Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 3.0. |
Application
This unit describes the skills and knowledge required to prepare financial reports in line with statutory reporting requirements. It encompasses compiling and analysing data.
This unit applies to individuals that are required to apply specialised knowledge and analytical skills to prepare financial reports as part of their job role.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Business Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
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 and analyse financial 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 data in accordance with organisational requirements 1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards 1.4 Ensure that discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority 1.5 Identify and record effects of taxation |
2. Prepare reports |
2.1 Correctly record income and expenditure to ensure compliance with statutory requirements 2.2 Correctly identify relevant receipts, revenue documentation and payments 2.3 Prepare reports according to statutory and ethical requirements, and organisational procedures relating to conflict of interest, confidentiality, and disclosure statements 2.4 Present charts, diagrams, tables and supporting data in required format 2.5 Review statements and data for errors and compliance with statutory requirements and organisational procedures, and amend as required 2.6 Submit statutory requirement reports to appropriate authorities within stated deadlines |
3. Provide financial business recommendations |
3.1 Review recommendations and ensure they are logically derived and supported by evidence 3.2 Provide recommendations to enhance the effectiveness of functions and services 3.3 Ensure recommendations are concise and relevant to the direction and control of organisational 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 those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
Skill |
Description |
Reading |
|
Writing |
|
Oral Communication |
|
Numeracy |
|
Navigate the world of work |
|
Interact with others |
|
Get the work done |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBFIA412 Report on financial activity Release 1 |
BSBFIA402 Report on financial activity Release 1 |
Updates to elements, performance criteria and assessment requirements. |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10