Unit of competency Outline

Date retreived
22/07/2026 1:12 PM AWST

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Prepare financial reports for corporate entities

Prepare financial reports for corporate entities

Unit of competency
National Code
FNSACC504A
State Code
D4042
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
15/10/2014
Field of Education
080101 - Accounting
Original Release Date
15/10/2014
Nominal Hours
70
Description
This unit describes the performance outcomes, skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Compile data
  • 1.1. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards
  • 1.2. Conversion and consolidation procedures are used to compile data in accordance with organisational policies and procedures
  • 1.3. Valuations in compliance with relevant accounting standards are recorded
  • 1.4. Effects of taxation are identified and recorded
2. Prepare reports
  • 2.1. Charts, diagrams and supporting data are presented in an appropriate format
  • 2.2. Structure and format of reports are clear and conform to statutory requirements and organisational procedures
  • 2.3. Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures
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 and operational statements and reports such as:
expenditures and receipts
profit and loss statements
market valuations
share and debenture issues
Accounting standards may include:
Australian Accounting Standards
Australian Accounting Standards Board (AASB) requirements.
Conversion and consolidation procedures may include:
consolidation of a wholly owned subsidiary
purchase of the business by a company.
Organisational policies and procedures may include:
accounting procedures manuals
ethical requirements
reporting requirements.
Formats of reports may include:
cash flow statements
electronic forms
financial year reports
statements of financial performance
statements of financial position
statutory forms.
Statutory requirements may include:
delegated authorities
reporting periods
taxation payment timings.
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 and relevant accounting standards
comply with relevant statutory requirements
access and accurately compile data and prepare 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.

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
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaces
State Code National Code Title Type
C9604 FNSACCT504B Prepare financial reports for a reporting entity Unit of competency
Replaced By
State Code National Code Title Type
AUQ16 FNSACC504 Prepare financial reports for corporate entities Unit of competency