Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to compile and analyse financial data, identify appropriate reporting requirements, and develop and prepare complex financial reports for reporting entities. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
This unit has application to job roles such as financial officers and accountants. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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FNSACC504A |
Prepare financial reports for corporate entities |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Compile data |
1.1. Data are obtained, systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards 1.2. Conversion and consolidation procedures are used to compile data in accordance with organisational policies and procedures 1.3. Valuations in compliance with relevant accounting standards and effects of taxation are identified and recorded |
2. Identify appropriate reporting entities |
2.1. Partially owned subsidiaries and controlled entities are identified 2.2. Joint ventures and other entities to be included in reports are identified 2.3. Appropriate accounting treatments for reporting entities are identified and applied |
3. Prepare reports |
3.1. Structure and format of reports that may include charts, diagrams and supporting data are clear and conform to statutory and other regulatory requirements and organisational procedures 3.2. Statements and data are error free, comprehensive and comply with statutory and other regulatory requirements and organisational procedures 3.3. Reports are prepared in accordance with the corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and disclosure requirements complied with |
4. Analyse reports |
4.1. Significant issues in statements including comparative financial performances are identified 4.2. Implications of analysis are reported to appropriate levels of management and external bodies |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included. |
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Data may include: |
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Accounting standards may include: |
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Conversion and consolidation procedures may include: |
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Organisational policies and procedures may include: |
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Reporting entities may include: |
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Statutory requirements may include: |
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Reports may include: |
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Significant issues may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Co-requisite units
Co-requisite units |
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