This unit covers the reporting of financial activity for business both in response to client requests and to meet statutory requirements such as the completion of statutory requirement reports

This unit is related to BSBCMNA Maintain financial records

This unit is related to BSBCMN308A Maintain financial records.

Common

Element

Performance Criteria

Compile financial information and data

Current financial data is collected evaluated and coded to ensure consistency quality and accuracy in accordance with organisational requirements

Conversion and consolidation procedures are used to compile analysis in accordance with organisational requirements

Asset and liability valuations are made recorded and disclosed in accordance with organisational requirements

Discrepancies unusual features or queries are identified resolved or referred to the appropriate authority

Prepare statutory requirement reports

Income and expenditure is correctly recorded to ensure compliance with statutory requirements

Liabilities for tax are calculated in accordance with current legislation and revenue gathering practices

Relevant receipts revenue documentation and payments are identified correctly

Statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements

Statutory requirement reports are submitted to appropriate authorities within stated deadlines

Provide financial business recommendations

Recommendations are logically derived and supported by evidence in report

Recommendations propose constructive actions to enhance the effectiveness and efficacy of functions and services

Recommendations are concise and facilitate direction and control of organisations operations

Significant issues in statements including comparative financial performances are identified and prioritised for review and decisionmaking

Critical Aspects of Evidence

Organising financial data to highlight relevant features

Presenting of information in comprehensive formats

Completing of Business Activity Statements

Interpreting and identifying applications of statutory requirements

Referring discrepancies outside scope of own responsibility to the appropriate persons

Underpinning Knowledge

At this level the learner must demonstrate understanding of a broad knowledge base incorporating some theoretical concepts

The relevant legislation from all levels of government that affects business operation especially in regard to Occupational Health and Safety and environmental issues equal opportunity industrial relations and antidiscrimination

Knowledge of organisational policies and procedures relating to maintaining financial data reporting preparing statutory returns

Principles of double entry bookkeeping and accrual accounting

Knowledge of techniques for forecasting and analysis

Understanding methods to present financial data

Knowledge of State and Federal Government taxes and charges

Knowledge of financial legislation

Knowledge of options methods and practices for deductions benefits and depreciations

Principles and practices for auditing and reporting

Underpinning Skills

Literacy skills to identify financial information to follow Australian Accounting and Auditing Standards and the organisations accounting procedures

Research skills to analyse the organisations financial and business status

Proof reading skills to check accuracy and consistency of information by consulting additional resources

Problem solving skills for a defined range of predictable problems

Report writing skills to assess information for relevance and accuracy from a range of sources

Decision making skills in a limited range of options

Numeracy skills for calculating data reconciling figures

Planning skills for timetabling and scheduling reports and lodgements

Ability to relate to people from a range of social cultural and ethnic backgrounds and physical and mental abilities

Resource Implications

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace

Consistency of Performance

In order to achieve consistency of performance evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations

Contexts of Assessment

Competency is demonstrated by performance of all stated criteria including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide and within the scope as defined by the Range Statement

Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package

Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment

Assessment should reinforce the integration of the key competencies and the Business Services Common Competencies for the particular AQF Level Refer to the Key Competency Levels at the end of this unit

Financial data may include:

Discrepancies may include:

Stated deadlines may include:

Evidence may include:

Significant issues may include:

Format of reports may include: