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Unit of competency details

FNSACC504 - Prepare financial reports for corporate entities (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes FNSACC504A - Prepare financial reports for corporate entitiesUpdated to meet Standards for Training Packages Edits to clarify intent of elements Pre-requisite units updated 24/Mar/2015
Is superseded by and equivalent to FNSACC514 - Prepare financial reports for corporate entities 12/Feb/2018

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


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 prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.

It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.

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.

Pre-requisite Unit

BSBFIA401 Prepare financial reports

FNSACC301 Process financial transactions and extract interim reports

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, procedures and accounting standards

1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures

1.3 Ensure accurate transfer of data to computerised systems as required

1.4 Record valuations in compliance with relevant accounting standards

1.5 Identify and record effects of taxation

2. Prepare reports

2.1 Present charts, diagrams and supporting data in appropriate format

2.2 Ensure structure and format of reports are clear and conform to statutory requirements and organisational procedures

2.3 Ensure statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures

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, 1.3, 1.5, 2.3

  • Researches, structures and analyses information from a range of sources to determine work requirements
  • Proofreads and checks work for accuracy and completeness

Writing

1.1, 1.3, 1.5, 2.1, 2.2

  • Prepares logically structured written and graphical information in required formats for business reports and presentations
  • Uses clear language, terminology and concepts appropriate for the audience and purpose to convey information

Oral Communication

2.1

  • Presents financial information to a range of personnel using language and concepts appropriate for the audience

Numeracy

1.1-1.5

  • Uses mathematical equations to perform calculations, estimations and forecasting to analyse data and achieve required outcomes

Navigate the world of work

1.1-1.2, 1.4, 2.2, 2.3

  • Takes responsibility for adherence to organisational policy and procedures and legislative requirements

Get the work done

1.1-1.5, 2.1-2.3

  • Plans, sequences and implements tasks according to organisational and legislative requirements
  • Uses problem-solving processes to identify and analyse reporting issues and develop options to resolve issues with the potential to have a negative impact
  • Uses digital technologies and software packages, including spreadsheets and databases, to complete requirements

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC504 Prepare financial reports for corporate entities

FNSACC504A Prepare financial reports for corporate entities

Updated to meet Standards for Training Packages

Edits to clarify intent of elements

Pre-requisite units updated

No 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 and accurately compile data and prepare reports for corporate entities that comply with:
  • organisational policy and procedures
  • relevant accounting standards
  • statutory and other relevant requirements of reporting bodies.

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 explain current business taxation requirements
  • identify and explain current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
  • discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements
  • explain the key features of integrated computerised accounting systems
  • describe a range of methods and formats for presenting financial data
  • outline options, methods and practices for recording and reporting deductions, benefits and depreciation
  • identify and describe the key requirements of organisational policy and procedures relating to the preparation of financial reports
  • identify and explain the key principles of double-entry bookkeeping and accrual accounting
  • identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings.

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
  • organisational records, policy and procedures.

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