Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.
It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Pre-requisite Unit
BSBFIA401 Prepare financial reports
FNSACC301 Process financial transactions and extract interim reports
Unit Sector
Accounting
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Compile data |
1.1 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy, procedures and accounting standards 1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures 1.3 Ensure accurate transfer of data to computerised systems as required 1.4 Record valuations in compliance with relevant accounting standards 1.5 Identify and record effects of taxation |
2. Prepare reports |
2.1 Present charts, diagrams and supporting data in appropriate format 2.2 Ensure structure and format of reports are clear and conform to statutory requirements and organisational procedures 2.3 Ensure statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.3, 1.5, 2.3 |
|
Writing |
1.1, 1.3, 1.5, 2.1, 2.2 |
|
Oral Communication |
2.1 |
|
Numeracy |
1.1-1.5 |
|
Navigate the world of work |
1.1-1.2, 1.4, 2.2, 2.3 |
|
Get the work done |
1.1-1.5, 2.1-2.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC504 Prepare financial reports for corporate entities |
FNSACC504A Prepare financial reports for corporate entities |
Updated to meet Standards for Training Packages Edits to clarify intent of elements Pre-requisite units updated |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe