This unit describes the skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.  It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.  Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit details

Location:
Footscray Nicholson
Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC504

Prerequisites

BSBFIA401 - Prepare financial reports

FNSACC301 - Process financial transactions and extract interim reports

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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 and accurately compile data and prepare reports for corporate entities that comply with: - organisational policy and procedures; - relevant accounting standards, and; - statutory and other relevant requirements of reporting bodies. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - identify and explain current business taxation requirements; - identify and explain current financial legislation and statutory requirements relating to taxable transactions and reporting requirements; - discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements; - explain the key features of integrated computerised accounting systems; - describe a range of methods and formats for presenting financial data; - outline options, methods and practices for recording and reporting deductions, benefits and depreciation; - identify and describe the key requirements of organisational policy and procedures relating to the preparation of financial reports; - identify and explain the key principles of double-entry bookkeeping and accrual accounting, and; - identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings.

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