Application
This unit describes the skills and knowledge required to develop a range of commonly required financial reports for entities that do not have a statutory duty to file financial reports with government agencies and regulators.
It applies to individuals who use specialised knowledge and systematic approaches to collate and prepare financial information.
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.
Elements and Performance Criteria
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 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures 1.2 Check internal and external financial data to ensure consistency and accuracy |
2. Prepare reports | 2.1 Present charts, diagrams and supporting data in appropriate manner 2.2 Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements 2.3 Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards 2.4 Make any necessary corrections and obtain verification and authorisation by relevant persons |
Evidence of Performance
Evidence of the ability to:
access, analyse and compile relevant financial data
draft comprehensive and accurate reports and financial statements that comply with generally accepted accounting principles.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
identify and describe the key features of financial legislation covering:
taxable transactions
reporting requirements
compare and contrast:
ratios and comparison techniques
methods of presenting financial data
describe different methods of calculating depreciation
describe the key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities
outline the process and principles of double-entry bookkeeping and accrual accounting.
Assessment Conditions
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.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.3 | Analyses, matches and interprets information from a variety of sources, paying attention to accuracy and reliability of data |
Writing | 2.1, 2.2, 2.4 | Accurately records, classifies and checks financial information in written documents Uses clear language and logical structure in preparing reports and presentations to convey information |
Oral Communication | 2.1, 2.4 | Presents information using clear language and correct terminology Uses questioning and active listening to convey and clarify information and instructions |
Numeracy | 1.1, 1.2, 2.1-2.4 | Performs mathematical calculations and uses estimating and forecasting techniques to consolidate and analyse financial data |
Navigate the world of work | 1.1 | Recognises and complies with relevant protocols, policies and procedures |
Get the work done | 1.1, 1.2, 2.2, 2.3 | Plans, sequences and implements tasks to meet organisational requirements Recognises and responds to predictable problems and implements solutions to address accuracy issues Uses digital systems and programs to assist with planning, implementing, monitoring and reporting |
Sectors
Accounting