BSBFIA401 Prepare Financial Reports

Question:

Case Study:

You are working for an organisation called Quick Wrap Pty Ltd in the finance department. You have progressed from a junior accounts clerk to a recent position advancement as a senior accounts officer responsible for several junior accounts clerks.

As part of the organisation’s due diligence it has been noted that both the management team and other departments within Quick Wrap do not have a clear understanding of how important the management of the financial records are.

Because of this lack of understanding there have been significant issues which have impacted on the ability of the finance team to complete the necessary financial reports. This includes the loss of receipts; incorrect processes being followed regarding sales and purchases and incorrect data being provided.

You have been approached by your direct line manager Paul Stubbs to prepare an informative report on specific aspects of financial reporting which can then be distributed to each department and manager as a training and reference document to reduce the issues faced by your department.

Activities:

For this activity you have been provided with policies and procedures from Quick Wrap Pty Ltd which you will need to refer to when completing the activities in this assessment.

You will need to conduct the necessary research to complete this assessment and all reference material will need to be documented in a reference page at the conclusion of your activities.

Activity 1: Financial Reporting Guide

Your manager Paul Stubbs has provided you with a list of key points he wants included in the Financial Reporting Guide which he has requested you develop. You will need to provide concise and detailed information which can be used by other departments, providing them with an understanding of various financial and accounting practices.

Your Financial Reporting Guide must address all of the following points:

1. Provide an introduction which outlines the purpose of the guide.
2. Provide a brief outline of:
   • A cash accounting system
   • An accrual accounting system
3. Explain the six (6) steps of the accounting process which is used at Quick Wrap.
4. Explain what is meant by double entry bookkeeping and outline the principles of this method.
5. List three (3) key legislative or regulatory requirements which the organisation must adhere to when preparing and reporting financial information and why.
6. Provide a reference list of additional legislative and regulatory requirements (minimum of four) which the organisation must adhere to.
7. Based on the organisational policies and procedures, outline three (3) key areas which everyone in the organisation must follow when working with documents which have an impact on managing financial reporting?
8. Provide a glossary of terms and their meanings (purpose) to meet all organisational requirements for the following:
   • Balance day adjustments
   • Trial Balance
   • General Ledger
   • Matching principle
   • Doubtful debts (include an example)
   • Accrued revenue (include an example)
   • Current assets (include 2 examples)
   • Asset register
   • Depreciation
     • Straight line method
     • Reducing balance method
9. Outline the digital technologies used to access, record and store financial data. (A brief outline of the specific software used will need to be provided).

Activity 2: Meeting with team – audio/video

For this activity you will need to create an audio or video as evidence of your ability to consult and communicate with your team to work through the Financial Reporting Guide you have created, explaining the terminology, and asking if there is any need to clarify any of the points within the guide.

For this activity you will need to choose a work colleague, family member or friend to play the role of one (1) of the team members as you will be interacting with the participant and will be required to submit an audio or video presentation of this interaction.

The presentation will need to be 5 minutes in length.

Note: You do not need to complete this observation report but it is a useful tool when preparing for your presentation to ensure you have met all the criteria which will be observed by the assessor.

You will need to use the guide you developed in Activity 1 to provide you with the details of the information to be communicated to the team.

Presentation instructions:

When conducting your meeting you must:

• Welcome everyone to the meeting and refer to names to confirm attendance.
• Provide encouragement to the team to contribute to this meeting.
• Review the Financial Reporting Guide you developed in Activity 1, highlighting areas you believe need to be reinforced to the team, such as specific terms in Point (h).
• Use the Observation Report checklist provided to cover all the necessary points.
• Speak clearly and use language which is suitable and refers to the necessary terminology.
• Conclude the Meeting and thank everyone for attending.
• Record your delivery and upload your file to OpenSpace.

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