Course Title: Prepare financial reports for a reporting entity

Part B: Course Detail

Teaching Period: Term2 2011

Course Code: ACCT5256C

Course Title: Prepare financial reports for a reporting entity

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Jenny Seiler

Course Contact Phone: +61 3 9925 1621

Course Contact Email:jenny.seiler@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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

       NIL

Course Description

This unit covers the development and preparation of financial reports for a reporting entity. A reporting entity is where there is public interest in the entity and these parties do not have the power to demand information.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACCT504B Prepare financial reports for a reporting entity

Element:

1. Compile Data 

Performance Criteria:


1.1


Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards



1.2


Conversion and consolidation procedures are used to compile data in accordance with organisational policiesand procedures



1.3


Valuations in compliance with relevant accounting standards are recorded



1.4


Effects of taxation are identified and recorded

Element:

2. Prepare Reports

Performance Criteria:


2.1


Charts, diagrams and supporting data are presented in an appropriate format



2.2


Structure and format of reports are clear and conform to statutory requirements and organisational procedures



2.3


Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures


Learning Outcomes



Details of Learning Activities

Each week students will be introduced to the accounting theory,  relevant accounting standards and legislation related to the topic. A demonstration of the practical application of the theory and standards will also be given. (e.g. case studies)

Discussion of current issues related to the topics, student completion of practical exercises including company accounts and company reports and investigation and discussions of examples of published reports will also be completed.

Critcial Aspects of Evidence

To achieve competency in this unit, a person must be able to demonstrate:

  1. knowledge of organisational policies and procedures 
  2. knowledge of relevant accounting standards 
  3. knowledge of relevant statutory requirements 
  4. ability to compile data 
  5. ability to prepare reports

Required Skills

  1. interpersonal skills and communication skills (eg liaising, listening, consulting) 
  2. working with and relating to a range of people and groups 
  3. report writing, preparation and formatting 
  4. numeracy skills for calculation of data 
  5. researching for data testing and collection 
  6. estimating, forecasting and analysis skills 
  7. information technology (IT) skills for set up and use of spreadsheets and preparation of documents

Required Knowledge

  1. options, methods and practices for deductions, benefits and depreciations 
  2. organisational guidelines and procedures 
  3. principles of double entry bookkeeping and accrual accounting 
  4. relevant business legal requirements 
  5. methods of presenting financial data 
  6. current financial legislation (eg taxable transactions, reporting requirements 
  7. ethical considerations (eg conflict of interests, confidentiality, disclosure requirements) 
  8. accounting computerised systems 
  9. current business taxation requirements


Teaching Schedule

Week  Week Commencing Topic ElementsLearning Activities
14/7/2011 Introduction (including RPLs)
1 - Finalization P/L and retained earnings (including asset revaluations)
1.1, 1.3, Journals and ledgers to update asset revaluations and to finalize accounts
211/7/20111 - Finalization P/L and retained earnings (including asset revaluations)
2 - Tax effect accounting
1.1, 1.3, 1.4

Journals and ledgers to update asset revaluations and to finalize accounts

Calculate tax liabilities, tax assets and tax expense.
Complete journals and ledgers

318/7/20112 - Tax effect accounting
3 – GPFR
 1.1, 1.4, Calculate tax liabilities, tax assets and tax expense.
Complete journals and ledgers
425/7/2011

3 - GPFR
4 – Income Statements & Statement of Change of Equity

Assessment 1 Part 1 Due

1.1, 1.3, 1.4, 2.1, 2.2, 2.3 Recognise reporting entities and differentiate between GPFR and SPFR
Complete an income statement and change of equity
51/8/20114 - Income Statements & Statement of Change in Equity

1.1, 1.3, 1.4, 2.1, 2.2, 2.3

Complete an income statement and change of equity
68/8/20115 – Balance Sheets1.1, 1.3, 1.4, 2.1, 2.2, 2.3 Complete an integrated exercise
715/8/20115 – Balance Sheets1.1, 1.3, 1.4, 2.1, 2.2, 2.3 Complete an integrated exercise
822/8/2011ASSESSMENT WEEK Revision & Assessment 2  
 29/8/2011MID SEMESTER BREAK  
95/9/2011

