Course Title: Prepare financial reports to meet statutory requirements

Part B: Course Detail

Teaching Period: Term1 2013

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

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


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


1. Identify statutory requirements for reports
2. Plan for provision of reports
3. Analyse and consolidate reports
4. Submit reports for authorisation
5. Distribute reports

Performance Criteria:

1.1. Information on statutory rules are regularly and comprehensively reviewed to ensure all requirements for reporting are planned for and met in the required manner
1.2. Sources of data are constantly reviewed to remain aware of changes and amendments
1.3. Existing reports are used as a guideline for content and format where available
2.1. Timelines are established in order to meet report deadlines and data requirements communicated to internal users unambiguously
2.2. Lead times are set that ensure adequate time is available and allowance made for contingencies
3.1. Reports are reviewed to ensure accuracy with internal accounting records and completeness of data and reviewed and cross-referenced against detailed statutory requirements
3.2. Explanation of report results is justified where necessary in the required format
3.3. Reports are prepared in an accurate, timely and thorough manner and with a detailed and clear audit trail to ensure comprehensive financial monitoring can be carried out
4.1. All reports comply fully with auditor requirements
4.2. All required sign-offs, approvals and authorisations are obtained from responsible parties
5.1. Authorised reports are distributed to all parties in a timely manner
5.2. Confirmation of receipt of reports is obtained in order to complete organisation record of compliance

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 

  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


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

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,
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  Ass 2, Part 2  
    Mid Semester Break        
7 (cont.)   5 – Balance Sheets & supporting notes 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3    
8 8/4/2013 Integrated exercises      Ass 2, Part 3  


7 - Cash Flow Statements & supporting notes 1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3    
10 22/4/2013 7 - Cash Flow Statements & supporting
1.1, 1.3, 1.4, 2.1, 2.2, 2.3 1.1, 1.2, 1.3 Ass 2, Part 4 Ass 2, Part 4


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

13 13/5/2013 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 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   URL:

Other Resources

All relevant learning resources will be placed on the online learning hub ( 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 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 preparing financial reports to meet statutory requirements.


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.


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.


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 & 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