BSBFIA412 Report on financial activity

Release: 1

BSBFIA412 Report on financial activity

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	Compares and analyses information from a range of sources varying in complexity to determine and complete financial requirements
Writing	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	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	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	Recognises, understands and applies applicable legislation, industry standards and organisational policies and procedures in the conduct of own work
Interact with others	Selects and uses appropriate conventions and protocols when communicating with external stakeholders to supply required information
Get the work done	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

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