must be done in next 24 hours

Assessment 1

1. When reviewing the financial statements and supporting notes of a reporting entity, is it possible to find out about all the individual types of expenses and income that the entity has incurred or received? If not, how does management determine which expenses and income should be disclosed?

2. Does the statement of comprehensive income provide a reconciliation of opening and closing retained earnings? If not, where can such a reconciliation be found?

3. When is it permissible for a reporting entity to treat expenses directly as a reduction to retained earnings, rather than including them as part of the period's profit or loss?

Assessment Mapping Checklist Learner Name/ID: ___________________________________
Performance & Knowledge Evidence	C/NYC	Comments
Performance Evidence
· identify, interpret and comply with statutory requirements and information
· accurately analyse data and information for reports
· prepare and consolidate well-written reports in required format.
Knowledge Evidence
· outline key information required, common financial report formats and typical quality indicators
· explain financial services industry codes of practice
· describe key requirements of organisational policy and procedures relevant to financial reporting
· identify and describe key requirements of relevant legislation and regulations relevant to financial reporting.
Comments:
Signed by Learner: Date:	Signed by Assessor: Date: