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.
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 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 Performance
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.
Evidence of Knowledge
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.
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
an integrated financial software system and data.
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, 1.3, 2.1-2.3, 3.2, 4.1 | Accesses, classifies and critically analyses complex information to identify key aspects required to prepare reports Proofreads and checks for accuracy and completeness of data and information |
Writing | 1.2, 1.3, 3.2, 3.3, 4.1, 4.2 | Prepares logically structured written and graphical information in required formats that outline key analyses and recommendations Uses clear language, terminology and concepts appropriate for the audience and purpose to convey information |
Oral Communication | 3.1, 3.3, 4.2 | Presents and reports information verbally to a range of personnel using clear language and terminology, and concepts appropriate for the audience |
Numeracy | 1.1-1.3, 2.3, 3.1-3.3, 4.1 | Performs mathematical calculations and uses a range of analysis techniques to consolidate, compare, validate and forecast financial data |
Navigate the world of work | 1.1-1.3, 3.1-3.3 | Recognises and follows relevant standards, regulatory requirements and organisational procedures, and meets expectations associated with own role Sources information required to develop knowledge and understanding relevant to work role |
Interact with others | 4.2 | Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders |
Get the work done | 1.1-1.3, 3.1-3.3, 4.1, 4.2 | Plans, sequences and implements complex activities and correctly schedules activity reporting Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Uses digital technologies to access, organise and analyse complex data |
Sectors
Accounting