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Evidence Guide: FNSACC504A - Prepare financial reports for corporate 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

 

FNSACC504A - Prepare financial reports for corporate entities

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

Compile data

  1. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards
  2. Conversion and consolidation procedures are used to compile data in accordance with organisational policies and procedures
  3. Valuations in compliance with relevant accounting standards are recorded
  4. Effects of taxation are identified and recorded
Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conversion and consolidation procedures are used to compile data in accordance with organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Valuations in compliance with relevant accounting standards are recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Effects of taxation are identified and recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports

  1. Charts, diagrams and supporting data are presented in an appropriate format
  2. Structure and format of reports are clear and conform to statutory requirements and organisational procedures
  3. Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures
Charts, diagrams and supporting data are presented in an appropriate format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Structure and format of reports are clear and conform to statutory requirements and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures

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 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

Required Skills and Knowledge

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

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.