Unit of competency Outline

Date retreived
22/07/2026 8:53 AM AWST

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Prepare financial statements for non-reporting entities

Prepare financial statements for non-reporting entities

Unit of competency
National Code
FNSACC414
State Code
BBH71
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
080101 - Accounting
Original Release Date
09/05/2018
Nominal Hours
70
Description
This unit describes the skills and knowledge required to prepare financial statements for entities that do not have a statutory duty to file financial reports with government agencies and regulators.It applies to individuals who use specialised knowledge and systematic approaches to collate and prepare financial information in line with accounting standards.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Notes
Elements and Performance Criteria
1. Compile data required for preparing financial statements for non-reporting entities
  • 1.1 Collect data required to produce financial statements from sources in line with accounting standards
  • 1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures
  • 1.3 Check internal and external financial data to confirm their consistency and accuracy
2. Prepare financial statements for non-reporting entities
  • 2.1 Prepare financial statements using structure and format that comply with accounting standards and organisational requirements
  • 2.2 Review statements for errors and compliance with accounting standards and organisational procedures, and amend as required
  • 2.3 Obtain verification and authorisation from delegated persons
No information
No information
Replaces
State Code National Code Title Type
AUP53 FNSACC404 Prepare financial statements for non-reporting entities Unit of competency