Course Title: Prepare financial reports for corporate entities

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5381C

Course Title: Prepare financial reports for corporate entities

School: 650T Vocational Business Education

Campus: City Campus

Program: C5347 - Diploma of Accounting

Course Contact : Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact

Name and Contact Details of All Other Relevant Staff

Jenny Wotzko

+61 3 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 skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.

It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC504 Prepare financial reports for corporate entities


1. Compile data

Performance Criteria:

  1.1 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy, procedures and accounting standards
1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures
1.3 Ensure accurate transfer of data to computerised systems as required
1.4 Record valuations in compliance with relevant accounting standards
1.5 Identify and record effects of taxation


2. Prepare reports

Performance Criteria:

2.1 Present charts, diagrams and supporting data in appropriate format

2.2 Ensure structure and format of reports are clear and conform to statutory requirements and organisational procedures

2.3 Ensure statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures


Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course is as follows but please note that it is subject to change.

     Week Week CommencingTopics                                                             Assessment   
 1 08/02/16

1 - Corporate Entities

Compliance and accounting standards

 2 15/02/16

2 - Finalization of P&L

(including entries for asset revaluations) 

and closing entries

for a company

Company registrations

to be finalized

 3 22/02/163 - Tax effect accounting Compulsory exercise
 4 29/02/163 - Tax effect accounting

Assessment 1, Part 1

Submit on-line by 05/03/16

Feedback in week 6

If required, resubmission due by

the end of week 7


 5 07/03/16

4 - Income Statement & Statement of

Change in Equity with supporting notes:

manual & on EXCEL

 6 14/03/16

4 - Income Statement & Statement of

Change in Equity with supporting notes 

Assessment 2, Part 1

(in class)

Feedback in week 8

Resubmissions week 15

 7 21/03/16

5 - Balance Sheet & supporting notes:

manual & on EXCEL

  25/03/16 - 01/04/2016 - Mid Semester Break 

5 - Balance Sheet & supporting notes

Integrated exercises 


6 - Cash Flow Statement &

supporting notes

Assessment 2, Part 2

Submit on-line by 16/04/16

all in EXCEL

Feedback in week 11

Resubmissions week 15


6 - Cash Flow Statement &

supporting notes  

 1125/04/167 - Consolidated Reporting

Assessment 1, Part 2

Submit on-line by 30/04/16

Hard copy of annual report to be

submitted in class week 11

Feedback week 13

Resubmissions week 15

 1202/05/167 - Consolidated Reporting  
 1309/05/167 - Consolidated Reporting & REVISION  

Assessment 3 (in class)

Feedback week 15

Resubmissions week 16


The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

EASTER BREAK - there will be no classes from Friday 25th March to Friday 1st April.  Classes will resume on Monday 4th April.

** The teaching schedule may be subject to change. You will be advised in class & via Blackboard if a change becomes necessary.

Learning Resources

Prescribed Texts

 Prepare Financial Reports for Corporate Entities, Gavin Dumbrell & Damien Kelly (3rd edn) 2014


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.


Rogers, R. Company Accounting and Financial Statements (6th edn), Cengage Learning, 2014 URL: URL:

Other Resources

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • access and accurately compile data and prepare reports for corporate entities that comply with:
    • organisational policy and procedures
    • relevant accounting standards
    • statutory and other relevant requirements of reporting bodies

 Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify and explain current business taxation requirements
  • identify and explain current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
  • discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements
  • explain the key features of integrated computerised accounting systems
  • describe a range of methods and formats for presenting financial data
  • outline options, methods and practices for recording and reporting deductions, benefits and depreciation
  • identify and describe the key requirements of organisational policy and procedures relating to the preparation of financial reports
  • identify and explain the key principles of double-entry bookkeeping and accrual accounting
  • identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables
  • organisational records, policy and procedures

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 

Assessment Tasks

Overview of Assessment

This course is co-delivered and co-assessed with the following competencies:

BAFI5186C  Prepare financial reports to meet statutory requirements

Critical Aspects of assessment

To achieve competency in this unit you must demonstrate evidence of your ability to:

1.  Interpret & apply organisational policies & procedures and relevant accounting standards;

2.  comply with relevant statutory requirements; and

3.  access & accurately compile data and prepare reports.


The assessments for this course have been designed to allow participants  apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.

ASSESSMENT 1 (Due Dates: Part 1 - 05/03/16; Part 2 - 30/04/16)

For this Assessment Task you will be asked to identify current regulations and examine compliance with those regulations in a corporate situation.

This is a two part assignment which will be submitted progressively.  Both parts 1 and 2 are to be submitted on-line.  However, the highlighted and annotated hard copy of the Annual Report you have used for part 2 must be submitted to your teacher during your week 11 class.

ASSESSMENT 2 (Due Dates: Part 1 - in class, Week 6; Part 2 - 16/04/16)

For this assessment task you will be preparing an integrated set of company reports and notes, including tax calculations.

This individual exercise will be completed progressively. Part 1 will be completed in class.  Part 2 will be completed in your own time and submitted on-line.  Part 2 must be presented in EXCEL and your teacher may also request a hard copy.


ASSESSMENT 3 (Due Date: in class Week 14)

For this assessment task you will be preparing consolidated information and a cash flow statement with supporting notes.

This assessment will be completed on an individual basis in class.  You may refer to your selected company report, notes referencing accounting standards and legislative requirements plus class illustrations & exercises

 to answer a selection of questions and prepare reports in a limited time.

 You must successfully complete all assessment tasks to achieve competency.  Please note that if deemed necessary you may be asked to recreate any part of your assessments at a prearranged time, demonstrating to your teacher in an individual interview how a specific outcome was delivered.

Assessment Matrix

Course Overview: Access Course Overview