Part A: Course Overview

Program: C5424 Diploma of Accounting

Course Title: Prepare financial reports for corporate entities

Portfolio: Vocational Education

Nominal Hours: 70

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5442C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term2 2023,
Term1 2024,
Term2 2024,
Term1 2025

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to prepare financial reports for a corporate reporting entity according to statutory reporting requirements. This includes compiling and analysing data for the reports.

The unit applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.

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.

Pre-requisite Courses and Assumed Knowledge and Capabilities

There is no pre-requisite for this unit.



National Competency Codes and Titles

National Element Code & Title:

FNSACC524 Prepare financial reports for corporate entities

Elements:

1. Compile and analyse data

2. Compile reports

Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • prepare at least one of each of the following financial reports for corporate entities:
  • shareholders’ funds report
  • report aiding the acquisition of a corporate entity
  • tax affected account report
  • consolidated financial report.

 

In the course of the above, the candidate must confirm that data and reports comply with:

  • organisational policies and procedures
  • ethical requirements
  • required accounting standards
  • statutory and reporting body requirements.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • current business taxation requirements for preparing corporate accounting reports
  • current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
  • ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements
  • industry-standard methods and formats used to present financial data
  • options, methods and practices for recording and reporting deductions, benefits and depreciation
  • requirements of organisational policies and procedures relating to preparing financial reports for corporate entities
  • requirements of conversion from one business structure to another and consolidation procedures relating to preparing financial reports for corporate entities
  • business legal requirements relating to delegated authorities, reporting periods, and taxation payment timings.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables required to prepare financial reports for corporate entities
  • organisational records, policies and procedures relating to above work.

 

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.