Elements and Performance Criteria

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.
The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Data may include:
share and debenture issues
financial/operational statements and reports (eg expenditures and receipts, statements of financial performance, cash flow statements, statements of financial position, consolidated financial statements and notes to the accounts)
market valuations
Accounting standards may include:
Australian Accounting Standards Board (AASB)
Australian Accounting Standards
Conversion and consolidation procedures may include:
purchase of the business by a company
consolidation of a wholly and partially owned subsidiaries
consolidation of controlled entities
Organisational policies and procedures may include:
accounting procedures manuals
ethical requirements
reporting requirements
Reporting entities may include:
wholly owned subsidiaries
partially owned subsidiaries
significant influence over
joint ventures
other joint corporate arrangements
Statutory requirements may include:
reporting periods
taxation payment timings
delegated authorities
disclosure requirements
Report may include:
cash flow statements
statutory forms
financial year reports
statement of financial position
receiver/liquidator reports

statement of financial performance
spreadsheets
electronic forms
consolidated financial statements
Significant issues may include:
profitability
liquidity
company restructuring
company liquidation
losses and returns
cost structures
errors and anomalies
statutory obligations

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of organisational polices and procedures
knowledge of statutory requirements
knowledge of accounting standards
ability to comply data
ability to identify appropriate entities reporting
ability to prepare reports
ability to analyse reports
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
Prerequisite units:
FNSACCT504B Prepare financial reports for a reporting entity.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.