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Evidence Guide: FNSACC404 - Prepare financial statements for non-reporting entities

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC404 - Prepare financial statements for non-reporting entities

What evidence can you provide to prove your understanding of each of the following citeria?

Compile data

  1. Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
  2. Check internal and external financial data to ensure consistency and accuracy
Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check internal and external financial data to ensure consistency and accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports

  1. Present charts, diagrams and supporting data in appropriate manner
  2. Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements
  3. Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards
  4. Make any necessary corrections and obtain verification and authorisation by relevant persons
Present charts, diagrams and supporting data in appropriate manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports, following clear and appropriate structure and format that conforms with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure statements and data are error free and comprehensive, and cross-check full report against original data and accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make any necessary corrections and obtain verification and authorisation by relevant persons

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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 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.

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.