Course Title: Prepare complex corporate financial reports

Part B: Course Detail

Teaching Period: Term2 2016

Course Code: ACCT5393C

Course Title: Prepare complex corporate financial reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C6148 - Advanced 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

Sue Gould


Nominal Hours: 60

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 compile and analyse financial data, identify appropriate reporting requirements, and develop and prepare complex financial reports for reporting entities.

It applies to individuals who use specialised knowledge and systematic approaches to construct detailed reports following specific guidelines and 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:

FNSACC614 Prepare complex corporate financial reports


1. Compile data

Performance Criteria:

1.1 Obtain, systematically code and classify data, and check 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 Identify and record valuations in compliance with relevant accounting standards and effects of taxation


2. Identify appropriate reporting entities

Performance Criteria:

2.1 Identify partially owned subsidiaries and controlled entities

2.2 Identify joint ventures and other entities to be included in reports

2.3 Identify and apply appropriate accounting treatments for reporting entities


3. Prepare reports

Performance Criteria:

3.1 Ensure structure and format of reports that may include charts, diagrams and supporting data are clear and conform to statutory and other regulatory requirements and organisational procedures

3.2 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures

3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements


4. Analyse reports

Performance Criteria:

4.1 Identify significant issues in statements, including comparative financial performances

4.2 Report implications of analysis to appropriate levels of management and external bodies

Learning Outcomes

Details of Learning Activities

 We will participate together in a range of learning activities including self-paced and collaborative classroom exercises.

Self-paced activities will include exercises from the prescribed text, quiz activities, reflective journals.

You are expected to participate in all scheduled learning activities.


Primarily you will be learning on a face to face basis with the support of an online course site for dissemination of materials and some assessments. Students will be expected to attend three hours of class each week. Students will be introduced to the accounting theory, which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material. Solutions will be available on the learning hub. 


Your learning experience will be a mix of face to face learning and online. Students will be expected to attend 12 two hour classes, 2 blackboard collaboration sessions and 2 sessions can be completed in their own time. Students will be expected to review the notes prior to coming to class. Each class then focus on a demonstration of the practical application of the theory ie case studies. Students will be expected to complete all the exercises in their own time. Solutions will be available on the learning hub.

Teaching Schedule


 The Teaching Schedule for this course is as follows:

  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:

o    Recognition of Prior Learning and Credit Transfers

o    Assessment of current skills and knowledge

  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities


Course Delivery:




Week Commencing





Introduction to the Course including:

  • Course requirements
  • Course support documents
  • Course Blackboard access
  • Accuracy of enrolment
  • Assessment requirements/Cover Sheets
  • Reminder re Plagiarism
  • Reminder re Appeals
  • Extensions/Resubmissions
  • Feedback in this course
  • Reminder re submission requirements
  • Getting help


Review of consolidations for wholly owned subsidiaries, check General Journal entries and worksheet capability with revision exercises.


Use text book chapter 1 exercises on wholly owned subsidiaries.


Introduce requirements for partially owned subsidiaries, use introductory exercises in text 




Complete Chapter 1 – all General Journal entries and worksheets for partially owned subsidiaries.  Prepare Statement of Financial Position of consolidated entity.




Commence Chapter 2 – Amalgamations and takeovers   




Complete Chapter 2




Commence Chapter 3 – Liquidations and Receivership with reference to requirements of Corporations Act, commence with exercises where there are insufficient funds to pay creditors in full



August 8, 2016

Continue with chapter 3 in particular with exercises on distribution to shareholders on liquidation where there are funds available to shareholders



August 15, 2016

Review for assessment on chapters 1,2,3, distribute assessment


Assessment One - In class, open book assessment Chapters 1,2,3


August 22, 2016

Chapter 4 – Foreign currency with reference to accounting standards and the presentation of reports detailing currency conversions



August 29, 2016


Mid semester break




September 5, 2016

Finalise Chapter 4, commence Chapter 5 – Joint Ventures with reference to accounting standards, in particular to those specific to disclosure requirements, distribute assessment exercise Chapter 4


Assessment Three will be available for completion by week 15



September 12,


Complete Chapter 5 – Joint Ventures, distribute assessment exercise Chapter 5



September 19, 2016

Commence Chapter 6 – Financial reports in mining and construction



September 26, 2016

Complete Chapter 6 – distribute assessment exercise Chapter 6



October 3, 2016

Assessment Two – mentor students to develop research skills, report preparation and referencing



October 10, 2016

Assessment Two – mentor students to develop research skills, report preparation and referencing

Assessment Two – preparation of a report detailing financial analysis of a corporation based on case study material to be negotiated with students, Assessment Three due


October 17, 2016

All assessment tasks due,

Interviews/Re-submissions if required

Assessment Three – an exercise to assess each chapter, to be distributed at conclusion of tuition on each chapter and submitted by week 15



October 24, 2016

Interviews/Re-submissions if required




Learning Resources

Prescribed Texts

Prepare Complex Corporate Financial Reports, 4th ed, Gavin Dumbrell and Damian Kelly, Learnnow

978 187 612 4984


Other Resources

Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • compile, analyse and validate complex financial data
  • prepare complex corporate reports for reporting entities that comply with:
    • organisational policy and procedures
    • statutory requirements
    • accounting standards

Knowledge Evidence

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

  • identify appropriate key reporting entities and their main purposes and roles
  • outline the key types and sources of data required for complex financial reports
  • outline the key features of integrated accounting computerised systems
  • identify and explain the key features of business taxation requirements
  • discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements
  • explain the key features of financial legislation and statutory requirements relating to delegated authorities, disclosure requirements, reporting periods and taxation payment timings
  • compare and contrast methods of presenting financial data
  • explain options, methods and practices for deductions, benefits and depreciations
  • identify and explain the key features of organisational guidelines and procedures
  • identify and explain the key principles of double-entry bookkeeping and accrual accounting
  • identify and discuss issues relevant to business legal requirements

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.
  • an integrated financial software system and data

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

 Three assessment requirements are planned.

 Assessment One is an in-class open book assessment of the first three (of six) chapters.

 Assessment Three will be a sequence of “take home” exercises to test competency in final three chapters of the text.

 Assessment Two will require a report.  This will be an analysis of the financial performance of a corporate entity.  Case studies will selected in collaboration with your teacher, these may include entities which have been subject to a liquidation and/or ongoing entities.  Evaluation will include ability to present information and draw conclusions with recommendations for future decision making.

Evidence of the following is essential:  


Assessment Tasks

 You are required to complete three (3) tasks.  You must successfully complete all  three (3) tasks to be deemed competent in this course.

 NOTE:  Details about specific tasks and assessment criteria will be included in the Cover Sheets for each task

 ASSESSMENT ONE (Due Date:  End of week 7)

 This will be an in-class paper based open-book test based on chapters 1,2,3.

 ASSESSMENT TWO (Due Date:  End of Week 14)

 This is a research project.  A corporate entity will be selected in collaboration with your teacher and you are required to analyse the financial performance of an entity, prepare a report with recommendations for future decisions.

 ASSESSMENT THREE (Due Date:  End of Week 15)

 This will be a progressive assessment based on chapters 4, 5 ,6 to be distributed at the conclusion of learning as applied to each chapter. Students will be expected to work individually on each exercise in their own time.

Assessment Matrix

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, Oscar May, 324567, Task 2, FNSACC614 Prepare complex reports for corporate entities,, 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.  

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.  More Information:;ID=g43abm17hc9w (unresolved)

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:

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 Grade:



Competent with High Distinction


Competent with Distinction


Competent with Credit


Competency Achieved – 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