FNSACC414 - Prepare financial statements for non-reporting entities

Unit code:FNSACC414Study level:TAFE

Nominal hours

Location

City King St
Footscray Nicholson
St Albans
Sunshine
Werribee

Prerequisites

(Or equivalent to be determined by unit coordinator)
Co-requisites
(Corequisite units must be studied concurrently with this unit)

Overview

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.

Assessment

For Melbourne campuses

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.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.