Unit of competency Outline

Date retreived
22/07/2026 6:04 AM 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 financial reports

Prepare financial reports

Unit of competency
National Code
FNSACC421
State Code
OED08
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
080101 - Accounting
Original Release Date
07/12/2022
Nominal Hours
45
Description
This unit describes the skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.The unit applies to individuals who are responsible for preparing financial reports. They may be individuals providing administrative support in an organisation, or they might have responsibility for these tasks in relation to their own workgroup or role.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Prepare and maintain asset register
  • 1.1 Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures
  • 1.2 Determine method of calculating depreciation according to organisational requirements
  • 1.3 Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures
2. Record general journal entries for balance day adjustments
  • 2.1 Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures
  • 2.2 Adjust expense accounts and revenue accounts for prepayments and accruals
  • 2.3 Record bad and doubtful debts according to accounting requirements and organisational policy and procedures
  • 2.4 Adjust ledger accounts for inventories and transfer to final accounts, if required
3. Update and prepare final general ledger accounts
  • 3.1 Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures
  • 3.2 Post revenue and expense account balances to final general ledger accounts system
  • 3.3 Prepare final general ledger accounts that reflect gross and net profits for reporting period
4. Prepare end of period financial reports
  • 4.1 Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements
  • 4.2 Prepare balance sheet and reflect financial position of business at end of reporting period
  • 4.3 Identify and correct errors or refer for resolution according to organisational policy and procedures
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