Course Title: Prepare financial reports to meet statutory requirements

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: BAFI5222C

Course Title: Prepare financial reports to meet statutory requirements

School: 650T Vocational Business Education

Campus: City Campus

Program: C5347 - Diploma of Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Upasana Mahajan

Contact : +61 3 9925 5460


Paul PanebiancoEmail: 


Nominal Hours: 40

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.

Pre-requisites and Co-requisites


Course Description

This unit describes the skills and knowledge required to identify statutory reporting requirements, and plan, develop and submit reports for authorisation before distribution.

It applies to individuals who use a range of organisational techniques to manage their work and that of others.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSORG505 Prepare financial reports to meet statutory requirements


1. Identify statutory requirements for reports

Performance Criteria:

1.1 Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met

1.2 Review sources of data regularly for changes

1.3 Use existing reports as guideline for content and format where available


2. Plan for provision of reports

Performance Criteria:

2.1 Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users

2.2 Establish realistic lead times that ensure adequate time is available for contingencies


3. Analyse and consolidate reports

Performance Criteria:

3.1 Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements

3.2 Justify report results in required format where necessary

3.3 Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring


4. Submit reports for authorisation

Performance Criteria:

4.1 Ensure all reports comply fully with auditor requirements

4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties


5. Distribute reports

Performance Criteria:

5.1 Distribute authorised reports to all parties in timely manner

5.2 Obtain confirmation of receipt of reports to complete organisational record of compliance

Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course is as follows but please note that it is subject to change at coordinator's discretion.


Week Commencing





1 - Corporate Entities

Compliance and accounting standards




2 - Finalization of P&L

(including entries for asset revaluations) 

and closing entries

for a company

Company registrations

to be finalised



3 - Tax effect accounting

Compulsory exercise



3 - Tax effect accounting

Assessment 1, Part 1

Submit on-line by end of week 4

Feedback in week 6

If required, resubmission due by

the end of week 7




4 - Income Statement & Statement of

Change in Equity with supporting notes:

manual & on EXCEL




4 - Income Statement & Statement of

Change in Equity with supporting notes 

Assessment 2, Part 1

(in class)

Feedback in week 8

Resubmissions week 15



5 - Balance Sheet & supporting notes:

manual & on EXCEL




5 - Balance Sheet & supporting notes

Integrated exercises 




6 - Cash Flow Statement &

supporting notes

Assessment 2, Part 2

Submit on-line by end of week 9

all in EXCEL

Feedback in week 11

Resubmissions week 15



6 - Cash Flow Statement &

supporting notes  




7 - Consolidated Reporting

Assessment 1, Part 2

Submit on-line by end of week 11

Hard copy of annual report to be

submitted in class week 11

Feedback week 13

Resubmissions week 15



7 - Consolidated Reporting 




7 - Consolidated Reporting & REVISION 





Assessment 3 (in class)

Feedback week 15

Resubmissions week 16










The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Break: The mid­semester break is between Thursday, 13/4/2017 and Wednesday, 19/4/2017

** The teaching schedule may be subject to change. You will be advised in class & via Blackboard if a change becomes necessary.

Learning Resources

Prescribed Texts

 Prepare Financial Reports for Corporate Entities, Gavin Dumbrell & Damien Kelly (3rd edn) 2014


A hard copy of a current annual company report.  Each student will be allocated a company and will refer to their report across the semester.


Rogers, R. Company Accounting and Financial Statements (6th edn), Cengage Learning, 2014 URL: URL:

Other Resources

Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • identify, interpret and comply with statutory requirements and information
  • accurately analyse data and information for reports
  • prepare and consolidate well-written reports in required format

Knowledge Evidence

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

  • outline key information required, common financial report formats and typical quality indicators
  • explain financial services industry codes of practice
  • describe key requirements of organisational policy and procedures relevant to financial reporting
  • identify and describe key requirements of relevant legislation and regulations relevant to financial reporting

Assessment Conditions

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

  • office equipment, technology, software and consumables
  • an integrated financial software system and data
  • organisational policy and procedures documentation

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 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.

Assessment Tasks

Overview of Assessment

This course is co-delivered and co-assessed with the following competencies:

ACCT5381C  Prepare financial reports for Corporate Entities (FNSACC504)

Critical Aspects of assessment

To achieve competency in this unit you must demonstrate evidence of your ability to:

1.  Interpret & apply organisational policies & procedures and relevant accounting standards;

2.  comply with relevant statutory requirements; and

3.  access & accurately compile data and prepare reports.


The assessments for this course have been designed to allow participants  apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.

ASSESSMENT 1 (Due Dates: Part 1 ­ week 4; Part 2 ­ week 11)

For this Assessment Task you will be asked to identify current regulations and examine compliance with those regulations in a corporate situation. This is a two part assignment which will be submitted progressively.  Both parts 1 and 2 are to be submitted on­line.  However, the highlighted and annotated hard copy of the Annual Report you have used for part 2 must be submitted to your teacher during your week 11 class.

ASSESSMENT 2 (Due Dates: Part 1 ­ in class, Week 6; Part 2 ­ week 9)

For this assessment task you will be preparing an integrated set of company reports and notes, including tax calculations. This individual exercise will be completed progressively. Part 1 will be completed in class.  Part 2 will be completed in your own time and submitted on­line.  Part 2 must be presented in EXCEL and your teacher may also request a hard copy.  

ASSESSMENT 3 (Due Date: in class Week 14)

For this assessment task you will be preparing consolidated information and a cash flow statement with supporting notes. This assessment will be completed on an individual basis in class.  You may refer to your selected company report, notes referencing accounting standards and legislative requirements plus class illustrations & exercises  to answer a selection of questions and prepare reports in a limited time


You must successfully complete all assessment tasks to achieve competency.  Please note that if deemed necessary you may be asked to recreate any part of your assessments at a prearranged time, demonstrating to your teacher in an individual interview how a specific outcome was delivered.

Assessment Matrix

The assessment matrix that maps all the assessment is available on Blackboard

Other Information

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>

More Information:

Form to use:

Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>

More Information:;ID=g43abm17hc9w

Form to use:

Resubmissions (VET Programs):

If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information:;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview