Unit of competency Outline

Date retreived
22/07/2026 8:23 AM AWST

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Report on financial activity

Report on financial activity

Unit of competency
National Code
BSBFIA412
State Code
OAE60
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
27/09/2018
View on TGA
State Implementation and Classification
Approved Date
14/02/2019
Field of Education
080101 - Accounting
Original Release Date
14/02/2019
Nominal Hours
40
Description
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.
Notes
Elements and Performance Criteria
1. Compile and analyse financial 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 data in accordance with organisational requirements
  • 1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards
  • 1.4 Ensure thatdiscrepancies, 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 withstatutory requirements
  • 2.2 Correctly identify relevant receipts,revenue documentationand 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 withinstated deadlines
3. Provide financial business recommendations
  • 3.1 Review recommendations and ensure they are logically derived and supported byevidence
  • 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 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
AUH67 BSBFIA402 Report on financial activity Unit of competency
Replaced By
State Code National Code Title Type
OCG02 BSBFIN401 Report on financial activity Unit of competency