Course Title: Prepare financial statements for non-reporting entities
Part B: Course Detail
Teaching Period: Term2 2025
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
School: 525T Business & Enterprise
Campus: City Campus
Program: C4435 - Certificate IV in Accounting and Bookkeeping
Course Contact: Nick Reynolds
Course Contact Phone: +61 3 9925 0791
Course Contact Email: nick.reynolds@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
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 standards1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures1.3 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 requirements2.2 Review statements for errors and compliance with accounting standards and organisational procedures, and amend as required2.3 Obtain verification and authorisation from delegated persons |
Learning Outcomes
Details of Learning Activities
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 / online workshop for 9 weeks and will be heavily supported by learning and assessment materials accessible online via Canvas.
Teaching Schedule
| Week 1 | Introduction, Welcome and Orientation and Important Information about the unit course, Teacher contact info, Canvas Navigation, Unit Modules, Resources/Textbook, Assessment and other Q&A about the unit. Start Chapter 1: Financial reporting and the Regulatory |
Chapter 1 : Self-Testing Exercises At the end of this session, please attempt Quiz Chapter 1 |
| Week 2 | Chapter 3: Introduction to Cash Flows | Chapter 3 : Self Testing Exercises Chapter 3: Review questions (even number questions only) |
| Week 3 | Chapter 4: Management Reports & Analysis |
Chapter 4: Self-Testing Exercises Chapter 4: Review Questions (even number questions only) |
| Week 4 |
Chapter 5.1 Formation of a Partnership Assessment 1 Review and Q& A |
Chapter 5: Self Testing Exercises |
| Week 5 | Chapter 5.2 Operation of a Partnership |
Chapter 5: Self Testing Exercises Assignment 1 due |
| Week 6 |
Chapter 5.3 Introduction of an additional partner Assessment 2 Review and Q& A |
Chapter 5: Self Testing Exercises |
| Week 7 | Chapter 6: Not-for-Profit Organisations |
Chapter 6: Self Testing Exercises Chapter 6: Review questions (even number questions only) |
| Week 8 |
Chapter 6: Not-for-Profit Organisations (Cont'd) Assessment 2 Review and Q& A |
Assessment 2 due |
| Week 9 | Resubmission |
Learning Resources
Prescribed Texts
Prepare Financial Statements for Non Reporting Entities by Gavin Dumbrell and Rex Walsh - 8th Edition (January, 2021) |
978-1-76073-159-5 |
References
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.
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
Summary and Purpose of Assessments
There is a total of two (2) assessment tasks you need to complete for this unit. This is the first assessment task (Assessment Task 1). Both assessment tasks must be satisfactorily completed to be deemed as competent in this unit.
Assessment 1: Cash Flow and Management Report & Analysis
Purpose
The purpose of this assessment is to assess student understanding in differences between non-reporting entities and reporting entities, their key characteristics, and the purpose of preparing financial statements. Students demonstrate ability in describing key features of organisational guidelines, procedures relating to preparing financial statements for non-reporting entities include financial legislation covering taxable transactions and reporting requirements. The students also need to explain advantages and disadvantages of ratios, comparison techniques methods of presenting financial data.
What
- Complete the following 8 tasks. These are based on common predictable accounting problems using different sources of information and involve a range of scenarios.
- Download the assessment document from Canvas and complete the questions. Save in Microsoft Word format and upload your assignment via Canvas.
- You MUST complete all sections; student name, ID, signature and date where appropriate on the information sheet that has been provided.
- When completing the tasks, you need to pay attention to the reliability of the data and ensure accuracy throughout your workings.
- You need to perform a check on your final calculations, including reviewing against all internal and external financial data sources were given in the questions and must ensure they follow all necessary protocols, policies and procedures and accounting standards.
Where
Student will be provided some class time to work on this assessment, however, it is expected that most of this assessment will be completed outside of class.
How
You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result, you need to correctly answer all the questions. Ensure that you submit all tasks because you will be assessed on the documentation you provide.
Feedback and results will be provided in Canvas in the Grades section via comments or rubrics.
Instructions on submitting your Product Assessment
Students are required to submit these answers into a Word document and upload onto Canvas. Name your file as: < your student number _your name_ FNSACCT414_ Assessment 1 – Cash Flow and Management Report & Analysis >. For example, 23456789JohnSmith__ Assessment 1 – Cash Flow and Management Report & Analysis.docx
Assessment 2: Partnerships & Not for Profit Organisations
Purpose
The purpose of this assessment is to assess student understanding of the processes involved in accounting for the formation of a partnership, operation of a partnership and the introduction of an additional partner. This assessment also demonstrates student ability to prepare financial accounts and comprehensive statements showing financial position, performance and cash flow for partnership and a not-for-profit organisation.
What
- Complete the following 8 tasks. These are based on common predictable accounting problems using different sources of information and involve a range of scenarios
- Download the assessment document from Canvas and complete the questions. Save in Microsoft Word format (excel can be used for some tasks) and upload your assignment via Canvas.
- You MUST complete all sections; student name, ID, signature, and date where appropriate on the information sheet that has been provided.
- When completing these questions, you need to pay attention to the reliability of the data and ensure accuracy throughout your workings.
- You need to perform a check on your final calculations, including reviewing against all internal and external financial data sources were given in the questions and must ensure they follow all necessary protocols, policies and procedures and accounting standards.
Where
Student may be provided some class time to work on this assessment, however, it is expected that most of this assessment will be completed outside of class.
How
You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result, you need to correctly answer all the questions. Ensure that you submit all tasks because you will be assessed on the documentation you provide.
Feedback and results will be provided in Canvas in the Grades section via comments or rubrics.
Instructions on submitting this Assessment
Students are required to submit these answers into a Word/Excel document and upload onto Canvas. Name your file as: < your student number _your name_ FNSACCT414_ Assessment 2 – Partnership & Not for Profit Organisation >. For example, 23456789JohnSmith__ Assessment 2 – Partnership & Not for Profit Organisation.docx
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: 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
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