Application
The unit has application to any job roles that have responsibility for producing financial reports for corporate entities. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Compile data | 1.1. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards 1.2. Conversion and consolidation procedures are used to compile data in accordance with organisational policies and procedures 1.3. Valuations in compliance with relevant accounting standards are recorded 1.4. Effects of taxation are identified and recorded |
2. Prepare reports | 2.1. Charts, diagrams and supporting data are presented in an appropriate format 2.2. Structure and format of reports are clear and conform to statutory requirements and organisational procedures 2.3. Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures |
Required Skills
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Required skills |
communication skills to: determine and confirm reporting requirements liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences research and analysis skills for accessing, analysing and managing financial services information literacy skills for preparing clear written reports for organisations and business units in required formats numeracy skills for financial calculations and analysis, estimating and forecasting IT skills for developing and integrated financial systems, using spreadsheets and databases and accessing internet information learning skills to maintain knowledge of reporting statutory requirements and procedures problem solving skills to identify any reporting issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise organisational skills, including the ability to plan and sequence work and correctly schedule reporting |
Required knowledge |
current business taxation requirements current financial legislation including: taxable transactions reporting requirements ethical considerations such as: conflict of interests confidentiality disclosure requirements integrated computerised accounting systems methods and formats of presenting financial data options, methods and practices for recording and reporting deductions, benefits and depreciation organisational guidelines and procedures principles of double-entry bookkeeping and accrual accounting relevant business legal requirements |
Evidence Required
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: interpret and apply organisational policies and procedures and relevant accounting standards comply with relevant statutory requirements access and accurately compile data and prepare reports. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills which may include formal examinations setting and reviewing workplace projects and business simulations evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included. | |
Data may include: | financial and operational statements and reports such as: expenditures and receipts profit and loss statements market valuations share and debenture issues |
Accounting standards may include: | Australian Accounting Standards Australian Accounting Standards Board (AASB) requirements. |
Conversion and consolidation procedures may include: | consolidation of a wholly owned subsidiary purchase of the business by a company. |
Organisational policies and procedures may include: | accounting procedures manuals ethical requirements reporting requirements. |
Formats of reports may include: | cash flow statements electronic forms financial year reports statements of financial performance statements of financial position statutory forms. |
Statutory requirements may include: | delegated authorities reporting periods taxation payment timings. |
Sectors
Unit sector | Accounting |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.