Assessment Requirements for BSBFIA402 Report on financial activity

Release: 1

Assessment Requirements for BSBFIA402 Report on financial activity

Modification History

Release	Comments
Release 1	This version first released with Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

organise and present financial data including budget variances, budgets and forecasts, cash flow/profit reports, balance sheets, financial year reports, operating statements, expenditure and receipts and profit and loss statements to highlight relevant features and meet workplace requirements

use conversion and consolidation procedures such as moving averages, standardised variables, trend analysis and unit costs

identify, resolve or refer discrepancies such as absence of auditable trail, expenditure report mismatches, incorrect payments and unreconciled cash flows

record income and expenditure to meet statutory requirements

calculate liabilities for tax including completing Business Activity Statements

provide financial business recommendations

apply knowledge of relevant legislation and regulations

perform double entry bookkeeping and accrual accounting.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

identify the key provisions of legislation, regulation and codes of practice relevant to financial operations

describe the techniques used for forecasting and analysis

identify the options, methods and practices for deductions, benefits and depreciations.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:

office equipment and resources

computer with relevant software

examples of financial data, reports and documents

workplace financial policies and procedures

case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10