2. Will QBE expand this to other industries—such as retail or childcare?