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

FNSACCT504B Mapping and Delivery Guide
Prepare financial reports for a reporting entity

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency FNSACCT504B - Prepare financial reports for a reporting entity
Description This unit covers the development and preparation of financial reports for a reporting entity. This unit covers the development and preparation of financial reports for a reporting entity.
Employability Skills The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Learning Outcomes and Application This unit requires the application of skills and knowledge required to prepare financial reports for a reporting entity. The unit encompasses compiling data and preparing reports. The unit has application to those job functions that have responsibility for producing reports for entities. This unit requires the application of skills and knowledge required to prepare financial reports for a reporting entity. The unit encompasses compiling data and preparing reports. The unit has application to those job functions that have responsibility for producing reports for entities.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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
  • Data is 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
       
Element: Prepare reports
  • 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
       


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.

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 policies and procedures

knowledge of relevant accounting standards

knowledge of relevant statutory requirements

ability to compile data

ability to prepare 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.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

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 and/or 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 personal/financial 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.


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.

REQUIRED KNOWLEDGE&SKILLS

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

current financial legislation (eg taxable transactions, reporting requirements)

ethical considerations (eg conflict of interests, confidentiality, disclosure requirements)

accounting computerised systems

current business taxation requirements

Skills requirements include:

interpersonal skills and communication skills (eg liaising, listening, consulting)

working with and relating to a range of people and groups

report writing, preparation and formatting

numeracy skills for calculation of data

researching for data testing and collection

estimating, forecasting and analysis skills

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

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, profit and loss statements)

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 owned subsidiary

Organisational policies and procedures may include:

accounting procedures manuals

ethical requirements

reporting requirements

Formats of reports may include:

cash flow statements

statutory forms

financial year reports

statement of financial position

statement of financial performance

spreadsheets

electronic forms

Statutory requirements may include:

reporting periods

taxation payment timings

delegated authorities

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, 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

FNSACCT504B - Prepare financial reports for a reporting entity
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

FNSACCT504B - Prepare financial reports for a reporting entity

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: