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Evidence Guide: FNSACCT405B - Prepare financial statements

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

 

FNSACCT405B - Prepare financial statements

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 conform to organisation requirements
  3. Statements and data are error free and comprehensive
  4. Report is cross checked against original data and accounting standards
  5. Any necessary corrections are made
  6. Corrections are 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 conform to organisation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Statements and data are error free and comprehensive

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report is cross checked against original data and accounting standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any necessary corrections are made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Corrections are verified and authorised by relevant persons

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of organisational policies and procedures

ability to compile data

ability to prepare report and financial statements

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

People with disabilities may use assistive technologies to demonstrate interview skills and /or receive and respond to oral and or written questioning.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Assessment of this unit of competence requires access to suitable resources to demonstrate competence.

Assessment instruments, including personal planner and assessment record book.

Access to registered provider of assessment services.

Required Skills and Knowledge

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

options, methods and practices for deductions, benefits and depreciations

organisational guidelines and procedures

principles of double entry bookkeeping and accrual accounting

forecasting and analysis techniques

methods of presenting financial data

financial legislation (eg taxable transactions, reporting requirements)

ethical considerations for the handling of financial matters (eg conflict of interests)

Skills requirements include:

interpersonal skills and communications (eg liaising, listening, consulting)

report writing, preparation and formatting

numeracy skills for calculating data

identifying and solving discrepancies in data

researching for data testing and collection

working with others to prepare reports

managing own time and workplace priorities

information technology skills for set up and use of spreadsheets and preparation of documents

Range Statement

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Datamay include:

budgets and forecasts

financial/operational statements and reports (eg expenditures and receipts, statements of financial performance)

Organisational policies and procedures may include:

reporting requirements

recording and filing systems

standard financial analysis techniques

financial management manuals

Report formats may include:

cash statements

financial year reports

statements of financial position

operating statements (statements of financial performance)

spreadsheets

electronic forms

Organisations may include:

sole traders

partnerships

not for profit

Relevant persons may include, but is not limited to:

tax agents