FNS60217 Advanced Diploma of Accounting Current Assessment Answers

FNS60217 Advanced Diploma of Accounting Current

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Advanced financial accounting provides a report on financial statements and skills in business which is applied in an international professional world. Advanced financial refers to the international financial reporting standard, which is issues by the international bodies. This accounting system gives information for the leadership in the corporate world. Members involved in the accounting profession give financial-related information and reports to the board directors and help in knowledge development for shareholders, stakeholders, and other colleagues. This accounting system is significant for processing accountability, issues related to it.

Advanced financial accounting is a process where the transactions taking place in business operations are recorded, summarized, and reported over some time. These transactions are together summarized to prepare statements regarding finances for example; balance sheet, cash flows, statements regarding income and performance of the company over some time. The opportunities in financial accounting are found to be in trend in public and private sectors. The duties of an accountant vary at the hierarchical level for example a general manager who works for himself/herself despite the organization.

Financial reporting

In an organization, there are different departments of manufacturing and service which function to reach the company's goals and objectives. These functions could be independent and could not be so, at the end of the day these functions are linked to each other by a common thread which is known as the department of accounting and finance. The financial reports which are created in the organization are further sent to different stakeholders.

Types of reporting

Financial reporting

Management reporting

It includes exposure of financial related information to different stakeholders regarding the performance and position of the company over some time.

It sets the goals and objectives of the company.

Stakeholders who are involved: Investors, debt providers, public, government bodies, creditors, etc.

Develop key performance indicators for the customers.

The frequency rate of reporting is done annually and quarterly.

Feedback analysis from the customers and clients.

This type of reporting is considered to be an end product of the accounting system.

It records both financial and non-financial information in the company

Type of statements produced is Balance sheets, cash flows, stock-related changes, and profit and loss accounts, etc.

It deals with external parties as well.

Dividends, reserves, and retained profits



Retained profits

It refers to the division in cash which is paid by the company to the shareholders. To pay the dividends their certain legal formalities that include paper approval and declaration forms to be signed.

Profits in the company to increase the strength of the business capital position in the future and compensate the losses (it happens). They are transferred after paying taxes and before dividends payments.

Retained profits are the left amount after paying the dividends to the stockholders.

Financial statements

The reports which have information regarding financial assets, incomes, expenses, assets, cash flow over a period are known are financial statements.

Majorly there are five types of financial statements followed:

Income statement

Balance sheet

Statement on equity change

Cash flow statement

Notes in financial statements

It reports three major financial information which are,

1.      Revenues

2.      Profit or loss

3.      Expenses

It gives the report which demonstrates the financial position of the corporation.

It includes,

1.      Assets balance reports

2.      Equity information at the end of the period

3.      liabilities

It gives you the information related to the contribution made by the shareholders and equity movement.

It is the result of,

1.      Statement of income

2.      Balance sheet

It shows the entity's cash movement over some time.

It helps in developing knowledge in cash movement.

It has three sections in cash flow,

1.      From the operation

2.      From the investment

3.      From financial activities

This is a mandatory requirement by IFRS where the entity needs to disclose the information which relates to financial statements and contribute to helping other users to develop a better understanding.

Why do you need to learn financial reporting?

The importance of learning how to do financial reporting is to gain knowledge and skills in this field which will help you in getting into an organization easily.

  • It will help you in complying with different statutes and regulatory needs.
  • It will introduce you to the facilitation of statutory audit.
  • Process of filing financial reports to government agencies.
  • Developing financial planning, analysis, and decision making.
  • Knowledge on how to use financial reporting skills in a growing business.

Description of the Qualification

The qualification gives the reflection of the role of individuals who are working in accounting and taking professional tags, that includes financial analysts, tax agents, and managers.

The advanced diploma level of Advanced accounting studies and qualification includes workers who perform in the integration of knowledge of accounting into broader levels of community and management development, that will contribute to policy forming and decision-taking all over the spectrum of delivery service.

Packaging Rules

Core Units


Elective Units


Total Units


Core Units




Applications of Financial tools and statistics for Interpretation


Governance activities and their monitoring


Application of economic principles in industries related to financial services

Elective Units




Analyzing and preparing management accounting reports


Administering and preparing documentation related to the tax system for legal entries


Implementation of the plan for reconstruction


Reporting and auditing on records and financial systems


Implementation of the plan for insolvency


Tax plans implantation process and tax obligations evaluation


Implementation of financial strategies


Improvement programs for organizational activities


Financial risk evaluation


Internal auditing


Application of legal principles


Application of taxation needs


Construction of corporate financial reports


Identification of issues that requires ethical decision making


Management and determination of risk exposure strategies

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