Course Title: Prepare financial reports for corporate entities

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: ACCT5427C

Course Title: Prepare financial reports for corporate entities

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

Nurjis Sethi

 

nurjis.sethi@rmit.edu.au

+613 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

BSBFIA401 Prepare financial reports, AND

FNSACC311 Process financial transactions and extract interim reports

Course Description

This unit describes the skills and knowledge required to prepare financial reports for a corporate reporting entity. It 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 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:

FNSACC514 Prepare financial reports for corporate entities

Element:

1. Compile and analyse data

Performance Criteria:

1.1 Systematically code, classify and check data for accuracy and reliability according to organisational policy, procedures and accounting standards

1.2 Use conversion and consolidation procedures to compile data according to organisational policy and procedures

1.3 Transfer data to computerised systems as required

1.4 Record valuations in compliance with accounting standards

1.5 Identify and record effects of taxation

Element:

2. Prepare reports

Performance Criteria:

2.1 Present charts, diagrams, tables and supporting data in required format

2.2 Prepare reports according to statutory and ethical requirements, and organisational procedures relating to conflict of interest, confidentiality, and disclosure requirements

2.3 Confirm that structure and format of reports are clear and comply with statutory and organisational requirements

2.4 Review statements and data for errors and compliance with statutory requirements and organisational procedures, and amend as required

Learning Outcomes



Details of Learning Activities

Welcome to Company Accounting. Its formal name is Prepare Financial Reports for Corporate Entities.  This course will be delivered through face-to-face classes and by accessing materials and resources here in Canvas. In this course you will learn how to prepare formal financial reports for reporting entities such as large companies.

In the your first semester you learnt accounting basics and how to prepare simple financial statements.  In this semester you will learn how to prepare financial reports which comply with accounting standards, some of the Australian Stock Exchange (ASX) requirements and other statutory requirements.

You will get to analyse a report of a company which is listed on the  ASX.  


Teaching Schedule

 

 

 

Weekly schedule

Week

Topics                                                 

Assessments  

1

1 - Company Formation, Shares & Debentures

Chapter 1 and 2 

Chapter 3 (briefly)

Notes on CANVAS

 

2

2 - Finalization of P&L and Retained Earnings including the following: 

Income tax expense (briefly) 

Reserves and Provisions

Dividends

We will also be briefly looking at the following and will come back to these later in the course:

Impairment of goodwill and investment 

Amortization/Impairment of intangible assets

Chapter 5 and 9

Notes on CANVAS

 

3

3 - Tax effect accounting

Chapter 6

Notes on CANVAS

 

4

3 - Tax effect accounting

Chapter 6

Notes on CANVAS

  

5

4 - Income Statement & Statement of Change in Equity with supporting notes: manual & on EXCEL 

Chapter 8 & 9

Notes on CANVAS

 

6

4 - Income Statement & Statement of Change in Equity with supporting notes 

Chapter 8 & 9

Notes on CANVAS

 

Assessment 1 Part A and B dues dates will be advised by your teacher. 

Assessment 1 Part A - (Online Quiz) to be completed online as advised by your teacher

Assessment 1 Part B- (In class) test- Tax Effect Accounting

7

4 - Income Statement & Statement of Change in Equity with supporting notes 

Chapter 8 

Notes on CANVAS

 

8

 No Class/ Catch up Week

 

 

Semester Break

 

9

5 - Balance Sheet & supporting notes: manual & on EXCEL

Chapter 8 

Notes on CANVAS

 

 10

5 - Balance Sheet & supporting notes

Integrated exercises 

Chapter 8 

Notes on CANVAS

Assessment 2 Release

11

6 - Cash Flow Statement & supporting notes

Chapter 7

Notes on CANVAS

 

12

6 - Cash Flow Statement & supporting notes  

Chapter 7

Notes on CANVAS

 

13

7 - Consolidated Reporting and Business Conversions

Chapter 4 and 10

Notes on CANVAS

Assessment 2 

Submit on-line as advised by your teacher

  • Feedback in week 14
  • Resubmissions week 15

14

7 - Consolidated Reporting and Business Conversions

Chapter 4 and 10

Notes on CANVAS

 

15

 ASSESSMENT WEEK

 

Assessment 3 (in class) as advised by your teacher

  • Feedback week 15
  • Resubmissions week 16

16

REASSESSMENTS 

 

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

 

 

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

 

 


Learning Resources

Prescribed Texts


References


Other Resources

Primary suggested text: Prepare Financial Reports for Corporate Entities, Gavin Dumbrell & Damien Kelly 5th Edition (January, 2019)ISBN: 978-1-76073-077-2 

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

Alternate suggested text: Alexander D Mills, Company Accounting (3rd edition), Cengage Learning, 2018


Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • access, compile and analyse data and prepare reports for corporate entities, including:
    • shareholders funds reports
    • reports aiding the acquisition of corporate entities
    • tax affected account reports
    • consolidated financial reports
  • confirm data and reports comply with:

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

    • organisational policies and procedures
    • ethical requirements
    • required accounting standards
    • statutory and reporting body requirements.

 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.

  • Current business taxation requirements for preparing corporate accounting reports
  • Current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
  • Ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements
  • Industry-standard methods and formats used to present financial data
  • Options, methods and practices for recording and reporting deductions, benefits and depreciation
  • Key requirements of organisational policies and procedures relating to preparing financial reports for corporate entities
  • 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 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 reports for corporate entities
  • organisational records, policies and procedures relating to above work.

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

Assessments

This course features the following assessments conducted in class and online:

Assessment 1 Part A- Online quiz (topics covered up till week 5)

Assessment 1 Part B- In class test on Tax effect accounting. (This assessment will be in class and will looking at the tax effects on a set of accounts)

Assessment 2- Preparation of General Purpose Financial Reports

(In this assessment you will be required to prepare a formal set of financial reports)

Assessment 3- In class test on Consolidations, Conversions & Cash Flow Statements

(This assessment will be in class and will assess your knowledge of accounting conversions, consolidations and cash flow statements.)

*Please note

The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity. 

 

AND

 

Students must satisfactorily complete all assessment tasks in order to obtain competency in this course.


Assessment Matrix

Other Information

All assessments will utilise a competency-based model and will be deemed with either a Satisfactory or Not Satisfactory outcome. 

Course Overview: Access Course Overview