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Evidence Guide: FNSACC614A - Prepare complex corporate financial reports

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

 

FNSACC614A - Prepare complex corporate financial reports

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

Compile data

  1. Data are obtained, 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 and effects of taxation are identified and recorded
Data are obtained, 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 and effects of taxation are identified and recorded

Completed
Date:

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Identify appropriate reporting entities

  1. Partially owned subsidiaries and controlled entities are identified
  2. Joint ventures and other entities to be included in reports are identified
  3. Appropriate accounting treatments for reporting entities are identified and applied
Partially owned subsidiaries and controlled entities are identified

Completed
Date:

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Joint ventures and other entities to be included in reports are identified

Completed
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Appropriate accounting treatments for reporting entities are identified and applied

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports

  1. 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
  2. Statements and data are error free, comprehensive and comply with statutory and other regulatory requirements and organisational procedures
  3. Reports are prepared in accordance with the corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and disclosure requirements complied with
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reports are prepared in accordance with the corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and disclosure requirements complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse reports

  1. Significant issues in statements including comparative financial performances are identified
  2. Implications of analysis are reported to appropriate levels of management and external bodies
Significant issues in statements including comparative financial performances are identified

Completed
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Implications of analysis are reported to appropriate levels of management and external bodies

Completed
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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, statutory requirements and accounting standards

compile and validate complex financial data

identify appropriate reporting entities and prepare and analyse 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.

access to an integrated financial software system and data

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 or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication skills to:

determine and confirm complex reporting requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

high level research and analysis skills for accessing, analysing and managing financial and organisational information

well-developed literacy skills for preparing complex, clear written financial reports for organisations and business units in required formats

well-developed numeracy skills for financial calculations and analysis, estimating and forecasting

IT skills for developing and integrated financial systems and using spreadsheets, databases and internet information

learning skills to maintain knowledge of financial 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

integrated accounting computerised systems

business taxation requirements

ethical considerations such as:

conflict of interests

confidentiality

disclosure requirements

financial legislation including:

taxable transactions

reporting requirements

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

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/operational statements and reports such as:

expenditures and receipts

statements of financial performance

cash flow statements

statements of financial position

consolidated financial statements

notes to the accounts

market valuations

share and debenture issues.

Accounting standards may include:

Australian Accounting Standards

Australian Accounting Standards Board (AASB)

Generally Accepted Accounting Principles (GAAP).

Conversion and consolidation procedures may include:

consolidation of a wholly and partially owned subsidiaries

consolidation of controlled entities

purchase of the business by a company.

Organisational policies and procedures may include:

accounting procedures manuals

ethical requirements

reporting requirements.

Reporting entities may include:

joint ventures

other joint corporate arrangements

partially owned subsidiaries

significant influence over wholly owned subsidiaries.

Statutory requirements may include:

delegated authorities

disclosure requirements

reporting periods

taxation payment timings.

Reports may include:

cash flow statements

consolidated financial statements

electronic forms

financial year reports

statement of financial performance

statement of financial position

statutory forms.

Significant issues may include:

company liquidation

company restructuring

cost structures

errors and anomalies

liquidity

losses and returns

profitability

statutory obligations.