Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to report financial activity for business both in response to client requests and to meet statutory requirements such as the completion of financial reports.
This unit applies to individuals with a broad knowledge of financial activities who contribute financial skills and knowledge to address reporting requirements of clients and legal authorities. They may have responsibility to provide guidance or to delegate aspects of these tasks to others.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Finance – Financial Administration
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 Compile financial information and data |
1.1 Collect, evaluate and code current financial data to ensure consistency, quality and accuracy in accordance with organisational requirements 1.2 Use conversion and consolidation procedures to compile analysis in accordance with organisational requirements 1.3 Make, record and disclose asset and liability valuations in accordance with organisational requirements 1.4 Ensure that discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority |
2 Prepare statutory requirement reports |
2.1 Correctly record income and expenditure to ensure compliance with statutory requirements 2.2 Calculate liabilities for tax in accordance with current legislation and revenue gathering practices 2.3 Correctly identify relevant receipts, revenue documentation and payments 2.4 Ensure that statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements 2.5 Submit statutory requirement reports to appropriate authorities within stated deadlines |
3 Provide financial business recommendations |
3.1 Ensure that recommendations are logically derived and supported by evidence in report 3.2 Provide recommendations to propose constructive actions to enhance the effectiveness and efficacy of functions and services 3.3 Ensure recommendations are concise and facilitate direction and control of organisation’s operations 3.4 Identify and prioritise significant issues in statements including comparative financial performances for review and decision making 3.5 Ensure structure and format of reports are clear and conform to organisational and statutory requirements |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1-1.4, 2.1-2.5, 3.1-3.5 |
|
Writing |
1.1-1.4, 2.1, 2.2, 2.4, 2.5, 3.1-3.5 |
|
Oral Communication |
1.4, 3.2, 3.3 |
|
Numeracy |
1.1-1.4, 2.1-2.5, 3.1, 3.4, 3.5 |
|
Navigate the world of work |
1.1-1.4, 2.1-2.5, 3.1, 3.3, 3.5 |
|
Interact with others |
1.4, 2.5 |
|
Get the work done |
1.1-1.4, 2.1, 2.2, 2.5, 3.4 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBFIA402 Report on financial activity |
BSBFIA402A Report on financial activity |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10