Release 

Comments 

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Identify statutory requirements for reports

1.1 Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met

1.2 Review sources of data regularly for changes

1.3 Use existing reports as guideline for content and format where available

2. Plan for provision of reports

2.1 Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users

2.2 Establish realistic lead times that ensure adequate time is available for contingencies

3. Analyse and consolidate reports

3.1 Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements

3.2 Justify report results in required format where necessary

3.3 Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring

4. Submit reports for authorisation

4.1 Ensure all reports comply fully with auditor requirements

4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties

5. Distribute reports

5.1 Distribute authorised reports to all parties in timely manner

5.2 Obtain confirmation of receipt of reports to complete organisational record of compliance

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 3.1, 4.1

• Accesses texts of relative complexity from a range of sources to determine content relevant to organisational requirements
• Reviews and checks data for accuracy and compliance

Writing

1.1, 2.1, 3.1, 3.2, 3.3, 4.1, 4.2, 5.2

• Uses appropriate specialised vocabulary and logical organisational structures to produce clear and detailed, accurate and compliant financial reports and justifications in required formats
• Prepares clear and concise texts to convey operational information and instructions to others

Oral Communication

1.1, 2.1

• Obtains information or elicits the opinion of others using listening and questioning techniques
• Uses clear and direct language to convey requirements and confirm actions

Numeracy

1.2, 1.3, 2.1, 2.2, 3.1-3.3, 4.1

• Analyses and interprets numerical data to prepare accurate financial documents
• Performs calculations necessary to check documents for accuracy and prepare accurate timelines

Navigate the world of work

1.1, 1.2, 3.1, 4.1

• Takes full responsibility for following policies, procedures and statutory reporting requirements
• Maintains knowledge required to carry out work role

Interact with others

1.1, 2.1, 4.2

• Selects and uses appropriate conventions and protocols to gain and provide information relevant to statutory requirement reporting

Get the work done

1.1-1.3, 2.1, 2.2, 3.1, 3.3, 4.1, 4.2, 5.1, 5.2

• Accepts responsibility for planning and sequencing complex tasks and workload
• Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
• Uses the main features and functions of digital tools to complete work tasks, store data and access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSORG505 Prepare financial reports to meet statutory requirements

FNSORG505A Prepare financial reports to meet statutory requirements

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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