sec.11BRequirement to give replacement MFR report

### sec.11B Requirement to give replacement MFR report 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. 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 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. 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. Maximum penalty—20 penalty units. Also, the licensee must, as soon as practicable after giving notice under subsection (3) , give the commission a new MFR report. Maximum penalty—20 penalty units. The new MFR report must indicate all changes made since the last MFR report given by the licensee to the commission. s 11B ins 2019 SL No. 30 s 15 (sec.11B-ssec.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. 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 (sec.11B-ssec.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. (sec.11B-ssec.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. Maximum penalty—20 penalty units. (sec.11B-ssec.4) Also, the licensee must, as soon as practicable after giving notice under subsection (3) , give the commission a new MFR report. Maximum penalty—20 penalty units. (sec.11B-ssec.5) The new MFR report must indicate all changes made since the last MFR report given by the licensee to the commission. - • 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