FNSACC524 - Prepare financial reports for corporate entities

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

• prepare at least one of each of the following financial reports for corporate entities:

• shareholders’ funds report
• report aiding the acquisition of a corporate entity
• tax affected account report
• consolidated financial report.
  In the course of the above, the candidate must confirm that data and reports comply with:

• organisational policies and procedures
• ethical requirements
• required accounting standards
• statutory and reporting body requirements.

Students will also be expected to demonstrate the following knowledge:

• current business taxation requirements for preparing corporate accounting reports
• current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
• ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements
• industry-standard methods and formats used to present financial data
• options, methods and practices for recording and reporting deductions, benefits and depreciation
• requirements of organisational policies and procedures relating to preparing financial reports for corporate entities
• requirements of conversion from one business structure to another and consolidation procedures relating to preparing financial reports for corporate entities
• business legal requirements relating to delegated authorities, reporting periods, and taxation payment timings.