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Evidence Guide: FNSACC614 - Prepare complex corporate financial reports

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC614 - Prepare complex corporate financial reports

What evidence can you provide to prove your understanding of each of the following citeria?

Compile data

  1. Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards
  2. Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures
  3. Identify and record valuations in compliance with relevant accounting standards and effects of taxation
Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and record valuations in compliance with relevant accounting standards and effects of taxation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports

  1. Ensure 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
  2. Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures
  3. Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements
Ensure 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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse reports

  1. Identify significant issues in statements, including comparative financial performances
  2. Report implications of analysis to appropriate levels of management and external bodies
Identify significant issues in statements, including comparative financial performances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report implications of analysis to appropriate levels of management and external bodies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify appropriate reporting entities

  1. Identify partially owned subsidiaries and controlled entities
  2. Identify joint ventures and other entities to be included in reports
  3. Identify and apply appropriate accounting treatments for reporting entities
  4. Ensure 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
  5. Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures
  6. Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements
  7. Identify significant issues in statements, including comparative financial performances
  8. Report implications of analysis to appropriate levels of management and external bodies
Identify partially owned subsidiaries and controlled entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify joint ventures and other entities to be included in reports

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and apply appropriate accounting treatments for reporting entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure 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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify significant issues in statements, including comparative financial performances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report implications of analysis to appropriate levels of management and external bodies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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 Obtain, systematically code and classify data, and check 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 Identify and record valuations in compliance with relevant accounting standards and effects of taxation

2. Identify appropriate reporting entities

2.1 Identify partially owned subsidiaries and controlled entities

2.2 Identify joint ventures and other entities to be included in reports

2.3 Identify and apply appropriate accounting treatments for reporting entities

3. Prepare reports

3.1 Ensure 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 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements

4. Analyse reports

4.1 Identify significant issues in statements, including comparative financial performances

4.2 Report implications of analysis to appropriate levels of management and external bodies

Required Skills and Knowledge

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 Obtain, systematically code and classify data, and check 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 Identify and record valuations in compliance with relevant accounting standards and effects of taxation

2. Identify appropriate reporting entities

2.1 Identify partially owned subsidiaries and controlled entities

2.2 Identify joint ventures and other entities to be included in reports

2.3 Identify and apply appropriate accounting treatments for reporting entities

3. Prepare reports

3.1 Ensure 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 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements

4. Analyse reports

4.1 Identify significant issues in statements, including comparative financial performances

4.2 Report implications of analysis to appropriate levels of management and external bodies

Evidence of the ability to:

compile, analyse and validate complex financial data

prepare complex corporate reports for reporting entities that comply with:

organisational policy and procedures

statutory requirements

accounting standards.

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

To complete the unit requirements safely and effectively, the individual must:

identify appropriate key reporting entities and their main purposes and roles

outline the key types and sources of data required for complex financial reports

outline the key features of integrated accounting computerised systems

identify and explain the key features of business taxation requirements

discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements

explain the key features of financial legislation and statutory requirements relating to delegated authorities, disclosure requirements, reporting periods and taxation payment timings

compare and contrast methods of presenting financial data

explain options, methods and practices for deductions, benefits and depreciations

identify and explain the key features of organisational guidelines and procedures

identify and explain the key principles of double-entry bookkeeping and accrual accounting

identify and discuss issues relevant to business legal requirements.