Unit of competency Outline

Date retreived
23/07/2026 7:38 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
BSBFIN401
State Code
OCG02
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080101 - Accounting
Original Release Date
16/03/2021
Nominal Hours
45
Description
This unit describes skills and knowledge required to prepare financial reports in line with statutory reporting requirements. This includes compiling and analysing financial data. The unit applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may be individuals providing administrative support within an organisation, or they might have responsibility for these tasks in relation to their own workgroup or role.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Compile and analyse financial data
  • 1.1 Prepare a register of assets from fixed asset transactions according to accounting, legislative and organisational requirements
  • 1.2 Calculate depreciation according to legislative and organisational requirements
  • 1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards
  • 1.4 Refer discrepancies, unusual features or queries to appropriate authority where they cannot be resolved
  • 1.5 Identify and record effects of taxation
2. Report general journal entries for balance day adjustments
  • 2.1 Record all general ledger accounts and prepare a trial balance
  • 2.2 Adjust expense accounts and revenue accounts for prepayments and accruals
  • 2.3 Make adjustments in general ledger system to close any discrepancies for balance day adjustments according to organisational policies, procedures and accounting requirements
  • 2.4 Review data for errors and compliance with statutory requirements and organisational procedures, and amend as required
3. Prepare end of period financial reports
  • 3.1 Prepare revenue statement for reporting periods according to organisational requirements
  • 3.2 Prepare a balance sheet to reflect financial position of business at end of reporting period
  • 3.3 Prepare and post revenue and expense account to final general ledger accounts to reflect gross and net profits for reporting period
  • 3.4 Correct or refer errors for resolution according to statutory and ethical requirements and organisational procedures
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