This unit describes the skills and knowledge required to prepare financial statements for entities that do not have a statutory duty to file financial reports with government agencies and regulators. It applies to individuals who use specialised knowledge and systematic approaches to collate and prepare financial information in line with accounting standards.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC414

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and 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: - access, analyse and compile required financial data for non-reporting entities; - calculate financial ratios for liquidity, activity and profitability, and analyse the significance of those calculations, and; - prepare financial accounts and comprehensive statements showing financial position, performance and cash flow for: a partnership and a not-for-profit organisation.Students will also be expected to demonstrate the following knowledge: - differences between non-reporting entities and reporting entities; - different types of non-reporting entities and their key characteristics; - purpose of preparing financial statements for non-reporting entities; - key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities; - key features of financial legislation covering taxable transactions and reporting requirements, and; - advantages and disadvantages of ratios and comparison techniques and methods of presenting financial data.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.