Course Title: Prepare financial reports for corporate entities

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: ACCT5313C

Course Title: Prepare financial reports for corporate entities

School: 650T TAFE Business

Campus: City Campus

Program: C5260 - Diploma of Accounting

Course Contact : Jenny Seiler

Course Contact Phone: +61 3 99251621

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


Name and Contact Details of All Other Relevant Staff

Jenny Wotzko

9925 5701

jennifer.wotzko@rmit.edu.au

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

None

Course Description

This unit describes the performance outcomes, skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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:

FNSACC504A Prepare financial reports for corporate entities

Element:

1. Compile data
2. Prepare reports

Performance Criteria:

1.1. Data are 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 policies and procedures
1.3. Valuations in compliance with relevant accounting standards are recorded
1.4. Effects of taxation are identified and recorded
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.

Critical Aspects of Evidence

To achieve competency in this unit, a person must demonstrate evidence of the ability to: 
1 interpret and apply organisational policies and procedures and relevant accounting standards
2 comply with relevant statutory requirements
3 access and accurately compile data and prepare reports


Required Skills

1. communication skills to:
o determine and confirm reporting requirements
o liaise with others, share information, listen and understand
o use language and concepts appropriate to cultural differences
2. research and analysis skills for accessing, analysing and managing financial services information
3. literacy skills for preparing clear written reports for organisations and business units in required formats
4. numeracy skills for financial calculations and analysis, estimating and forecasting
5. IT skills for developing and integrated financial systems, using spreadsheets and databases and accessing internet information
6. learning skills to maintain knowledge of reporting statutory requirements and procedures
7. problem solving skills to identify any reporting issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise
8. organisational skills, including the ability to plan and sequence work and correctly schedule reporting


Required Knowledge

1. current business taxation requirements
2. current financial legislation including:
a. taxable transactions
b. reporting requirements
3. ethical considerations such as:
a. conflict of interests
b. confidentiality
c. disclosure requirements
4. integrated computerised accounting systems
5. methods and formats of presenting financial data
6. options, methods and practices for recording and reporting deductions, benefits and depreciation
7. organisational guidelines and procedures
8. principles of double-entry bookkeeping and accrual accounting
9. relevant business legal requirements


Teaching Schedule

Week  Week Commencing Topic

Elements & Criteria

ACCT 5313C

Elements & Criteria

BAFI 5186C

Assessment

ACCT 5313C 
 

Assessment

BAFI 5186C
16/2/2012 Introduction (including RPLs)
1 - Issue of shares & debentures
1.1 1.1  
213/2/20122 - Finalization P/L and retained earnings (including asset revaluations)
1.1, 1.3   
320/2/20123 - Tax effect accounting
 1.1, 1.3 & 1.4  Assignment Part 1 due 
427/2/2012

4 - GPFR & Statutory Reporting Requirements
5 – Income Statements, Statements of Change of Equity & supporting notes

1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3 Research & Report Presentation
55/3/20125 – Income Statements, Statements of Change of Equity & supporting notes

1.1, 1.3, 1.4, 2.1, 2.2, 2.3

1.1, 1.2, 1.3  
6

12/3/2012

(Mon public holiday)

6 – Balance Sheets & supporting notes1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3  
719/3/2012Integrated exercises1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3  
826/3/2012ASSESSMENT WEEK Revision   Reference assessmentReference assessment
9.1

2/4/2012

(Mon to Wed)

7 - Cash Flow Statements & supporting notes1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3Review reference assessmentReview reference assessment
  MID SEMESTER BREAK    
9.2

9/4/2012

(Thurs - Fri)

7 - Cash Flow Statements & supporting

1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3Assignment Part 2 due 
1016/4/20127 - Cash Flow Statements & supporting
1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3  
11

23/4/2012

(Wed public holiday)

8 – Acccuracy & timing of reports, contingencies, audit requirements  2.1, 2.2, 3.1, 3.2, 3.3, 4.1, 4.2, 5.1, 5.2  Assignment Part 3 due 
1230/4/2012

