Unit of competency Outline
Date retreived
22/07/2026 2:59 PM AWST
22/07/2026 2:59 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Prepare complex corporate financial reports
Prepare complex corporate financial reports
Unit of competency
National Code
FNSACC614A
FNSACC614A
State Code
D4059
D4059
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
07/07/2014
Field of Education
080101 - Accounting
Original Release Date
07/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to compile and analyse financial data, identify appropriate reporting requirements, and develop and prepare complex financial reports for reporting entities.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Compile data
- 1.1. Data are obtained, 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 and effects of taxation are identified and recorded
2. Identify appropriate reporting entities
- 2.1. Partially owned subsidiaries and controlled entities are identified
- 2.2. Joint ventures and other entities to be included in reports are identified
- 2.3. Appropriate accounting treatments for reporting entities are identified and applied
3. Prepare reports
- 3.1. Structure and format of reports that may include charts, diagrams and supporting data are clear and conform to statutory and other regulatory requirements and organisational procedures
- 3.2. Statements and data are error free, comprehensive and comply with statutory and other regulatory requirements and organisational procedures
- 3.3. Reports are prepared in accordance with the corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and disclosure requirements complied with
4. Analyse reports
- 4.1. Significant issues in statements including comparative financial performances are identified
- 4.2. Implications of analysis are reported to appropriate levels of management and external bodies
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/operational statements and reports such as:
expenditures and receipts
statements of financial performance
cash flow statements
statements of financial position
consolidated financial statements
notes to the accounts
market valuations
share and debenture issues.
Accounting standards may include:
Australian Accounting Standards
Australian Accounting Standards Board (AASB)
Generally Accepted Accounting Principles (GAAP).
Conversion and consolidation procedures may include:
consolidation of a wholly and partially owned subsidiaries
consolidation of controlled entities
purchase of the business by a company.
Organisational policies and procedures may include:
accounting procedures manuals
ethical requirements
reporting requirements.
Reporting entities may include:
joint ventures
other joint corporate arrangements
partially owned subsidiaries
significant influence over wholly owned subsidiaries.
Statutory requirements may include:
delegated authorities
disclosure requirements
reporting periods
taxation payment timings.
Reports may include:
cash flow statements
consolidated financial statements
electronic forms
financial year reports
statement of financial performance
statement of financial position
statutory forms.
Significant issues may include:
company liquidation
company restructuring
cost structures
errors and anomalies
liquidity
losses and returns
profitability
statutory obligations.
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/operational statements and reports such as:
expenditures and receipts
statements of financial performance
cash flow statements
statements of financial position
consolidated financial statements
notes to the accounts
market valuations
share and debenture issues.
Accounting standards may include:
Australian Accounting Standards
Australian Accounting Standards Board (AASB)
Generally Accepted Accounting Principles (GAAP).
Conversion and consolidation procedures may include:
consolidation of a wholly and partially owned subsidiaries
consolidation of controlled entities
purchase of the business by a company.
Organisational policies and procedures may include:
accounting procedures manuals
ethical requirements
reporting requirements.
Reporting entities may include:
joint ventures
other joint corporate arrangements
partially owned subsidiaries
significant influence over wholly owned subsidiaries.
Statutory requirements may include:
delegated authorities
disclosure requirements
reporting periods
taxation payment timings.
Reports may include:
cash flow statements
consolidated financial statements
electronic forms
financial year reports
statement of financial performance
statement of financial position
statutory forms.
Significant issues may include:
company liquidation
company restructuring
cost structures
errors and anomalies
liquidity
losses and returns
profitability
statutory obligations.
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, statutory requirements and accounting standards
compile and validate complex financial data
identify appropriate reporting entities and prepare and analyse 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.
access to an integrated financial software system and data
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 or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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, statutory requirements and accounting standards
compile and validate complex financial data
identify appropriate reporting entities and prepare and analyse 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.
access to an integrated financial software system and data
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 or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9621 | FNSACCT614B | Prepare complex corporate financial reports | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ27 | FNSACC614 | Prepare complex corporate financial reports | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| J324 | PSP60312 | Advanced Diploma of Government (Financial Management) | Qualification |