Application
This unit requires the application of skills and knowledge required to prepare complex corporate financial reports. The unit encompasses complying data, identifying appropriate reporting entities, preparing reports and analysing reports. This unit has application to job functions such as accountants.
This unit requires the application of skills and knowledge required to prepare complex corporate financial reports. The unit encompasses complying data, identifying appropriate reporting entities, preparing reports and analysing reports. This unit has application to job functions such as accountants.
Prerequisites
Not applicable.
Elements and Performance Criteria
Elements and Performance Criteria | |||
Element | Performance Criteria | ||
1 | Compile data | 1.1 | Data is 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 are recorded | ||
1.4 | Effects of taxation are identified and recorded | ||
2 | Identify appropriate entities reporting | 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 | Charts, diagrams and supporting data are presented in an appropriate format |
3.2 | Structure and format of reports are clear and conform to statutory and other regulatory requirements and organisational procedures | ||
3.3 | Statements and data are error free, comprehensive and comply with statutory and other regulatory requirements and organisational procedures | ||
3.4 | Reports are prepared in accordance with the corporations law, accounting standards, stock exchange listing requirements and GAAP | ||
3.5 | Disclosure requirements are 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
REQUIRED KNOWLEDGE&SKILLS |
Knowledge requirements include: options, methods and practices for deductions, benefits and depreciations organisational guidelines and procedures principles of double entry book-keeping and accrual accounting relevant business legal requirements methods of presenting financial data financial legislation (eg taxable transactions, reporting requirements) ethical considerations (eg conflict of interests, confidentiality, disclosure requirements) accounting computerised systems business taxation requirements |
Skills requirements include: interpersonal skills and communication skills (eg liaising, listening, consulting) working effectively with a range of stakeholders report writing, preparation and formatting numeracy skills for calculation of data researching for data testing and collection estimating, forecasting and analysis skills information technology skills for set up and use of spreadsheets and preparation of documents |
Evidence Required
EVIDENCE GUIDE | |
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace. | |
Overview of assessment requirements | |
To achieve competency in this unit, a person must be able to demonstrate: knowledge of organisational polices and procedures knowledge of statutory requirements knowledge of accounting standards ability to comply data ability to identify appropriate entities reporting ability to prepare reports ability to analyse reports | |
Critical aspects of evidence | |
Evidence required for demonstration of consistent performance: | Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment. |
Delivery/assessment relationship to other units: | Prerequisite units: FNSACCT504B Prepare financial reports for a reporting entity. |
Assessment requirements | |
Method of assessment: | For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. |
Context of assessment: | Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements. |
Resources required for assessment: | Assessment of this unit of competence requires access to suitable resources to demonstrate competence. Assessment instruments, including personal planner and assessment record book. Access to registered provider of assessment services. |
Range Statement
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. | |
Data may include: | share and debenture issues financial/operational statements and reports (eg expenditures and receipts, statements of financial performance, cash flow statements, statements of financial position, consolidated financial statements and notes to the accounts) market valuations |
Accounting standards may include: | Australian Accounting Standards Board (AASB) Australian Accounting Standards |
Conversion and consolidation procedures may include: | purchase of the business by a company consolidation of a wholly and partially owned subsidiaries consolidation of controlled entities |
Organisational policies and procedures may include: | accounting procedures manuals ethical requirements reporting requirements |
Reporting entities may include: | wholly owned subsidiaries partially owned subsidiaries significant influence over joint ventures other joint corporate arrangements |
Statutory requirements may include: | reporting periods taxation payment timings delegated authorities disclosure requirements |
Report may include: | cash flow statements statutory forms financial year reports statement of financial position receiver/liquidator reports |
statement of financial performance spreadsheets electronic forms consolidated financial statements | |
Significant issues may include: | profitability liquidity company restructuring company liquidation losses and returns cost structures errors and anomalies statutory obligations |
Sectors
Not applicable.
Employability Skills
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Licensing Information
Not applicable.