Assessor Resource

FNSACC614A
Prepare complex corporate financial reports

Assessment tool

Version 1.0
Issue Date: May 2024


This unit has application to job roles such as financial officers and accountants.

This unit describes the performance outcomes, skills and knowledge required to compile and analyse financial data, identify appropriate reporting requirements, and develop and prepare complex financial reports for reporting entities.

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)

Prerequisites

FNSACC504A

Prepare financial reports for corporate entities

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, statutory requirements and accounting standards

compile and validate complex financial data

identify appropriate reporting entities and prepare and analyse 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.

access to an integrated financial software system and data

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 or scenarios

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

well-developed communication skills to:

determine and confirm complex reporting requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

high level research and analysis skills for accessing, analysing and managing financial and organisational information

well-developed literacy skills for preparing complex, clear written financial reports for organisations and business units in required formats

well-developed numeracy skills for financial calculations and analysis, estimating and forecasting

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

learning skills to maintain knowledge of financial 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

integrated accounting computerised systems

business taxation requirements

ethical considerations such as:

conflict of interests

confidentiality

disclosure requirements

financial legislation including:

taxable transactions

reporting requirements

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

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/operational statements and reports such as:

expenditures and receipts

statements of financial performance

cash flow statements

statements of financial position

consolidated financial statements

notes to the accounts

market valuations

share and debenture issues.

Accounting standards may include:

Australian Accounting Standards

Australian Accounting Standards Board (AASB)

Generally Accepted Accounting Principles (GAAP).

Conversion and consolidation procedures may include:

consolidation of a wholly and partially owned subsidiaries

consolidation of controlled entities

purchase of the business by a company.

Organisational policies and procedures may include:

accounting procedures manuals

ethical requirements

reporting requirements.

Reporting entities may include:

joint ventures

other joint corporate arrangements

partially owned subsidiaries

significant influence over wholly owned subsidiaries.

Statutory requirements may include:

delegated authorities

disclosure requirements

reporting periods

taxation payment timings.

Reports may include:

cash flow statements

consolidated financial statements

electronic forms

financial year reports

statement of financial performance

statement of financial position

statutory forms.

Significant issues may include:

company liquidation

company restructuring

cost structures

errors and anomalies

liquidity

losses and returns

profitability

statutory obligations.

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 obtained, 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 and effects of taxation are identified and recorded 
Partially owned subsidiaries and controlled entities are identified 
Joint ventures and other entities to be included in reports are identified 
Appropriate accounting treatments for reporting entities are identified and applied 
Structure and format of reports that may include charts, diagrams and supporting data are clear and conform to statutory and other regulatory requirements and organisational procedures 
Statements and data are error free, comprehensive and comply with statutory and other regulatory requirements and organisational procedures 
Reports are prepared in accordance with the corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and disclosure requirements complied with 
Significant issues in statements including comparative financial performances are identified 
Implications of analysis are reported to appropriate levels of management and external bodies 

Forms

Assessment Cover Sheet

FNSACC614A - Prepare complex corporate financial reports
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

FNSACC614A - Prepare complex corporate financial reports

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: