Course Title: Prepare financial statements for non-reporting entities

Part B: Course Detail

Teaching Period: Term2 2022

Course Code: ACCT5423C

Course Title: Prepare financial statements for non-reporting entities

Important Information:

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

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption. 

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT:

Please read the Student website for additional requirements of in-person attendance: 

Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance. 

School: 525T Business & Enterprise

Campus: City Campus

Program: C4398 - Certificate IV in Accounting and Bookkeeping

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Naveen Garg

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


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


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



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 every week from Week 11 until Week 16, and will be heavily supported by learning and assessment materials accessible online via Canvas.

Teaching Schedule

Course Schedule

ACCT5423C Prepare financial statements for non-reporting entities                       

Note: This course is being delivered from Week 11 until Week 16 only




Unit(s) of Competency

Week 11

Chapter 1,3,4 - Non Reporting Entities | Cash Flow | Management Report Analysis

Prepare financial statements for non-reporting entities (Links to an external site.)

Week 12

Chapter 5 - Partnership

 Assessment Task 1 due - online submission

  As above

Week 13

Chapter 5 - Partnership  cont

  As above

Week 14 

Chapter 6 - Not For Profit Organisation

  As above

Week 15

Study Support | Finalising Assessment |Submission | Resubmission | Feedback

Assessment Task 2 due - online submission

  As above

Week 16

Study Support | Final week for Resubmission | Q&A and Feedback

 As above

** The teaching schedule may be subject to change.  You will be advised in class and via Canvas Announcements if changes become necessary.


Learning Resources

Prescribed Texts

Prepare Financial Statements for Non Reporting Entities by Gavin Dumbrell & Rex Walsh 8th Edition (January, 2021)

ISBN: 978-1-76073-159-5


Other Resources

All required materials and resources will be made available on Canvas.

Any recommended/required textbook will be advised via 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 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 submission - due Week 12

Assessment 2 submission - due Week 15

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 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:

Form to use:

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:;ID=g43abm17hc9w (unresolved)

Form to use:

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:;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