Course Title: Prepare financial reports for corporate entities

Part B: Course Detail

Teaching Period: Term2 2021

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

Anjella Davydov

anjella.davydov2@rmit.edu.au


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 a unit commonly described as '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 Certificate IV program you learnt basic double-entry accounting as it applied to sole proprietorships, partnerships ,and not-for-profit entities. However, in this unit you will learn how to prepare financial reports which must comply with accounting standards, some of the Australian Stock Exchange (ASX) requirements and other statutory requirements. As part of your learning you will get to analyse a report of a company which is listed on the ASX.  


Teaching Schedule

Week
1


Introduction to course
(No Class)

Pre-class work:

  • Watching the welcome video to familiarise with the course and Canvas shell navigation
  • Reading help and support information
  • Understanding RMIT policies and guidelines
  • Checking Collaborate Ultra- Student guide
  • Viewing Course guide information
  • Getting information on required learning resources

2


1 - Company Formation, Shares & Debentures

Chapter 1 and 2 

Chapter 3 (very briefly)

Notes on CANVAS

Collaborate Session 1

Collaborate Session 2

Assessment 1 Part A and B due dates will be advised by your teacher. 
3

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:

Impairment of goodwill and investment 

Amortization/Impairment of intangible assets

Chapter 5 and 9

Notes on CANVAS

Collaborate Session 1

Collaborate Session 2


4

3 - Accounting for Income Tax

Chapter 6

Notes on CANVAS

Collaborate Session 1

Collaborate Session 2


5

3 - Accounting for Income Tax

Chapter 6

Notes on CANVAS

Collaborate Session 1

Collaborate Session 2


6

3 - Accounting for Income Tax

Chapter 6

Ethical considerations in preparing financial statements

Notes on CANVAS


Collaborate Session 1

Collaborate Session 2


7

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

Ethical considerations in preparing financial statements

Notes on CANVAS

Chapter 8

Collaborate Session 1

Collaborate Session 2

Assessment 2 release
8

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

Ethical considerations in preparing financial statements

Notes on CANVAS

Chapter 8

Collaborate Session 1 (Topic 4)

Collaborate Session 2 (Assessment 1 Part B)

Collaborate Session 2 (or second class in Week 8) - Assessment 1 Part B (Online Submission test - Tax Effect Accounting)

Semester Break 

August 30 to  September 5 

 

 
9


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

Notes on CANVAS

Chapter 8


Collaborate Session 1

Collaborate Session 2

Assessment 1 Part A - Knowledge Assessment task to be completed and submitted by Sunday midnight.

 10

5 - Balance Sheet & supporting notes

Integrated exercises  

Notes on CANVAS

Chapter 8

Collaborate Session 1

Collaborate Session 2


 11

6 - Cash Flow Statement & supporting notes

Notes on CANVAS


Collaborate Session 1

Collaborate Session 2

Feedback provided Assessment 1 Part A and Part B


12

6 - Cash Flow Statement & supporting notes

Notes on CANVAS

Collaborate Session 1

Collaborate Session 2


13

6 – Converting to a Company and Business Combinations 

Chapter 4 

Notes on CANVAS

Collaborate Session 1

Collaborate Session 2


14

7 - Consolidated Reporting and Business Conversions

Chapter 4 and Notes on CANVAS

Collaborate Session 1

Collaborate Session 2

Assessment 2 is due

Submit online as advised by your teacher/ in class presentations 

  • Feedback in Week 15
  • Resubmissions Week 16

15

7 - Consolidated Reporting and Business Conversions

Chapter 4 and Notes on CANVAS

Collaborate Session 1

Collaborate Session 2


16

 ASSESSMENT WEEK

Collaborate Session 1

Collaborate Session 2


Assessment 3 as advised by your teacher

  • Resubmissions Week 17
17 Resubmissions

Collaborate Session 1

Collaborate Session 2

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

Prepare Financial Reports for Corporate Entities, Gavin Dumbrell & Damien Kelly 5th Edition (January 2019)

ISBN: 978-1-76073-077-2


References

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

Company Accounting (3rd edition), Alexander D Mills, Cengage Learning, 2018


Other Resources


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 Task 1 Part A - Week 8: Short answer questions (topics covered up until Week 7)

Assessment Task 1 Part B - Week 8: In class test on Tax effect accounting.

Assessment Task 2 - Week 14: Preparation of General Purpose Financial Reports

(In this assessment you will be required to prepare a formal set of financial reports in groups of 2)

Assessment Task 3 - Week 16: Test on Consolidations, Cash Flow Statements, Ethics & Conversions.

(This assessment will be in-class supervised)

*Please note

The Teacher or Course Coordinator may at any time ask students to demonstrate and/or reproduce assessments to validate their authenticity. 


AND


Students must satisfactorily complete all assessment tasks (and parts) in order to obtain competency in this course.












Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS under Assignments.

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

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 the Assessment task document that includes a declaration and statement of authorship.
  • 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.

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:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

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 five working days after the assessment task deadline or scheduled examination.

More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

 

Re-submissions (VE Programs):

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task 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.

 

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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

  

 

Final Results

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. The following grades are available for this course:

CA Competency Achieved

NYC Not Yet Competent

DNS Did Not Submit for Assessment

Course Overview: Access Course Overview