It is crucial that government officers are competent in their understanding of a variety of financial statements. This course will provide learners with the skills required to be able to read and understand financial statements as prepared by public sector agencies. A range of statements, including income statements, balance sheets and cash flows will be covered. The course also covers assets, liabilities, equity, income, revenues and expenses as they apply to government.
- Understand and explain the meaning of assets, liabilities, equity, income, revenues and expenses.
- Identify the difference between accrual and cash-based accounting and acknowledge the means of using accrual accounting to measure an entity’s performance.
- Understand the content and purpose of the balance sheet, statement of comprehensive income and statement of cash flows.
- Apply knowledge of financial statements prepared for an agency in the public sector.
- Assess performance against individual and contractual plans and targets, and identify opportunities for financial and operational improvement.
NSW Public Sector Framework Capabilities
This course is targeted at Adept to Advanced level. The following behaviours from the framework are covered:
Business Enablers: Finance
- Understand core financial terminology, policies and processes, and display knowledge of relevant recurrent and capital financial measures.
- Understand impacts of funding allocations on business planning and budgets, including value for money, choice between direct provision and purchase of services, and financial implications of decisions.
- Understand and apply financial audit, reporting and compliance obligations.
- Identify discrepancies or variances in financial and budget reports, and take corrective action where appropriate.
- Apply a thorough understanding of recurrent and capital financial terminology, policies and processes to planning, forecasting and budget preparation and management.
- Identify and analyse trends, review data and evaluate business options to ensure business cases are financially sound.
- Assess relative cost benefits of direct provision or purchase of services.
- Understand and promote the role of sound financial management and its impact on organisational effectiveness.