Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC614 Mapping and Delivery Guide
Prepare complex corporate financial reports

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC614 - Prepare complex corporate financial reports
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to compile and analyse financial data, identify appropriate reporting requirements, and develop and prepare complex financial reports for reporting entities.It applies to individuals who use specialised knowledge and systematic approaches to construct detailed reports following specific guidelines and compliance requirements.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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Compile data
  • Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards
  • Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures
  • Identify and record valuations in compliance with relevant accounting standards and effects of taxation
       
Element: Prepare reports
  • Ensure 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
  • Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures
  • Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements
       
Element: Analyse reports
  • Identify significant issues in statements, including comparative financial performances
  • Report implications of analysis to appropriate levels of management and external bodies
       
Element: Identify appropriate reporting entities
  • Identify partially owned subsidiaries and controlled entities
  • Identify joint ventures and other entities to be included in reports
  • Identify and apply appropriate accounting treatments for reporting entities
  • Ensure 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
  • Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures
  • Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements
  • Identify significant issues in statements, including comparative financial performances
  • Report implications of analysis to appropriate levels of management and external bodies
       


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.

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 Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards

1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures

1.3 Identify and record valuations in compliance with relevant accounting standards and effects of taxation

2. Identify appropriate reporting entities

2.1 Identify partially owned subsidiaries and controlled entities

2.2 Identify joint ventures and other entities to be included in reports

2.3 Identify and apply appropriate accounting treatments for reporting entities

3. Prepare reports

3.1 Ensure 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

3.2 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements

4. Analyse reports

4.1 Identify significant issues in statements, including comparative financial performances

4.2 Report implications of analysis to appropriate levels of management and external bodies

Evidence of the ability to:

compile, analyse and validate complex financial data

prepare complex corporate reports for reporting entities that comply with:

organisational policy and procedures

statutory requirements

accounting standards.

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 appropriate key reporting entities and their main purposes and roles

outline the key types and sources of data required for complex financial reports

outline the key features of integrated accounting computerised systems

identify and explain the key features of business taxation requirements

discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements

explain the key features of financial legislation and statutory requirements relating to delegated authorities, disclosure requirements, reporting periods and taxation payment timings

compare and contrast methods of presenting financial data

explain options, methods and practices for deductions, benefits and depreciations

identify and explain the key features of organisational guidelines and procedures

identify and explain the key principles of double-entry bookkeeping and accrual accounting

identify and discuss issues relevant to business legal requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

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 Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards

1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures

1.3 Identify and record valuations in compliance with relevant accounting standards and effects of taxation

2. Identify appropriate reporting entities

2.1 Identify partially owned subsidiaries and controlled entities

2.2 Identify joint ventures and other entities to be included in reports

2.3 Identify and apply appropriate accounting treatments for reporting entities

3. Prepare reports

3.1 Ensure 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

3.2 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements

4. Analyse reports

4.1 Identify significant issues in statements, including comparative financial performances

4.2 Report implications of analysis to appropriate levels of management and external bodies

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
Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards 
Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures 
Identify and record valuations in compliance with relevant accounting standards and effects of taxation 
Ensure 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 
Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures 
Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements 
Identify significant issues in statements, including comparative financial performances 
Report implications of analysis to appropriate levels of management and external bodies 
Identify partially owned subsidiaries and controlled entities 
Identify joint ventures and other entities to be included in reports 
Identify and apply appropriate accounting treatments for reporting entities 
Ensure 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 
Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures 
Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements 
Identify significant issues in statements, including comparative financial performances 
Report implications of analysis to appropriate levels of management and external bodies 

Forms

Assessment Cover Sheet

FNSACC614 - 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

FNSACC614 - 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: