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Unit of competency details

FNSACC404 - Prepare financial statements for non-reporting entities (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC404A - Prepare financial statements for non-reporting entitiesUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by and equivalent to FNSACC414 - Prepare financial statements for non-reporting entities 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to develop a range of commonly required financial reports for entities that do not have a statutory duty to file financial reports with government agencies and regulators.

It applies to individuals who use specialised knowledge and systematic approaches to collate and prepare financial information.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Accounting

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Compile data

1.1 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

1.2 Check internal and external financial data to ensure consistency and accuracy

2. Prepare reports

2.1 Present charts, diagrams and supporting data in appropriate manner

2.2 Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements

2.3 Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards

2.4 Make any necessary corrections and obtain verification and authorisation by relevant persons

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance  Criteria 

Description 

Reading

1.1, 1.2, 2.3

  • Analyses, matches and interprets information from a variety of sources, paying attention to accuracy and reliability of data

Writing

2.1, 2.2, 2.4

  • Accurately records, classifies and checks financial information in written documents
  • Uses clear language and logical structure in preparing reports and presentations to convey information

Oral Communication

2.1, 2.4

  • Presents information using clear language and correct terminology
  • Uses questioning and active listening to convey and clarify information and instructions

Numeracy

1.1, 1.2, 2.1-2.4

  • Performs mathematical calculations and uses estimating and forecasting techniques to consolidate and analyse financial data

Navigate the world of work

1.1

  • Recognises and complies with relevant protocols, policies and procedures

Get the work done

1.1, 1.2, 2.2, 2.3

  • Plans, sequences and implements tasks to meet organisational requirements
  • Recognises and responds to predictable problems and implements solutions to address accuracy issues
  • Uses digital systems and programs to assist with planning, implementing, monitoring and reporting

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC404 Prepare financial statements for non-reporting entities

FNSACC404A Prepare financial statements for non-reporting entities

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • access, analyse and compile relevant financial data
  • draft comprehensive and accurate reports and financial statements that comply with generally accepted accounting principles.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify and describe the key features of financial legislation covering:
  • taxable transactions
  • reporting requirements
  • compare and contrast:
  • ratios and comparison techniques
  • methods of presenting financial data
  • describe different methods of calculating depreciation
  • describe the key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities
  • outline the process and principles of double-entry bookkeeping and accrual accounting.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe