Course Title: Prepare financial reports to meet statutory requirements
Part B: Course Detail
Teaching Period: Term1 2012
Course Code: BAFI5186C
Course Title: Prepare financial reports to meet statutory requirements
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
Nominal Hours: 40
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 identifying statutory reporting requirements, planning, developing and submitting reports for authorisation before distribution. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so 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: |
FNSORG505A Prepare financial reports to meet statutory requirements |
Element: |
1. Identify statutory requirements for reports |
Performance Criteria: |
Performance Criteria
|
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 identify, interpret and comply with statutory requirements and information
2 accurately analyse and consolidate well written reports in required format.
Required Skills
1 well-developed communication skills to:
• determine and confirm reporting requirements, using questioning and active listening as required
• negotiate timelines and responsibilities
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences
2 research and analysis skills for accessing, analysing and managing financial services information and analysing data
3 well-developed 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 using integrated financial systems and using spreadsheets and databases and internet information
6 learning skills to maintain knowledge of statutory reporting requirements and procedures
7 well-developed 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 reportingstatutory requirements and procedures
9 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
10 organisational skills, including the ability to plan and sequence work and correctly schedule reporting
Required Knowledge
1. financial report formats and quality indicators
2. industry codes of practice
3. organisation policy and procedures
4. relevant acts and regulations
5. relevant legal systems and procedures impacting on the financial services industry
Teaching Schedule
Week | Week Commencing | Topic |
Elements & Criteria ACCT 5313C |
Elements & Criteria BAFI 5186C |
Assessment ACCT 5313C |
Assessment BAFI 5186C |
1 | 6/2/2012 | Introduction (including RPLs) 1 - Issue of shares & debentures |
1.1 | 1.1 | ||
2 | 13/2/2012 | 2 - Finalization P/L and retained earnings (including asset revaluations) |
1.1, 1.3 | |||
3 | 20/2/2012 | 3 - Tax effect accounting |
1.1, 1.3 & 1.4 | Assignment Part 1 due | ||
4 | 27/2/2012 | 4 - GPFR & Statutory Reporting Requirements |
1.1, 1.3, 1.4, 2.1, 2.2, 2.3 | 1.1, 1.2, 1.3 | Research & Report Presentation | |
5 | 5/3/2012 | 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 | ||
6 |
12/3/2012 (Mon public holiday) |
6 – Balance Sheets & supporting notes | 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 | 1.1, 1.2, 1.3 | ||
7 | 19/3/2012 | Integrated exercises | 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 | 1.1, 1.2, 1.3 | ||
8 | 26/3/2012 | ASSESSMENT WEEK Revision | Reference assessment | Reference assessment | ||
9.1 |
2/4/2012 (Mon to Wed) |
7 - Cash Flow Statements & supporting notes | 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 | 1.1, 1.2, 1.3 | Review reference assessment | Review 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, 1.3 | Assignment Part 2 due | |
10 | 16/4/2012 | 7 - 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 | ||
12 | 30/4/2012 |
9 - Business Combinations 10 - Consolidated Reporting |
1.1, 1.3 1.1, 1.2, 1.3, |
1.1, 1.2, 1.3 1.1, 1.2, 1.3, 2.1, 2.2, 3.1 |
||
13 | 7/5/2012 | 10 - 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 |
||
14 | 14/5/2012 | 10 - 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 |
||
15 | 21/5/2012 | 10 - 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 | |
16 | 28/5/2012 | ASSESSMENT WEEK Revision | Reference assessment | Reference assessment | ||
17 | 4/6/2012 | Review course & reassessments | Review reference assessment | Review reference assessment |
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 |
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 Task | Description |
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 |
Assignment | 1. 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 8 |
1 3 |
||||
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 1 - 7) |
1.1 1.3 1.4 2.1 2.2 2.3 |
1-3 |
1 3 |
1 7 9 |
1.1, 1.2,1.3 | 1 - 2 |
3 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 |
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 Exercise | A report will be selected and students must format and present that report on a spreadsheet | 1.1 1.3 1.4 2.2 |
1-3 |
1 3 |
2 3 4 |
||||
Research & Presentation | Students 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 preparing financial reports to meet statutory requirements.
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 to prepare reports in compliance with statutory requirements. You should be able to demonstrate a thorough understanding of some applicable legislative requirements that relate to financial reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for appropriate techniques & processses in compiling & presenting corporate reports for external users & statutory authorities. You also need to show an understanding of the kinds of problems that can arise in the timely presentation & submission of 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 & required teamwork. In addition you should demonstrate a range of well-developed communication & inter-personal 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