SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Draft financial statements 
SAQA US ID UNIT STANDARD TITLE
13015  Draft financial statements 
ORIGINATOR
SGB HET Accountancy and Financial Management 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
FASSET - Financial and Accounting Services SETA 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5  12 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
People credited with this unit standard are generally found within the accounting technician field. On successful completion of the unit standard, people will be able to interpret and understand the structure and purpose of financial statements from various organisations. In addition people will be able to draft close corporation, limited company, sole trader and partnership year-end financial statements from a trial balance. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Unit standards in accounting at NQF level 4. 

UNIT STANDARD RANGE 
  • Accounting practice, Industry and Commerce
  • Balance sheet, Income statement
  • Limited company (unitary, consolidated), Sole trader, Close corporation, Partnership 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Demonstrate an understanding of the business and accounting environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The business environment is defined in relation to generally accepted accounting practice. 
    ASSESSMENT CRITERION RANGE 
    Financial statements, Legislative and regulatory framework, Equity and loan capital, GAAP's, AC's, Statutory form of accounting statements, Corporation tax presentation
     

    ASSESSMENT CRITERION 2 
    2. Various accounting techniques are described and utilised in the process of drafting financial statements. 
    ASSESSMENT CRITERION RANGE 
    Preparation of financial statements, Information analysis and interpretation, General principles of consolidation, Accounting ratio computation and interpretation
     

    ASSESSMENT CRITERION 3 
    3. The principles and theory underpinning accounting are explained in relation to financial statements within the framework of GAAP. 
    ASSESSMENT CRITERION RANGE 
    Differences in published accounts, GAAP concepts
     

    ASSESSMENT CRITERION 4 
    4. Organisational policies and procedures related to accounting and administrative systems are explained in GAAP terms. 
    ASSESSMENT CRITERION RANGE 
    Organisational structure, Business transactions
     

    SPECIFIC OUTCOME 2 
    Identify financial statement information. 
    OUTCOME RANGE 
    Balance sheet, Income statement 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The general purpose and elements of financial statements used in various organisations are identified correctly. 
    ASSESSMENT CRITERION RANGE 
    Elements include assets, liabilities, ownership interest, income, expenditure, contribution from owners, distribution to owners, gains and losses
     

    ASSESSMENT CRITERION 2 
    2. The relationship between elements within financial statements is identified and explained in meaningful terms. 
    ASSESSMENT CRITERION RANGE 
    Financial profitability, Liquidity, Efficient use of resources, Financial position
     

    ASSESSMENT CRITERION 3 
    3. The relationship between elements of limited company financial statements if interpreted in a manner which ensures understanding. 

    ASSESSMENT CRITERION 4 
    4. Unusual features or significant issues are identified within financial statements and included in reports. 

    SPECIFIC OUTCOME 3 
    Draft year end financial statements. 
    OUTCOME RANGE 
    Limited company (unitary, consolidated), Sole trader, Close corporation, Partnership 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Financial statements are accurately drafted from the appropriate information. 
    ASSESSMENT CRITERION RANGE 
    Profit and loss account, Balance sheet, Owner's capital and current account, Cash flow statement, tatement of total recognised gains and losses, The supplementary notes required by statute, GAAP's, AC's or other relevant pronouncements.
     

    ASSESSMENT CRITERION 2 
    2. Subsequent adjustments are correctly implemented. 

    ASSESSMENT CRITERION 3 
    3. Draft accounts comply with domestic standards and legislation and, where relevant, partnership agreements. 
    ASSESSMENT CRITERION RANGE 
    Domestic standards refer to relevant GAAP's, AC's and other pronouncements
     

    ASSESSMENT CRITERION 4 
    4. A cash flow statement is correctly prepared and interpreted where required. 

    ASSESSMENT CRITERION 5 
    5. Year-end financial statements are presented for approval to the appropriate person in a clear format. 

    ASSESSMENT CRITERION 6 
    6. Confidentiality procedures are followed at all times in line with organisational and legal regulations. 

    ASSESSMENT CRITERION 7 
    7. The organisation's policies, regulations, procedures and timescales relating to financial statements are observed at all times. 

    ASSESSMENT CRITERION 8 
    8. Discrepancies, unusual features or queries are identified and either resolved or referred to the appropriate person. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this unit standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative assessment by a registered assessor.

    Moderation activity comments by SGB`s, organisations and individuals may be forwarded to NSB03. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    A demonstrated understanding of:
  • The Business Environment
  • Accounting techniques
  • Accounting principles and theory
  • The organisation
  • Financial statements for Limited company, Close corporation, Partnership and Sole trader
  • Unit Standard Number: usa038
  • GAAP`s
  • AC`s

    Legal Requirements:
  • General legal framework of limited companies, Close corporations, Partnerships and Sole traders
  • Disclosure requirements (statutory form of financial statements)
  • Presentation of Corporation tax in financial statements

    Terminology:
  • GAAP - Generally Accepted Accounting Practices
  • AC - Accounting Standards 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made. 

    UNIT STANDARD CCFO ORGANISING 
    Organise and manage oneself and one`s activities responsibly and effectively. 

    UNIT STANDARD CCFO COLLECTING 
    Collect, organise and critically evaluate information. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Demonstrate an understanding of the world as a set of related systems. 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  58376   Further Education and Training Certificate: Bookkeeping  Level 4  NQF Level 04  Reregistered  2023-06-30  FASSET 
    Core  35926   National Diploma: Payroll Administration Services  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2009-03-31  Was SERVICES until Last Date for Achievement 
    Core  36213   National Diploma: Technical Financial Accounting  Level 5  NQF Level 05  Reregistered  2023-06-30  FASSET 
    Elective  59201   National Certificate: Generic Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  61594   National Certificate: Management  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2009-05-02  As per Learning Programmes recorded against this Qual 
    Elective  67229   National Diploma: Payroll Administration Services  Level 5  NQF Level 05  Reregistered  2023-06-30  SERVICES 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Korbicom (Pty) Ltd 
    2. Training for Results (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.