Application
This unit describes the skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.
It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific 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.
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, procedures and accounting standards 1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures 1.3 Ensure accurate transfer of data to computerised systems as required 1.4 Record valuations in compliance with relevant accounting standards 1.5 Identify and record effects of taxation |
2. Prepare reports | 2.1 Present charts, diagrams and supporting data in appropriate format 2.2 Ensure structure and format of reports are clear and conform to statutory requirements and organisational procedures 2.3 Ensure statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures |
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, 1.3, 1.5, 2.3 | Researches, structures and analyses information from a range of sources to determine work requirements Proofreads and checks work for accuracy and completeness |
Writing | 1.1, 1.3, 1.5, 2.1, 2.2 | Prepares logically structured written and graphical information in required formats for business reports and presentations Uses clear language, terminology and concepts appropriate for the audience and purpose to convey information |
Oral Communication | 2.1 | Presents financial information to a range of personnel using language and concepts appropriate for the audience |
Numeracy | 1.1-1.5 | Uses mathematical equations to perform calculations, estimations and forecasting to analyse data and achieve required outcomes |
Navigate the world of work | 1.1-1.2, 1.4, 2.2, 2.3 | Takes responsibility for adherence to organisational policy and procedures and legislative requirements |
Get the work done | 1.1-1.5, 2.1-2.3 | Plans, sequences and implements tasks according to organisational and legislative requirements Uses problem-solving processes to identify and analyse reporting issues and develop options to resolve issues with the potential to have a negative impact Uses digital technologies and software packages, including spreadsheets and databases, to complete requirements |
Sectors
Accounting