Course Title: Prepare financial reports for corporate entities

Part B: Course Detail

Teaching Period: Term1 2018

Course Code: ACCT5381C

Course Title: Prepare financial reports for corporate entities

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Paul Panebianco

+61 3 9925 5701

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.

Pre-requisites and Co-requisites

The following units are pre-requisites for this unit:

ACCT5375C Process financial transactions and extract interim reports, and

ACCT5370C Prepare financial reports

Course Description

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

It 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. 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:

FNSACC504 Prepare financial reports for corporate entities


1. Compile data

Performance Criteria:

1.1 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy, procedures and accounting standards 1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures 1.3 Ensure accurate transfer of data to computerised systems as required 1.4 Record valuations in compliance with relevant accounting standards 1.5 Identify and record effects of taxation


2. Prepare reports

Performance Criteria:

2.1 Present charts, diagrams and supporting data in appropriate format 2.2 Ensure structure and format of reports are clear and conform to statutory requirements and organisational procedures 2.3 Ensure statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures

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 though 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/Canvas
  • 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


Week Commencing

Learning Outcome



1 - Corporate Entities Compliance and accounting standards



2 - Finalization P/L and retained earnings



3 - Tax effect accounting



3 - Tax effect accounting



4 - Income Statements & Statement of Change in Equity with supporting notes



4 - Income Statement & Statement of Change in Equity with supporting notes 



5 – Balance Sheets with supporting notes with supporting notes



5 – Balance Sheets with supporting notes with supporting notes



Mid Semester Break

8b (cont)


Revision & Test 1



6 – Cash Flow Statements with supporting notes



6 – Cash Flow Statements with supporting notes



7 - Consolidated Reporting



8 - Consolidated Reporting



8 - Consolidated Reporting



Reporting in HandiLedger












**The teaching schedule may be subject to change. Students will be advised on the Canvas, DLS and in class should any changes occur.

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.

EASTER BREAK - there will be no classes from Friday 29th March to Wednesday 4th April.  Classes will resume on Thursday 5th April.

** The teaching schedule may be subject to change. You will be advised in class & via Canvas 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:

  • 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

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 where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

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

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

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 - 19/02/18; Part 2 - 24/4/2018)

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 on-line.  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 - 19/03/18

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 on-line.  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 CANVAS.

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 the Assessment task document that includes a declaration and statement of authorship.

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.

Email submissions will not be accepted without prior approvable.

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.

More Information:

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.

More Information:

Resubmissions (VE Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

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:

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:




Competent with High Distinction


Competent with Distinction


Competent with Credit


Competency Achieved – Graded


Competency Achieved – Not Graded


Not Yet Competent


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