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.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
BSBFIA402

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - organise and present financial data including budget variances, budgets and forecasts, cash flow/profit reports, balance sheets, financial year reports, operating statements, expenditure and receipts and profit and loss statements to highlight relevant features and meet workplace requirements; - 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; - provide financial business recommendations; - apply knowledge of relevant legislation and regulations, and; - perform double entry bookkeeping and accrual accounting.Students will also be expected to demonstrate the following knowledge: - identify the key provisions of legislation, regulation and codes of practice relevant to financial operations; - describe the techniques used for forecasting and analysis, and; - identify the options, methods and practices for deductions, benefits and depreciations.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

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