Assessor Resource

FNSACC504A
Prepare financial reports for corporate entities

Assessment tool

Version 1.0
Issue Date: May 2024


The unit has application to any job roles that have responsibility for producing financial reports for corporate entities.

This unit describes the performance outcomes, skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.

This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying 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 apply organisational policies and procedures and relevant accounting standards

comply with relevant statutory requirements

access and accurately compile data and prepare reports.

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

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations

evaluating samples of work

accessing and validating third party reports.

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 reporting requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing, analysing and managing financial services information

literacy skills for preparing clear written reports for organisations and business units in required formats

numeracy skills for financial calculations and analysis, estimating and forecasting

IT skills for developing and integrated financial systems, using spreadsheets and databases and accessing internet information

learning skills to maintain knowledge of reporting statutory requirements and procedures

problem solving skills to identify any reporting issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule reporting

Required knowledge

current business taxation requirements

current financial legislation including:

taxable transactions

reporting requirements

ethical considerations such as:

conflict of interests

confidentiality

disclosure requirements

integrated computerised accounting systems

methods and formats of presenting financial data

options, methods and practices for recording and reporting deductions, benefits and depreciation

organisational guidelines and procedures

principles of double-entry bookkeeping and accrual accounting

relevant business legal requirements

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:

financial and operational statements and reports such as:

expenditures and receipts

profit and loss statements

market valuations

share and debenture issues

Accounting standards may include:

Australian Accounting Standards

Australian Accounting Standards Board (AASB) requirements.

Conversion and consolidation procedures may include:

consolidation of a wholly owned subsidiary

purchase of the business by a company.

Organisational policies and procedures may include:

accounting procedures manuals

ethical requirements

reporting requirements.

Formats of reports may include:

cash flow statements

electronic forms

financial year reports

statements of financial performance

statements of financial position

statutory forms.

Statutory requirements may include:

delegated authorities

reporting periods

taxation payment timings.

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 are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards 
Conversion and consolidation procedures are used to compile data in accordance with organisational policies and procedures 
Valuations in compliance with relevant accounting standards are recorded 
Effects of taxation are identified and recorded 
Charts, diagrams and supporting data are presented in an appropriate format 
Structure and format of reports are clear and conform to statutory requirements and organisational procedures 
Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures 

Forms

Assessment Cover Sheet

FNSACC504A - Prepare financial reports for corporate 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

FNSACC504A - Prepare financial reports for corporate 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: