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Evidence Guide: FNSACC404A - 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

 

FNSACC404A - 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. Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
  2. Internal and external financial data is checked to ensure consistency and accuracy
Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal and external financial data is checked to ensure consistency and accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports

  1. Charts, diagrams and supporting data are presented in an appropriate manner
  2. Reports are prepared following a clear and appropriate structure and format and to conform with organisation requirements
  3. Statements and data are error free and comprehensive with the full report cross-checked against original data and accounting standards
  4. Any necessary corrections are made and verified and authorised by relevant persons
Charts, diagrams and supporting data are presented in an appropriate manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reports are prepared following a clear and appropriate structure and format and to conform with organisation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Statements and data are error free and comprehensive with the full report cross-checked against original data and accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any necessary corrections are made and verified and authorised by relevant persons

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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 comply with organisational policies and procedures

access, analyse and compile relevant financial data

draft comprehensive and accurate reports and financial statements.

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

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm report requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

literacy skills to:

read and interpret documentation from a variety of sources

read and interpret financial statements and reports

well-developed writing skills for preparing reports and recommendations, recording and classifying financial information

numeracy skills for financial calculations and analysis

IT skills for setting up and analysing spreadsheets

estimating, forecasting and analysis skills

organisational skills, including the ability to plan and sequence work and meet organisational timelines

Required knowledge

ethical considerations for the handling of financial matters including conflict of interests

financial legislation including for:

taxable transactions

reporting requirements

forecasting and analysis techniques

methods of presenting financial data

options, methods and practices for deductions, benefits and depreciations

organisational guidelines and procedures

principles of double-entry bookkeeping and accrual accounting

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:

budgets and forecasts

financial and operational statements and reports:

expenditures and receipts

statements of financial performance.

Organisational policies and procedures may include:

financial management manuals

recording and filing systems

reporting requirements

standard financial analysis techniques.

Report types and formats may include:

cash statements

electronic forms

financial year reports

operating statements such as statements of financial performance

spreadsheets

statements of financial position.

Organisations may include:

not for profit

partnerships

sole traders.

Relevant persons may include:

registered tax agents.