Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, 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 statutory requirement reports. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
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. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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 |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Financial data may include: |
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Organisational requirements may include: |
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Conversion and consolidation procedures may include: |
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Discrepancies may include: |
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Statutory requirements may include: |
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Revenue gathering practices may include: |
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Revenue documentation may include: |
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Available benefits and allowances may include: |
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Stated deadlines may include: |
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Recommendations may include: |
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Evidence may include: |
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Significant issues may include: |
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Format of reports may include: |
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Unit Sector(s)
Unit sector |
Competency field
Competency field |
Finance - Financial Administration |
Co-requisite units
Co-requisite units |
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