Unit of competency Outline
Date retreived
22/07/2026 6:46 AM AWST
22/07/2026 6:46 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 statements for non-reporting entities
Prepare financial statements for non-reporting entities
Unit of competency
National Code
FNSACC404A
FNSACC404A
State Code
D4036
D4036
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
04/07/2014
Field of Education
080101 - Accounting
Original Release Date
04/07/2014
Nominal Hours
70
Description
This unit describes the performance outcomes, skills and knowledge required to develop a range of commonly required financial reports for entities that do not have a statutory duty to file financial reports with government agencies and regulators.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 is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
- 1.2. Internal and external financial data is checked to ensure consistency and accuracy
2. Prepare reports
- 2.1. Charts, diagrams and supporting data are presented in an appropriate manner
- 2.2. Reports are prepared following a clear and appropriate structure and format and to conform with organisation requirements
- 2.3. Statements and data are error free and comprehensive with the full report cross-checked against original data and accounting standards
- 2.4. Any necessary corrections are made and verified and authorised by relevant persons
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:
budgets and forecasts
financial and operational statements and reports:
expenditures and receipts
statements of financial performance.
Organisational policies and procedures may include:
financial management manuals
recording and filing systems
reporting requirements
standard financial analysis techniques.
Report types and formats may include:
cash statements
electronic forms
financial year reports
operating statements such as statements of financial performance
spreadsheets
statements of financial position.
Organisations may include:
not for profit
partnerships
sole traders.
Relevant persons may include:
registered tax agents.
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:
budgets and forecasts
financial and operational statements and reports:
expenditures and receipts
statements of financial performance.
Organisational policies and procedures may include:
financial management manuals
recording and filing systems
reporting requirements
standard financial analysis techniques.
Report types and formats may include:
cash statements
electronic forms
financial year reports
operating statements such as statements of financial performance
spreadsheets
statements of financial position.
Organisations may include:
not for profit
partnerships
sole traders.
Relevant persons may include:
registered tax agents.
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 comply with organisational policies and procedures
access, analyse and compile relevant financial data
draft comprehensive and accurate reports and financial statements.
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
simulated tasks involving preparation of reports from supplied data
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work.
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 comply with organisational policies and procedures
access, analyse and compile relevant financial data
draft comprehensive and accurate reports and financial statements.
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
simulated tasks involving preparation of reports from supplied data
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9598 | FNSACCT405B | Prepare financial statements | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUP53 | FNSACC404 | Prepare financial statements for non-reporting entities | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S705 | FNS40610 | Certificate IV in Accounting | Qualification |
| D707 | FNS40611 | Certificate IV in Accounting | Qualification |
| S701 | FNS40210 | Certificate IV in Bookkeeping | Qualification |
| D706 | FNS40211 | Certificate IV in Bookkeeping | Qualification |
| J287 | PSP40512 | Certificate IV in Government (Financial Services) | Qualification |