Course Title: Prepare financial statements for non-reporting entities

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: ACCT5423C

Course Title: Prepare financial statements for non-reporting entities

Important Information:

 

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.

School: 650T Vocational Business Education

Campus: City Campus

Program: C5390 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Naveen Garg

naveen.garg@rmit.edu.au

 

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

None

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC414 Prepare financial statements for non-reporting entities

Element:

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

Performance Criteria:

1.1 Collect data required to produce financial statements from sources in line with accounting standards

1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures

1.3 Check internal and external financial data to confirm their consistency and accuracy

Element:

2. Prepare financial statements for non-reporting entities

Performance Criteria:

2.1 Prepare financial statements using structure and format that comply with accounting standards and organisational requirements

2.2 Review statements for errors and compliance with accounting standards and organisational procedures, and amend as required

2.3 Obtain verification and authorisation from delegated persons

Learning Outcomes



Details of Learning Activities

Welcome to the unit Prepare financial reports for non reporting entities. 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.

This course will be delivered through face-to-face workshop of 3 hours every week, and will be heavily supported by learning and assessment materials accessible online via Canvas.

 


Teaching Schedule

Here is the course summary of the unit. It is just to give a detailed information about the weekly delivery and the progress of the unit.  It provides the information on:

  • When classes will be held
  • What learning materials and activities need to be completed; and,
  • What assessments are due and when 

 Note: There are other courses being delivered together with this course during the 16 weeks schedule.

 

 

Week

Learning Objectives/ Criteria- FNSACC414

Assessments

11

Introduction to course

Unit elements and performance criteria

  • Financial reporting and the regulatory requirements
  • Single Entry and correction of errors

 

Students are required to complete the activities and exercises on CANVAS for this topic

 

 

Assessment 1 handed out in class due week 13 online submission

 

 

 

 

 

 

 

12
  • Introduction to Cash flow
  • Management reports and analysis- financial ratios

 

Students are required to complete the activities and exercises on CANVAS for this topic

 

13

 
  • Partnerships and Non for Profit organisations

 

Students are required to complete the activities and exercises on CANVAS for this topic

Assessment 1 due this week online submission

assessment 2 released

14
  • Partnerships and Non for Profit organisations

 

Students are required to complete the activities and exercises on CANVAS for this topic

 

15
  • IN CLASS revision

 

Students are required to complete the activities and exercises on CANVAS for this topic

Assessment 2 due online submission

16

RESUBMISSIONS/ RESITS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 * Please note this schedule can be subject to change and you will be advised on CANVAS of any changes

 

 

 

 

 

 

 

 


Learning Resources

Prescribed Texts


References


Other Resources

All required material and resources will be made available on CANVAS


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.

 

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

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

Assessment 1 Online submission (due Week 13)

Assessment 2  (due Week 15)

 


Assessment Matrix

Marking Guide (Grading)

If all assessment tasks are satisfactorily completed you will receive a CA (Competency Achieved) grade outcome.

Other Information

Submission Requirements

 

You should: 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (Hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work.  On the cover sheet you declare that the work you are presenting for assessment is your own work.  An assignment cover sheet for submission of each assessment task is available on Canvas.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.   For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

 

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:  http://www.rmit.edu.au/students/assessment/extension

Form to use:  http://mams.rmit.edu.au/seca86tti4g4z.pdf

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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)

Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

Grading & re-submissions

Re-submissions do not contribute to your overall grade for the course.

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: http://rmit.edu.au/browse;ID=7usdbki1fjf31

 

Marking Guide (Competency):

 

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

 

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

Course Overview: Access Course Overview