6 – Cash Flow Statements

Assessment 1,  Part 2 Due

1.1, 1.3, 1.4, 2.1, 2.2, 2.3 Complete cash flow statements and reconciliations
1012/9/20116 – Cash Flow Statements
9 – Current Reporting Trends
1.1, 1.3, 1.4, 2.1, 2.2, 2.3 Complete cash flow statements and reconciliations
1119/9/20117 – Business Combinations
1.1, 1.3Complete journals and ledgers
1226/9/20118 - Consolidated Reporting
Assessment 1 Part 3 Due
1.1, 1.2, 1.3,
2.1, 2.2, 2.3
Complete consolidated journals and worksheets
133/10/20118 - Consolidated Reporting 1.1, 1.2, 1.3,
2.1, 2.2, 2.3
Complete consolidated journals and worksheets
1410/10/20118 - Consolidated Reporting 1.1, 1.2, 1.3,
2.1, 2.2, 2.3
Complete consolidated journals and worksheets
1517/10/201110 - Operating Segments1.1, 1.3, 1.4,
2.1, 2.2, 2.3
Identify reportable segments and analyse a segment report
1624/10/2011Revision & Assessment 3   
1731/10/2011Review Assessment 3, review course & reassessments   


Learning Resources

Prescribed Texts

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.


References

De Lange P and Rodgers R., Company Accounting & Financial Statements (5th Edition), Thomson Publishing
Wilson M., & Brooker H., Corporate Accounting –An Australian Perspective (2002)
Prentice Hall
National Institute of Accountants, Corporate Accounting and Reporting – A Practical Approach (2007), Pearson Prentice Hall
Woodford, WL & Mills AD, Company Accounting (2008), Pearson Prentice Hall
URL: http://www.aasb.com.au/
URL: http://www.asx.com.au/ListingRules/Chapters/Chapter04.pdf
URL: http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/


Other Resources

All relevant learning resources will be placed on the online learning hub (http://www.rmit.edu.au/learninghub) progressively throughout the semester. Students will need to access this site on a weekly basis, print off materials and bring them to class


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress
 


Assessment Tasks

Assessment 1 (Assignment)

1. 
Each student will select a listed Australian company and obtain a hard copy of their latest annual report.  A brief summary of the company will be submitted.

2.  Students will be required to consult with a colleague, and collaborate on issues which have arisen when completing the accounts and preparing the reports as per the AASB’s. The group will be required to identify the appropriate ruling from the AASB website (either the standards or the framework),

3. Students will use the report to identify regulatory and non mandatory disclosures.

All assignments must be submitted using the faculty cover sheet for assignments. These are available from the foyer on level 13 or at http://prodmams.rmit.edu.au/wcy2b1ka2ioo1.pdf
If a student is deemed to be not yet competent (NYC) for any part of the assignment they will be given the opportunity to resubmit the assignment to achieve competency.

Assessments 2 &3  (Reference Assessment)

Class based  assessments, students may refer to their selected company report, and notes referencing accounting standards and legislative requirements to answer a selection of questions and prepare reports individually in a limited time.   They will be given the report proformas as per the Accounting Standards.

Class Exercise
During the semester, each student will be required to submit a final report on a spreadsheet.  This must be submitted prior to Week 15.


Assessment Matrix

Assessment TaskDescriptionAssessment MethodElementCritical EvidenceRequired SkillsRequired Knowledge
11.   Company Presentation – Select company and present brief report on company to be studied 
2.   Identify rules (confirmation of statutory requirements) Group work 
3.   Read a report to ensure compliance with statutory requirements
ALL TOPICS
Assignment1.3
1.4
2.1
2.2
2.3
1
2
3
1
2
3
5
6
1
2
4
5
6
7
9
2Students may refer to their selected company report, and notes referencing accounting standards and legislative requirements to answer a selection of questions and prepare reports individually in a limited time
TOPICS 1, 2, 3, 4 & 5


Reference Assessment

1.1
1.3
1.4
2.1
2.2
2.3
1-53
4
1
2
3
4
5

3
Students may refer to their selected company report, and notes referencing accounting standards and legislative requirements to answer a selection of questions and prepare reports individually in a limited time
TOPICS 6, 7, 8, 9 & 10


Reference Assessment
1.1
1.2
1.3
2.1
2.2
2.3
1-53
4
1
2
3
4
5
Class ExerciseA report will be selected and students must format and present that report on a spreadsheetClass
Exercise
1.1
1.3
1.4
2.2
1-53
4
7
4
5
6
8

Other Information

Previous Recommended Study
ACCT-5112C, Prepare Financial Reports
ACCT-5180C, Maintain Financial Records
ACCT-5237C, Prepare Financial Statements

Missed Assessments
If a student misses a test for ANY REASON, they must complete a special consideration application. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the scheduled assessment

IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded

Special Consideration (the full policy can be found at http://www.rmit.edu.au/browse;ID=riderwtscifm This site includes a link to the application form)

Course Overview: Access Course Overview