Prepare financial reports for corporate entities system

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

• access and accurately compile data and prepare reports for corporate entities that comply with:
• organisational policy and procedures
• relevant accounting standards
• statutory and other relevant requirements of reporting bodies.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

• identify and explain current business taxation requirements
• identify and explain current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
• discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements
• explain the key features of integrated computerised accounting systems
• describe a range of methods and formats for presenting financial data
• outline options, methods and practices for recording and reporting deductions, benefits and depreciation
• identify and describe the key requirements of organisational policy and procedures relating to the preparation of financial reports
• identify and explain the key principles of double-entry bookkeeping and accrual accounting
• identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

• office equipment, technology, software and consumables
• organisational records, policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion volumes available from the IBSA website: http://www.ibsa.org.au/companion_volumes – https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe