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 |
|
Writing |
2.1, 2.2, 2.4 |
|
Oral Communication |
2.1, 2.4 |
|
Numeracy |
1.1, 1.2, 2.1-2.4 |
|
Navigate the world of work |
1.1 |
|
Get the work done |
1.1, 1.2, 2.2, 2.3 |
|
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