Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

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

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.4, 2.1-2.5, 3.1-3.5

• Compares and analyses information from a range of sources varying in complexity to determine and complete financial requirements

Writing

1.1-1.4, 2.1, 2.2, 2.4, 2.5, 3.1-3.5

• Records numerical and textual information incorporating required financial language organising data in a manner that supports the format and purpose of the document

Oral Communication

1.4, 3.2, 3.3

• Presents financial issues and requirements clearly, succinctly and based on own findings using language appropriate to audience and environment
• Exchanges and obtains information from others by listening and questioning

Numeracy

1.1-1.4, 2.1-2.5, 3.1, 3.4, 3.5

• Establishes criteria and categories for financial management purposes and monitors activities on a regular basis
• Uses a wide range of mathematical calculations to interpret and arrange/compare numerical information in order to comply with requirements

Navigate the world of work

1.1-1.4, 2.1-2.5, 3.1, 3.3, 3.5

• Recognises, understands and applies applicable legislation, industry standards and organisational policies and procedures in the conduct of own work

Interact with others

1.4, 2.5

• Selects and uses appropriate conventions and protocols when communicating with external stakeholders to supply required information

Get the work done

1.1-1.4, 2.1, 2.2, 2.5, 3.4

• Uses formal and logical processes to plan and complete tasks, achieving timelines and organisational requirements
• Uses analytical skills to identify discrepancies, attempts to resolves the issues within the context of own responsibilities and, where appropriate, consults with more experienced colleagues for assistance
• Uses a range of digital technologies to access, record, store, organise, compile, analyse and present complex data from multiple sources of 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

Release 

Comments 

Release 1

This version first released with Business Services Training Package Version 1.0.