Course Title: Prepare financial reports to meet statutory requirements

Part B: Course Detail

Teaching Period: Term1 2014

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

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
1.2. Sources of data are constantly reviewed to remain aware of changes and
1.3. Existing reports are used as a guideline for content and format where
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
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

Primarily you will be learning on a face to face basis with the support of an online course site for dissemination of materials and to access exercises.  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 then 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 the online course site 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

Full Time Students


Elements & Criteria

ACCT 5313C

Elements & Criteria

BAFI 5186C
Class Work


ACCT 5313C 


BAFI 5186C

Introduction (including RPLs)
Compliance and accounting standards  Company registrations  

1 - Issue of shares & debentures


Power Point

Journals and Reports


1 - Issue of shares & debentures

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

1.1, 1.3 1.1Power Point

Journals and Reports

Company registrations to be finalizedCompulsory Ex 1

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

3 - Tax effect accounting 


1.1, 1.3 & 1.4 Power Point

Journals Ledgers and Reports

Compulsory Ex 2
43/3/20143 - Tax effect accounting
1.1, 1.3 & 1.4 

Journals Ledgers and Reports


Ass 1, Part 1

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 Ledgers and Reports

Ass 2, Part 1

617/3/20144 – 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 Ledgers and Reports

Ass 1, Part 2

Ass 1, Part 2


5 – Balance Sheets & supporting notes1.1, 1.3, 1.4, 2.1, 2.2, 2.31.1, 1.2, 1.3Power Point

Ledgers and Reports

Ass 2, Part 2 
831/3/2014Intergrated Exercises  Journals Ledgers and Reports
Ass 2, Part 3 


6 - Cash Flow Statements & supporting notes1.1, 1.3, 1.4, 2.1, 2.2, 2.31.1, 1.2, 1.3Power Point

Ledgers and Reports

Ass 2, Part 4Ass 2, Part 4
1014/4/20146 - Cash Flow Statements & supporting
1.1, 1.3, 1.4, 2.1, 2.2, 2.31.1, 1.2, 1.3

Ledgers and Reports



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 3Ass 1, Part 3

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

1312/5/20147 - Consolidated Reporting1.1, 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






1526/5/2014Assessment Week   Ass 3Ass 3

 **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.


R Rodgers, Company Accounting and Financial Statements (6th Edition) Cengage Learning (2014)   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 course site progressively throughout the semester. Students will need to access the appropriate topic folders 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 and part 3 is an individual effort. Part 1 and Part 2 are to be submitted online and your teacher may also request a hard copy.  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 consultation with a colleague.  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 and your teacher may also request a hard copy.   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 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. 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 assessment they will be given one opportunity to reassess the necessary sections to achieve competency.

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

**If deemed necessary students will be asked to recreate any part of their assignments at a prearranged time.  On an individual basis the candidate will be required to successfully demonstrate how a specific outcome was delivered.  Therefore although much of the assignment work is to be completed in teams of two, team members must be knowledgeable on and familiar with ALL aspects of the assignments.


Assessment Matrix

Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information:
Form to use:
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information:;ID=g43abm17hc9w
Form to use:

Resubmissions (VET Programs):
If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
More Information:;ID=7usdbki1fjf31

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