Course Title: Prepare financial reports for a reporting entity

Part B: Course Detail

Teaching Period: Term2 2011

Course Code: ACCT5256C

Course Title: Prepare financial reports for a reporting entity

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Jenny Seiler

Course Contact Phone: +61 3 9925 1621

Course Contact Email:jenny.seiler@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

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.

Pre-requisites and Co-requisites

       NIL

Course Description

This unit covers the development and preparation of financial reports for a reporting entity. A reporting entity is where there is public interest in the entity and these parties do not have the power to demand information.

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:	FNSACCT504B Prepare financial reports for a reporting entity
Element:	1. Compile Data
Performance Criteria:	1.1 Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies, procedures and accounting standards 1.2 Conversion and consolidation procedures are used to compile data in accordance with organisational policiesand procedures 1.3 Valuations in compliance with relevant accounting standards are recorded 1.4 Effects of taxation are identified and recorded
Element:	2. Prepare Reports
Performance Criteria:	2.1 Charts, diagrams and supporting data are presented in an appropriate format 2.2 Structure and format of reports are clear and conform to statutory requirements and organisational procedures 2.3 Statements and data are error free, comprehensive and comply with statutory requirements and organisational procedures

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.

Critcial Aspects of Evidence

To achieve competency in this unit, a person must be able to demonstrate:

1. knowledge of organisational policies and procedures 
2. knowledge of relevant accounting standards 
3. knowledge of relevant statutory requirements 
4. ability to compile data 
5. ability to prepare reports

Required Skills

1. interpersonal skills and communication skills (eg liaising, listening, consulting) 
2. working with and relating to a range of people and groups 
3. report writing, preparation and formatting 
4. numeracy skills for calculation of data 
5. researching for data testing and collection 
6. estimating, forecasting and analysis skills 
7. information technology (IT) skills for set up and use of spreadsheets and preparation of documents

Required Knowledge

1. options, methods and practices for deductions, benefits and depreciations 
2. organisational guidelines and procedures 
3. principles of double entry bookkeeping and accrual accounting 
4. relevant business legal requirements 
5. methods of presenting financial data 
6. current financial legislation (eg taxable transactions, reporting requirements 
7. ethical considerations (eg conflict of interests, confidentiality, disclosure requirements) 
8. accounting computerised systems 
9. current business taxation requirements

Teaching Schedule

Week	Week Commencing	Topic	Elements	Learning Activities
1	4/7/2011	Introduction (including RPLs) 1 - Finalization P/L and retained earnings (including asset revaluations)	1.1, 1.3,	Journals and ledgers to update asset revaluations and to finalize accounts
2	11/7/2011	1 - Finalization P/L and retained earnings (including asset revaluations) 2 - Tax effect accounting	1.1, 1.3, 1.4	Journals and ledgers to update asset revaluations and to finalize accounts Calculate tax liabilities, tax assets and tax expense. Complete journals and ledgers
3	18/7/2011	2 - Tax effect accounting 3 – GPFR	1.1, 1.4,	Calculate tax liabilities, tax assets and tax expense. Complete journals and ledgers
4	25/7/2011	3 - GPFR 4 – Income Statements & Statement of Change of Equity Assessment 1 Part 1 Due	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Recognise reporting entities and differentiate between GPFR and SPFR Complete an income statement and change of equity
5	1/8/2011	4 - Income Statements & Statement of Change in Equity	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Complete an income statement and change of equity
6	8/8/2011	5 – Balance Sheets	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Complete an integrated exercise
7	15/8/2011	5 – Balance Sheets	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Complete an integrated exercise
8	22/8/2011	ASSESSMENT WEEK Revision & Assessment 2
	29/8/2011	MID SEMESTER BREAK
9	5/9/2011	6 – Cash Flow Statements Assessment 1,  Part 2 Due	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Complete cash flow statements and reconciliations
10	12/9/2011	6 – Cash Flow Statements 9 – Current Reporting Trends	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Complete cash flow statements and reconciliations
11	19/9/2011	7 – Business Combinations	1.1, 1.3	Complete journals and ledgers
12	26/9/2011	8 - Consolidated Reporting Assessment 1 Part 3 Due	1.1, 1.2, 1.3, 2.1, 2.2, 2.3	Complete consolidated journals and worksheets
13	3/10/2011	8 - Consolidated Reporting	1.1, 1.2, 1.3, 2.1, 2.2, 2.3	Complete consolidated journals and worksheets
14	10/10/2011	8 - Consolidated Reporting	1.1, 1.2, 1.3, 2.1, 2.2, 2.3	Complete consolidated journals and worksheets
15	17/10/2011	10 - Operating Segments	1.1, 1.3, 1.4, 2.1, 2.2, 2.3	Identify reportable segments and analyse a segment report
16	24/10/2011	Revision & Assessment 3
17	31/10/2011	Review Assessment 3, review course & reassessments

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 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 Woodford, WL & Mills AD, Company Accounting (2008), Pearson Prentice Hall URL: http://www.aasb.com.au/ URL: http://www.asx.com.au/ListingRules/Chapters/Chapter04.pdf URL: http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/

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

Assessment 1 (Assignment)

1.  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.

2.  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),

3. 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 from the foyer on level 13 or 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.

Assessments 2 &3  (Reference Assessment)

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
During the semester, each student will be required to submit a final report on a spreadsheet.  This must be submitted prior to Week 15.

Assessment Matrix

Assessment Task	Description	Assessment Method	Element	Critical Evidence	Required Skills	Required Knowledge
1	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	Assignment	1.3 1.4 2.1 2.2 2.3	1 2 3	1 2 3 5 6	1 2 4 5 6 7 9
2	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 TOPICS 1, 2, 3, 4 & 5	Reference Assessment	1.1 1.3 1.4 2.1 2.2 2.3	1-5	3 4	1 2 3 4 5
3	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 TOPICS 6, 7, 8, 9 & 10	Reference Assessment	1.1 1.2 1.3 2.1 2.2 2.3	1-5	3 4	1 2 3 4 5
Class Exercise	A report will be selected and students must format and present that report on a spreadsheet	Class Exercise	1.1 1.3 1.4 2.2	1-5	3 4 7	4 5 6 8

Other Information

Previous Recommended Study
ACCT-5112C, Prepare Financial Reports
ACCT-5180C, Maintain Financial Records
ACCT-5237C, Prepare Financial Statements

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)

Course Overview: Access Course Overview