Modification History
Not applicable.
Unit Descriptor
This unit covers the competency to identify skills and outcomes associated with the development of financial reports.
This unit covers the competency to identify skills and outcomes associated with the development of financial reports.
Application of the Unit
This unit requires the application of skills and knowledge required to prepare financial statements. The unit encompasses compiling data and preparing reports. The unit can be applied across all sectors of the financial services sector.
This unit requires the application of skills and knowledge required to prepare financial statements. The unit encompasses compiling data and preparing reports. The unit can be applied across all sectors of the financial services sector.
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Not applicable.
Employability Skills Information
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Elements and Performance Criteria Pre-Content
Elements define the essential outcomes of a unit of competency.
Performance Criteria describe the required performance needed to demonstrate achievement of the Element. Bold, italicised terms are elaborated in the Range Statement. Assessment of performance is to be consistent with the Evidence Guide.
Elements define the essential outcomes of a unit of competency.
Performance Criteria describe the required performance needed to demonstrate achievement of the Element. Bold, italicised terms are elaborated in the Range Statement. Assessment of performance is to be consistent with the Evidence Guide.
Elements and Performance Criteria
Elements and Performance Criteria |
|||
Element |
Performance Criteria |
||
1 |
Compile data |
1.1 |
Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures |
1.2 |
Internal and external financial data is checked to ensure consistency and accuracy |
||
2 |
Prepare reports |
2.1 |
Charts, diagrams and supporting data are presented in an appropriate manner |
2.2 |
Reports are prepared following a clear and appropriate structure and format and conform to organisation requirements |
||
2.3 |
Statements and data are error free and comprehensive |
||
2.4 |
Report is cross checked against original data and accounting standards |
||
2.5 |
Any necessary corrections are made |
||
2.6 |
Corrections are verified and authorised by relevant persons |
Required Skills and Knowledge
REQUIRED KNOWLEDGE &SKILLS |
Knowledge requirements include : options, methods and practices for deductions, benefits and depreciations organisational guidelines and procedures principles of double entry bookkeeping and accrual accounting forecasting and analysis techniques methods of presenting financial data financial legislation (eg taxable transactions, reporting requirements) ethical considerations for the handling of financial matters (eg conflict of interests) |
Skills requirements include : interpersonal skills and communications (eg liaising, listening, consulting) report writing, preparation and formatting numeracy skills for calculating data identifying and solving discrepancies in data researching for data testing and collection working with others to prepare reports managing own time and workplace priorities information technology skills for set up and use of spreadsheets and preparation of documents |
Evidence Guide
EVIDENCE GUIDE |
|
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace. |
|
Overview of assessment requirements |
|
To achieve competency in this unit, a person must be able to demonstrate: knowledge of organisational policies and procedures ability to compile data ability to prepare report and financial statements |
|
Critical aspects of evidence |
|
Evidence required for demonstration of consistent performance : |
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment. |
Delivery /assessment relationship to other units : |
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge. Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency. |
Assessment requirements |
|
Method of assessment : |
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. People with disabilities may use assistive technologies to demonstrate interview skills and /or receive and respond to oral and or written questioning. |
Context of assessment : |
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements. |
Resources required for assessment : |
Assessment of this unit of competence requires access to suitable resources to demonstrate competence. Assessment instruments, including personal planner and assessment record book. Access to registered provider of assessment services. |
Range Statement
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. |
|
Data may include : |
budgets and forecasts financial/operational statements and reports (eg expenditures and receipts, statements of financial performance) |
Organisational policies and procedures may include: |
reporting requirements recording and filing systems standard financial analysis techniques financial management manuals |
Report formats may include: |
cash statements financial year reports statements of financial position operating statements (statements of financial performance) spreadsheets electronic forms |
Organisations may include: |
sole traders partnerships not for profit |
Relevant persons may include, but is not limited to : |
tax agents |
Unit Sector(s)
Not applicable.
Relationship to other units
This unit replaces FNSACCT405A.
This unit replaces FNSACCT405A.