This unit describes the skills and knowledge required to develop a range of commonly required financial reports 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.

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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures 1.2 Check internal and external financial data to ensure consistency and accuracy
2. Prepare reports	2.1 Present charts, diagrams and supporting data in appropriate manner 2.2 Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements 2.3 Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards 2.4 Make any necessary corrections and obtain verification and authorisation by relevant persons

Evidence of the ability to:

access, analyse and compile relevant financial data

draft comprehensive and accurate reports and financial statements that comply with generally accepted accounting principles.

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 and describe the key features of financial legislation covering:

taxable transactions

reporting requirements

compare and contrast:

ratios and comparison techniques

methods of presenting financial data

describe different methods of calculating depreciation

describe the key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities

outline the process and principles of double-entry bookkeeping and accrual accounting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures 1.2 Check internal and external financial data to ensure consistency and accuracy
2. Prepare reports	2.1 Present charts, diagrams and supporting data in appropriate manner 2.2 Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements 2.3 Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards 2.4 Make any necessary corrections and obtain verification and authorisation by relevant persons

Evidence of the ability to:

access, analyse and compile relevant financial data

draft comprehensive and accurate reports and financial statements that comply with generally accepted accounting principles.

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 and describe the key features of financial legislation covering:

taxable transactions

reporting requirements

compare and contrast:

ratios and comparison techniques

methods of presenting financial data

describe different methods of calculating depreciation

describe the key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities

outline the process and principles of double-entry bookkeeping and accrual accounting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice	Yes	No	Comments/feedback
Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
Check internal and external financial data to ensure consistency and accuracy
Present charts, diagrams and supporting data in appropriate manner
Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements
Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards
Make any necessary corrections and obtain verification and authorisation by relevant persons

Assessment Cover Sheet

FNSACC404 - Prepare financial statements for non-reporting entities

Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC404 - Prepare financial statements for non-reporting entities

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: