Queensland Consolidated Acts Queensland Consolidated ActsIn this division—
accountant means—
(a) a member of CPA Australia who is entitled to use the letters 'CPA' or 'FCPA'; or
(b) a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters 'CA' or 'FCA'; or
(c) a member of the National Institute of Accountants who is entitled to use the letters 'MNIA', 'FNIA', 'PNA' or 'FPNA'.
approved person means a person approved for an incorporated association by the chief executive under section 59E.
auditor means a person registered as an auditor under the Corporations Act.
current assets, of an incorporated association, means the assets held by the association as at the end date of the association's last financial year, other than real property or assets capable of depreciation, and includes amounts held in financial institutions, stocks and debentures.
Examples of assets capable of depreciation—
vehicles
office equipment
end date, in relation to an incorporated association's financial year, means the date stated in the association's rules to be the end date or closing date of the association's financial year.
level 1 incorporated association means an incorporated association that has—
(a) current assets of more than the amount prescribed under a regulation or, if no amount is prescribed, more than $100000; or
(b) total revenue of more than the amount prescribed under a regulation or, if no amount is prescribed, more than $100000.
level 2 incorporated association means an incorporated association that is not a level 1 incorporated association or a level 3 incorporated association.
level 3 incorporated association means an incorporated association that has—
(a) current assets of less than the amount prescribed under a regulation or, if no amount is prescribed, less than $20000; and
(b) total revenue of less than the amount prescribed under a regulation or, if no amount is prescribed, less than $20000.
total revenue, of an incorporated association, means the association's total income during the last financial year from all the association's activities before any expenses, including the cost to the association of goods sold by the association, are deducted.