Unit of competency Outline
Date retreived
23/07/2026 7:37 AM AWST
23/07/2026 7:37 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Report on financial activity
Report on financial activity
Unit of competency
National Code
BSBFIA402
BSBFIA402
State Code
AUH67
AUH67
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080101 - Accounting
Original Release Date
15/09/2015
Nominal Hours
40
Description
This unit describes the 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 financial reports. 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.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Compile financial information and data
- 1.1 Collect, evaluate and code currentfinancial datato ensure consistency, quality and accuracy in accordance withorganisational requirements
- 1.2 Useconversion and consolidation proceduresto 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 thatdiscrepancies, 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 withstatutory requirements
- 2.2 Calculate liabilities for tax in accordance with current legislation andrevenue gatheringpractices
- 2.3 Correctly identify relevant receipts,revenue documentationand payments
- 2.4 Ensure that statements and claims take full advantage ofavailable benefits andallowancesin accordance with statutory requirements
- 2.5 Submit statutory requirement reports to appropriate authorities withinstated deadlines
3 Provide financial business recommendations
- 3.1 Ensure that recommendations are logically derived and supported byevidencein 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 issuesin statements including comparative financial performances for review and decision making
- 3.5 Ensure structure andformat of reportsare clear and conform to organisational and statutory requirements
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D0706 | BSBFIA402A | Report on financial activity | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OAE60 | BSBFIA412 | Report on financial activity | Unit of competency |