FNSACC504 document 2

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STUDENT ASSESSMENT PREPARE FINANCIAL REPORTS FOR CORPORATE ENTITIES - FNSACC504 Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 1 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

Instructions You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided. 1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer. 2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment. 3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment. 4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation. 5. You may refer to your student learning resources or any other relevant resources when completing your assessment. 6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission. 7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility. 8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence. 9. You must achieve a satisfactory result for all tasks to achieve competency in this unit. 10.All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required). Assessment Schedule Task Due Date Task 1 Week 1 Task 2 Week 2 These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’ Task 1: Theory Assessment Student Instructions Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 2 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

1. Type all the answers in a word document if required. 2. You can conduct internet research to answer these questions. 3. Provide explanation of 2-3 lines when answering ‘Describe’ questions. 4. Provide detailed workings for calculations questions. 5. Provide answers in table format wherever possible. Question 1 – Research Task Your task is to undertake research and obtain an organisations annual report. You can locate one on the internet or obtain one from the ASIC website. Once you have obtained this document you are to answer the following questions. Provide answers in 1-2 paragraphs. a) How is the report disseminated and who is it given to? b) What reason would each of these people have for needing a copy of the report? c) What information is contained in the report? d) What format does the report use? e) Is there evidence of consolidation or conversion procedures being used? f) Are there any asset or liability valuations? If so, what are they? g) Were there any discrepancies identified? h) Is the organisations total income and expenditure enclosed, give details? i) Is the report clear and concise? j) What effects of taxation are noted? k) What charts and/or diagrams are enclosed and what are they highlighting? l) Did the report meet statutory requirements? m) What is the overall position of the organisation? n) Does the organisation use double-entry bookkeeping or accrual accounting? Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 3 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

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Question 2 – Question and Answers Answer the following questions in writing. a) In-house coding and classification of data should comply with what standards? Ans: In- house coding and classification of data should comply with following standards:  Compliance with industry standards  Consistent code quality  Software security from the start  Reduced development costs and accelerated time to market b) What are the AASB No: for each of the titles listed in appendix? Ans: c) To prepare a consolidated account there is a sequence of events that need to be undertaken. What is the sequence? Ans: The sequences for the event are:  Record intercompany loans  Charge corporate overhead  Charge payables  Charge payable expenses  Complete adjusting entries temporary d) What are fair value measures used for? Ans: The international Accounting Standards Board wanted to enchance disclosures for fair value in order that users could better assess the valuation techniques and inputs that are used to measure fair value. e) What is a deferred tax liability and what are the exceptions? Ans: A fund by the entity or when retirement benefits are paid by the entity. A temporary difference exists between the carrying amount of the liability and its tax bases the tax nbase of the liability is usually nil. Such a deductible temporary difference results in a deferred tax asset as economic. f) What types of charts and diagrams can be used for a report? Ans: Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 4 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

g) What types of accounting records are required by a company according to legislation? Ans: Appendix Accounting Standards Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 5 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

Task 2: Case Study and Practical Assessment Student Instructions 1. Type all the answers in a word document if required. 2. You can conduct internet research to answer these questions. 3. Provide explanation of 2-3 lines when answering ‘Describe’ questions. 4. Provide detailed workings for calculations questions. 5. Provide answers in table format wherever possible. Question 1 – Corporate Accounting a) For this task you are to write a report detailing your understanding regarding corporate accounting in the financial services industry. You report must include details on the following: 1. Discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements 2. Explain the key features of integrated computerised accounting systems 3. Outline options, methods and practices for recording and reporting deductions, benefits and depreciation. 4. Identify and describe the key requirements of your organisational policy and procedures relating to the preparation of financial reports. 5. Identify and explain the key principles of double-entry bookkeeping and accrual accounting. 6. Identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings. Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 6 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

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Question 2 – Financial Reports Using the data given in appendix, compile data as per policy and procedure and prepare the following financial reports. Additional Information a) Accounting Standards: http://www.aasb.gov.au/Pronouncements/Current-standards.aspx b) Organisational policies and procedures: http://startupjunkies.com/extras/acct-policies.pdf 1. Trading and profit and loss accounts as they would appear in the general ledger 2. Adjusted trial balance 3. A Classified Income Statement for the year ended 30 June 20X8, and 4. A Classified Balance Sheet as at 30 June 20X8. Please note: Your financial reports should demonstrate your ability to access and accurately compile data and prepare reports for corporate entities that comply with:  Organisational policy and procedures  Relevant accounting standards  Statutory and other relevant requirements of reporting bodies. Presentation and role playing You will meet the organisation CEO (your assessor) and undertake the following: a) Explain the prepared financial reports b) Reasons for current financial performance c) Provide opportunity to ask questions d) Respond appropriately to all questions asked. e) Seek and obtain approvals for publishing the completed financial reports. Appendix Case Study - ABC Co Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 7 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758

References / recommended resources Prepare financial reports for corporate entities - FNSACC504 , Enhance Your Future. Prepare financial reports for corporate entities - FNSACC504 Issue Date: 15/04/2019 Page 8 of 8 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 2, 213-215 Lonsdale Street, Melbourne VIC 3000 T: 03 9077 0758