9 - Business Combinations

10 - Consolidated Reporting

1.1, 1.3

1.1, 1.2, 1.3,
2.1, 2.2, 2.3

1.1, 1.2, 1.3

1.1, 1.2, 1.3, 2.1, 2.2, 3.1

  
137/5/201210 - Consolidated Reporting 1.1, 1.2, 1.3,
2.1, 2.2, 2.3
1.1, 1.2, 1.3, 2.1, 2.2, 3.1
  
1414/5/201210 - Consolidated Reporting 1.1, 1.2, 1.3,
2.1, 2.2, 2.3
1.1, 1.2, 1.3, 2.1, 2.2, 3.1
  
1521/5/201210 - Consolidated Reporting 1.1, 1.3, 1.4,
2.1, 2.2, 2.3
1.1, 1.2, 1.3, 2.1, 2.2, 3.1
Class Exercise due 
1628/5/2012ASSESSMENT WEEK Revision   Reference assessment Reference assessment
174/6/2012Review course & reassessments    Review reference assessment Review reference assessment

 

**The weekly schedule may be subject to change. Students will be advised on the online learning hub and in class should any changes occur.


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

Assignment Part 1.  (Acct 5313C)  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.

Assignment Part 2.  (Acct 5313C) 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),

Assignment Part 3.(Acct 5313C) 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  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.

Reference Assessments  (Acct 5313C & Bafi 5186C)

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  (Acct 5313C
During the semester, each student will be required to submit a final report on a spreadsheet.  This must be submitted prior to Week 15.

Research & Report Presentation  (Bafi 5186C)

Students will research, prepare and deliver a powerpoint presentation on reporting requirements of various types of entities in the classroom.


Assessment Matrix

Assessment TaskDescription

Element

Acct5313C

Critical Evidence

Acct5313C

Required Skills

Acct5313C

Required Knowledge

Acct5313C

Element

Bafi 5186c
Critical Evidence

Bafi 5186c
Required Skills 

Bafi 5186c

Required Knowledge

Bafi 5186c
Assignment1.   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
1.3
1.4
2.1
2.2
2.3
1
2

1
2
3
5
6
7

8

1
2


5
6
7
9

    
Reference AssessmentStudents 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
(Weeks 1 - 7)
1.1
1.3
1.4
2.1
2.2
2.3
1-3

1

3
4
8

1
2
3
5
6

7

9

 1.1, 1.2,1.3

 1 - 2

3

4

6
7

8

9

 1

2

3

4

Reference Assessment
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
(Weeks 9 - 15)
1.1
1.2
1.3
2.1
2.2
2.3
1-3

1

3
4
8

 
2
3
5
6

7

8

9

 1.1, 1.2,1.3, 2.1, 2.2, 3.1, 3.2, 3.3, 4.1, 4.2, 5.1, 5.2 1 - 2

 1

3

4

6

7

8

9

10

 1 - 4
Class ExerciseA report will be selected and students must format and present that report on a spreadsheet1.1
1.3
1.4
2.2
1-3

1

3
4
5

2

3

4

9

    
Research & PresentationStudents will research, prepare and deliver a powerpoint presentation on reporting requirements of various types of entities in the classroom.
    1.1, 1.2, 1.3, 2.1, 2.2 1 - 2

 1

2

5

6

8

9

10

 1 - 5

Other Information

NOTE: ACCT 5313C & BAFI 5186C are taught & assessed concurrently.

Previous Recommended Study
ACCT-5287C, Prepare Financial Reports
ACCT-5303C, Process Financial Transactions & Extract Interim Reports

ACCT-5304C, Prepare Financial Statements for a Non-reporting Entity 

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)



Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.


The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to reporting for corporations.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in reporting for corporations. You should be able to demonstrate a thorough understanding of some reporting legislative requirements in  the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for the use of appropriate techniques & processes in compiling & presenting corporate reports for external users. You also need to show an understanding of the kinds of problems that can arise in the presentation of financial information in corporate reports.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see effective planning, self-management & work organisation, resulting in timely submission of all required assessment tasks.


5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions and required team work.  In addition you should demonstrate a range of well-developed communication & interpersonal skills appropriate to each task.

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

Course Overview: Access Course Overview