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: |
|
Element: |
2. Prepare Reports |
Performance Criteria: |
|
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:
- knowledge of organisational policies and procedures
- knowledge of relevant accounting standards
- knowledge of relevant statutory requirements
- ability to compile data
- ability to prepare reports
Required Skills
- interpersonal skills and communication skills (eg liaising, listening, consulting)
- working with and relating to a range of people and groups
- report writing, preparation and formatting
- numeracy skills for calculation of data
- researching for data testing and collection
- estimating, forecasting and analysis skills
- information technology (IT) skills for set up and use of spreadsheets and preparation of documents
Required Knowledge
- options, methods and practices for deductions, benefits and depreciations
- organisational guidelines and procedures
- principles of double entry bookkeeping and accrual accounting
- relevant business legal requirements
- methods of presenting financial data
- current financial legislation (eg taxable transactions, reporting requirements
- ethical considerations (eg conflict of interests, confidentiality, disclosure requirements)
- accounting computerised systems
- 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. |
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 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 |
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