Assessor Resource

FNSACC404A
Prepare financial statements for non-reporting entities

Assessment tool

Version 1.0
Issue Date: April 2024


This unit can be applied across all sectors of the financial services sector.

This unit describes the performance outcomes, 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.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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

Employability Skills

This unit contains employability skills.



Evidence Required

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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

interpret and comply with organisational policies and procedures

access, analyse and compile relevant financial data

draft comprehensive and accurate reports and financial statements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work.

Guidance information for assessment

Submission 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)

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.

Required skills

communication skills to:

determine and confirm report requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

literacy skills to:

read and interpret documentation from a variety of sources

read and interpret financial statements and reports

well-developed writing skills for preparing reports and recommendations, recording and classifying financial information

numeracy skills for financial calculations and analysis

IT skills for setting up and analysing spreadsheets

estimating, forecasting and analysis skills

organisational skills, including the ability to plan and sequence work and meet organisational timelines

Required knowledge

ethical considerations for the handling of financial matters including conflict of interests

financial legislation including for:

taxable transactions

reporting requirements

forecasting and analysis techniques

methods of presenting financial data

options, methods and practices for deductions, benefits and depreciations

organisational guidelines and procedures

principles of double-entry bookkeeping and accrual accounting

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Data may include:

budgets and forecasts

financial and operational statements and reports:

expenditures and receipts

statements of financial performance.

Organisational policies and procedures may include:

financial management manuals

recording and filing systems

reporting requirements

standard financial analysis techniques.

Report types and formats may include:

cash statements

electronic forms

financial year reports

operating statements such as statements of financial performance

spreadsheets

statements of financial position.

Organisations may include:

not for profit

partnerships

sole traders.

Relevant persons may include:

registered tax agents.

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
Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures 
Internal and external financial data is checked to ensure consistency and accuracy 
Charts, diagrams and supporting data are presented in an appropriate manner 
Reports are prepared following a clear and appropriate structure and format and to conform with organisation requirements 
Statements and data are error free and comprehensive with the full report cross-checked against original data and accounting standards 
Any necessary corrections are made and verified and authorised by relevant persons 

Forms

Assessment Cover Sheet

FNSACC404A - 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

FNSACC404A - 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: