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Elements and Performance Criteria

  1. Compile data
  2. Identify appropriate entities reporting
  3. Prepare reports
  4. Analyse reports

Required Skills

REQUIRED KNOWLEDGEampSKILLS

Knowledge requirements include

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

methods of presenting financial data

financial legislation eg taxable transactions reporting requirements

ethical considerations eg conflict of interests confidentiality disclosure requirements

accounting computerised systems

business taxation requirements

Skills requirements include

interpersonal skills and communication skills eg liaising listening consulting

working effectively with a range of stakeholders

report writing preparation and formatting

numeracy skills for calculation of data

researching for data testing and collection

estimating forecasting and analysis skills

information technology skills for set up and use of spreadsheets and preparation of documents

Evidence Required

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context The Evidence Guide identifies the critical aspects knowledge and skills to be demonstrated to confirm competency for the unit Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace

Overview of assessment requirements

To achieve competency in this unit a person must be able to demonstrate

knowledge of organisational polices and procedures

knowledge of statutory requirements

knowledge of accounting standards

ability to comply data

ability to identify appropriate entities reporting

ability to prepare reports

ability to analyse reports

Critical aspects of evidence

Evidence required for demonstration of consistent performance

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment

Deliveryassessment relationship to other units

Prerequisite units

FNSACCTB Prepare financial reports for a reporting entity

FNSACCT504B Prepare financial reports for a reporting entity.

Assessment requirements

Method of assessment

For valid and reliable assessment of this unit evidence should be gathered through a range of methods to indicate consistent performance

Assessment of this unit of competence will usually include observation of processes and procedures oral andor written questioning on underpinning knowledge and skills and other methods as required

Context of assessment

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personalfinancial responsibility and accountability

Aspects of competency including the attainment of relevant knowledge and skills may be assessed in a relevant workplace a closely simulated work environment or other appropriate means that clearly meet industry competency requirements

Resources required for assessment

Assessment of this unit of competence requires access to suitable resources to demonstrate competence

Assessment instruments including personal planner and assessment record book

Access to registered provider of assessment services


Range Statement

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Data may include:

share and debenture issues

financial/operational statements and reports (eg expenditures and receipts, statements of financial performance, cash flow statements, statements of financial position, consolidated financial statements and notes to the accounts)

market valuations

Accounting standards may include:

Australian Accounting Standards Board (AASB)

Australian Accounting Standards

Conversion and consolidation procedures may include:

purchase of the business by a company

consolidation of a wholly and partially owned subsidiaries

consolidation of controlled entities

Organisational policies and procedures may include:

accounting procedures manuals

ethical requirements

reporting requirements

Reporting entities may include:

wholly owned subsidiaries

partially owned subsidiaries

significant influence over

joint ventures

other joint corporate arrangements

Statutory requirements may include:

reporting periods

taxation payment timings

delegated authorities

disclosure requirements

Report may include:

cash flow statements

statutory forms

financial year reports

statement of financial position

receiver/liquidator reports

statement of financial performance

spreadsheets

electronic forms

consolidated financial statements

Significant issues may include:

profitability

liquidity

company restructuring

company liquidation

losses and returns

cost structures

errors and anomalies

statutory obligations