Assessment Requirements for BSBFIA412 Report on financial activity

Release: 1

Assessment Requirements for BSBFIA412 Report on financial activity

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

organise and present financial data to highlight relevant features and meet workplace requirements including:

budget variances

budgets and forecasts

cash flow/profit reports

balance sheets

financial year reports

operating statements

expenditure and receipts

profit and loss statements

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, where applicable

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

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role:

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

key techniques used for forecasting and analysis

key features of the options, methods and practices for deductions, benefits and depreciations

current business taxation requirements for preparing corporate accounting reports

current financial legislation and statutory requirements relating to taxable transactions and reporting requirements

ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements

industry-standard methods and formats used to present financial data.

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 in the workplace.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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