Course Title: Prepare complex corporate financial reports

Part B: Course Detail

Teaching Period: Term2 2017

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

Bruce Phillips

Ph 99255735

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

Learning Outcomes:

1 Compile data,
2 Identify appropriate reporting entities
3 Prepare reports
4 Analyse reports.

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.

Pre-requisites and Co-requisites:

FNSACC504 Prepare financial reports for reporting entities, FNSACC504A is also accepted as a prerequisite.

Teaching Schedule



Introduction to the course including:

·         Course requirements and support documents/resources

·         Course Blackboard access

·         Accuracy of enrolment

·         Assessment requirements/Cover Sheets

·         Reminder re Plagiarism/Appeals

·         Extensions/Resubmissions

·         Feedback in this course

·         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 

Resources on Learning Hub

·         Presentations

·         Course Workbook






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






Continue with Chapter 1 exercises






Commence Chapter 2: Amalgamations and Takeovers






Complete Chapter 2

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






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






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


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





Chapter 4 – Foreign currency - accounting standards and the presentation of reports detailing currency conversions

Assessment Three – an exercise to assess each chapter, to be distributed at conclusion of tuition on each chapter, submission recommended at the next week’s class.





Finalise Chapter 4, distribute assessment exercise Chapter 4




10  (A)


Finalise Chapter 4 assessment

commence Chapter 5 – Joint Ventures - accounting standards specific to disclosure requirements Complete Chapter 5 – Joint Ventures, distribute assessment exercise Chapter 5

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




Break: The mid-semester break is between Monday, 28/8/2017 and Sunday, 3/9/2017


10 (B)


Commence Chapter 6 – Financial reports in mining and construction






Complete Chapter 6 – distribute assessment exercise Chapter






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






Finalise all assessment three tasks, review for resits of assessment one






All assessment tasks due,

Interviews/Re-submissions if required






Resubmissions and Reassessments

Student Feedback





Learning Resources

Prescribed Texts

Prepare Complex Corporate Financial Reports by Gavin Dumbrell & Damien Kelly 4 edition Learn Now Publications



Other Resources


‘Prepare complex corporate financial reports’ , Gavin Dumbrell and Damien Kelly, 4th edition, published by Learnnow,, ISBN 978-1 876124 98 4. The text may be ordered direct from the publisher.


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


Three assessment requirements are planned.

Assessment one is an in-class open book assessment of the first three (of six) chapters.  Assessment one currently scheduled for Week 7.

Assessment two will require a report. This will be an analysis of the financial performance of a corporate entity. Case studies will be 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.

Assessment Two due Week 15 (earlier is recommended)

Assessment three will be a sequence of “take home” exercises to test competency in final three chapters of the text. These will be distributed at the end of delivery of each of chapters 4,5 and 6.

They will also be uploaded into blackboard. They may be commenced in class and completed at home if further time is required. Each chapter’s assessment task should be submitted in the class of the next week.

Assessment Three due Week 15 (earlier is recommended).


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 Matrix

Please refer below.

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 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

Re-submissions do not contribute 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:

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.

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.

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

Course Overview: Access Course Overview