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Unit of competency details

FNSACC414 - Prepare financial statements for non-reporting entities (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC404 - Prepare financial statements for non-reporting entities 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 13/Feb/2018

Companion volumes:

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  13/Feb/2018 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to prepare financial statements 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 in line with accounting standards.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory 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 required for preparing financial statements for non-reporting entities

1.1 Collect data required to produce financial statements from sources in line with accounting standards

1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures

1.3 Check internal and external financial data to confirm their consistency and accuracy

2. Prepare financial statements for non-reporting entities

2.1 Prepare financial statements using structure and format that comply with accounting standards and organisational requirements

2.2 Review statements for errors and compliance with accounting standards and organisational procedures, and amend as required

2.3 Obtain verification and authorisation from delegated persons

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill 

Description 

Reading

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

Writing

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

Numeracy

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

Navigate the world of work

  • Identifies and complies with required protocols, policies and procedures

Get the work done

  • Sequences and implements tasks to meet organisational requirements
  • Identifies 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 

FNSACC414 Prepare financial statements for non-reporting entities (Release 1)

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

Edits to performance criteria and assessment requirements to clarify intent.

Equivalent unit.

Links

Companion volumes are available from 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 3.0.

Performance Evidence

Evidence of the ability to:

  • access, analyse and compile required financial data for non-reporting entities
  • calculate financial ratios for liquidity, activity and profitability, and analyse the significance of those calculations
  • prepare financial accounts and comprehensive statements showing financial position, performance and cash flow for:
  • a partnership
  • a not-for-profit organisation.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Differences between non-reporting entities and reporting entities
  • Different types of non-reporting entities and their key characteristics
  • Purpose of preparing financial statements for non-reporting entities
  • Key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities
  • Key features of financial legislation covering:
  • taxable transactions
  • reporting requirements
  • Advantages and disadvantages of:
  • ratios and comparison techniques
  • methods of presenting financial data

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:

  • office equipment, technology, software and consumables required to prepare financial statements for non-reporting entities.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe