Course Title: Prepare financial reports for corporate entities

Part B: Course Detail

Teaching Period: Term1 2013

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

Name and Contact Details of All Other Relevant Staff

Jenny Wotzko

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


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


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.  Students will begin the exercises in class and will  be expected to complete them in their own time.  Solutions will be available on blackboard at the end of each week.

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
Class Work


ACCT 5313C 


BAFI 5186C
1 11/2/2013

Introduction (including RPLs)
Compliance and accounting standards  Company registrations  

1 - Issue of shares & debentures

1.1 1.1

Power Point

Journals and Reports

2 18/2/2013

1 - Issue of shares & debentures

2 - Finalization P/L and retained earnings (including asset revaluations)

1.1, 1.3  1.1 Power Point

Journals and Reports

Company registrations to be finalized  
3 25/2/2013

2 - Finalization P/L and retained earnings (including asset revaluations) 

3 - Tax effect accounting 


1.1, 1.3 & 1.4   Power Point

Journals Ledger and Reports

  Compulsory  Ex 1
4 4/3/2013 3 - Tax effect accounting
1.1, 1.3 & 1.4  

Journals Ledger and Reports

Compulsory  Ex 2

 Ass 1, Part 1
5 11/3/2013

4 – 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, 4.1, 4.2

Power Point

Journals Ledger and Reports

 Ass 2, Part 1

6 18/3/2013 4 – 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,  4.1, 4.2

Journals Ledger and Reports

 Ass 1, Part 2

 Ass 1, Part 2


5 – Balance Sheets & supporting notes 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3 Power Point

Ledger and Reports

 Ass 2, Part 2  
    MID SEMESTER BREAK          

7 (cont)

4/4/2013 5 – Balance Sheets & supporting notes 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3 Power Point

Ledger and Reports

8 8/4/2013 Intergrated Exercises    

Journals Ledger and Reports

 Ass 2, Part 3  


6 - Cash Flow Statements & supporting notes 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3 Power Point

Ledger and Reports

10 22/4/2013 6 - Cash Flow Statements & supporting
1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3

Ledger and Reports

 Ass 2, Part 4  Ass 2, Part 4


7 - 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

Power Point

Journals and Reports

 Ass 1, Part 3 Ass 1, Part 3
12 6/5/2013

7 - 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

Power Point

Journals and Reports

13 13/5/2013 7 - 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

Journals and Reports

14 20/5/2013 Revision





15 27/5/2013 Assessment Week        Ass 3  Ass 3
16 3/6/2013 Reassessments          


**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.


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
AD Mills & WL Woodford, Prepare Financial Reports for a Reporting Entity (2nd Edition) (2009) Pearson  Australia                                                                                                                                                                      URL:

Other Resources

All relevant learning resources will be placed on the online learning hub ( progressively throughout the semester. Students will need to access the appropriate weekly folder on this site, on a weekly basis, print off materials and bring them to class.  It will be expected that students will need to complete some weekly tasks in their own time.

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  1.  This is a three part assignment that will be submitted progressively. Students are to select a partner for parts 1 and 2.   Part 3 is an individual effort. Part 1 and Part 2 are to be submitted online and Part 3 must be handed to your teacher. You will be given one opportunity to resubmit each section of the assessment ONLY. Resubmissions will be due 10 days after the original section of the assignment has been returned

Assignment 2.    This is an intergrated question that will be completed progressively in in consultation with a colleague.  Students will be given additional information as they complete each part. At least one of the reports from Part 2, 3 or 4 must be presented in Excel. Each part of the assignment must be submitted online.  You will be give one opportunity to resubmit each section of the assessment ONLY. Resubmissions will be due 10 days after the original section of the assignment has been returned

Assessment 3.  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. If a student is deemed to be not yet competent (NYC) for any part of the assignment they will be given one opportunity to resubmit the assignment to achieve competency.

Compulsory  Exercises  There are two compulsory mulitple choice based exercises which will be completed in your own time.


Assessment Matrix

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
Special Consideration (the full policy can be found at;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:


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.


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.


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.


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


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