Course Title: Prepare financial reports for corporate entities
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: ACCT5442C
Course Title: Prepare financial reports for corporate entities
School: 525T Business & Enterprise
Campus: City Campus
Program: C5424 - 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
Naveen Garg
naveen.garg@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
There is no pre-requisite for this unit.
Course Description
This unit describes the skills and knowledge required to prepare financial reports for a corporate reporting entity according to statutory reporting requirements. This includes compiling and analysing data for the reports.
The unit 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. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC524 Prepare financial reports for corporate entities |
Element: |
1. Compile and analyse data |
Performance Criteria: |
1.1 Code, classify and systematically check data for accuracy and reliability according to organisational policies, procedures and accounting standards 1.2 Compile data according to conversion and consolidation procedures, and organisational policies and procedures 1.3 Transfer data to computerised systems as required 1.4 Record valuations according to accounting standards 1.5 Identify and record effects of taxation |
Element: |
2. Compile reports |
Performance Criteria: |
2.1 Prepare reports according to statutory and ethical requirements, and organisational procedures relating to conflict of interest, confidentiality, and disclosure requirements 2.2 Present charts, diagrams, tables and supporting data in required format 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
|
1 - Company Formation, Shares & Debentures Chapter 1 and 2 |
Self Test Exercises |
| 2 |
Chapter 3 - Debentures and other debt instruments (very briefly with few exercises) Chapter 4 - Converting to a Company and Business Combinations |
Self Test Exercises |
| 3 |
Chapter 5 - Reserves, Provisions and dividends Chapter 6 - Accounting for Income Tax |
Self Test Exercises |
| 4 | Chapter 6 - Accounting for Income Tax |
Self Test Exercises |
| 5 |
Chapter 6 - Accounting for Income Tax Review of Assessment 1 Part A |
Assessment 1 Part A Knowledge Assessment task to be completed and submitted by Sunday midnight. |
| 6 | Chapter 8 - Report presentation |
Assessment 2 Release Assessment 1 Part B - second class in Week 6) (Online Submission test - Tax Effect Accounting) |
| 7 | Chapter 8 - Report presentation |
Self Test Exercises |
| 8 | Chapter 8 - Report presentation |
Self Test Exercises |
9 |
Chapter 7 - Statement of Cash Flows |
Assessment 2 Profit and Loss Statement and the Statement of Changes in Equity is due |
10 |
In Class presentations |
Feedback provided Assessment 1 Part A and Part B Assessment 2 "Balance Sheet and the supporting notes are due" |
11 |
In Class Presentations |
Assessment 2 in class Group Presentation is due Submit PP presentation on-line as advised by your teacher/ in class presentations |
12 |
Chapter 9 - Impairment of Assets |
|
13 |
Chapter 10 - Consolidations |
|
14 |
Assessment queries |
|
15 |
Assessment 3 Review |
Assessment 3 is due on Sunday Midnight |
16 |
Resits and resubmissions |
|
17 |
Feedback and resubmissions |
|
18 |
Feedback posting on Canvas |
** It's important for students to be aware that a syllabus is a tentative plan for the course and that changes may occur throughout the semester. The teaching schedule may be subject to change. It's a good idea for students to periodically check the syllabus for updates and to communicate with their instructors if they have any questions or concerns about changes to the course information.
Learning Resources
Prescribed Texts
Prepare Financial Reports for Corporate Entities, Gavin Dumbrell & Damien Kelly 6th Edition (2023) |
ISBN: 978-1-76073-286-8 |
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
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- prepare at least one of each of the following financial reports for corporate entities:
- shareholders’ funds report
- report aiding the acquisition of a corporate entity
- tax affected account report
- consolidated financial report.
In the course of the above, the candidate must confirm that data and reports comply with:
- organisational policies and procedures
- ethical requirements
- required accounting standards
- statutory and reporting body requirements.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- 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
- requirements of organisational policies and procedures relating to preparing financial reports for corporate entities
- requirements of conversion from one business structure to another and consolidation procedures relating to preparing financial reports for corporate entities
- business legal requirements relating to delegated authorities, reporting periods, and taxation payment timings.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes 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 requirements for assessors 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
Please refer the assignment tab on Canvas for detailed information and timings of the assignments.
*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
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:
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