Course Title: Prepare financial statements for non-reporting entities

Part A: Course Overview

Program: C4435 Certificate IV in Accounting and Bookkeeping

Course Title: Prepare financial statements for non-reporting entities

Portfolio: Vocational Education

Nominal Hours: 60

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.

Important Information:

Please note that this course may have compulsory in-person attendance requirements for some teaching activities


Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5423C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2024,
Term2 2024

Flexible Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5423C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 VE 2024 (AC4L),

VE 2024 (AC04)

Course Contact: Nick Reynolds

Course Contact Phone: +61 3 9925 0791

Course Contact Email: nick.reynolds@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to prepare financial statements for entities that do not have a statutory duty to file financial reports with government agencies and regulators.

It applies to individuals who use specialised knowledge and systematic approaches to collate and prepare financial information in line with accounting standards.

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

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC414 Prepare financial statements for non-reporting entities

Elements:

1. Compile data required for preparing financial statements for non-reporting entities

2. Prepare financial statements for non-reporting entities

Learning Outcomes


Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • access, analyse and compile required financial data for non-reporting entities
  • calculate financial ratios for liquidity, activity and profitability, and analyse the significance of those calculations
  • prepare financial accounts and comprehensive statements showing financial position, performance and cash flow for:
  • a partnership
  • a not-for-profit organisation.

 

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

 

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Differences between non-reporting entities and reporting entities
  • Different types of non-reporting entities and their key characteristics
  • Purpose of preparing financial statements for non-reporting entities
  • Key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities
  • Key features of financial legislation covering:
  • taxable transactions
  • reporting requirements
  • Advantages and disadvantages of:
  • ratios and comparison techniques
  • methods of presenting financial data

 

Assessment Conditions

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

  • office equipment, technology, software and consumables required to prepare financial statements for non-reporting entities.

 

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Feedback

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.