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Evidence Guide: FNSACCT504B - Prepare financial reports for a reporting entity

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

 

FNSACCT504B - Prepare financial reports for a reporting entity

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, 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 is 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

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

knowledge of relevant accounting standards

knowledge of relevant statutory requirements

ability to compile data

ability to prepare reports

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.

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

relevant business legal requirements

methods of presenting financial data

current financial legislation (eg taxable transactions, reporting requirements)

ethical considerations (eg conflict of interests, confidentiality, disclosure requirements)

accounting computerised systems

current business taxation requirements

Skills requirements include:

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

working with and relating to a range of people and groups

report writing, preparation and formatting

numeracy skills for calculation of data

researching for data testing and collection

estimating, forecasting and analysis skills

information technology (IT) 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.

Data may include:

share and debenture issues

financial/operational statements and reports (eg expenditures and receipts, profit and loss statements)

market valuations

Accounting standards may include:

Australian Accounting Standards Board (AASB)

Australian Accounting Standards

Conversion and consolidation procedures may include:

purchase of the business by a company

consolidation of a wholly owned subsidiary

Organisational policies and procedures may include:

accounting procedures manuals

ethical requirements

reporting requirements

Formats of reports may include:

cash flow statements

statutory forms

financial year reports

statement of financial position

statement of financial performance

spreadsheets

electronic forms

Statutory requirements may include:

reporting periods

taxation payment timings

delegated authorities