Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBFIA402 Mapping and Delivery Guide
Report on financial activity

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency BSBFIA402 - Report on financial activity
Description
Employability Skills
Learning Outcomes and Application 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities
Slides
PPT
Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Compile financial information and data
  • Collect, evaluate and code currentfinancial datato ensure consistency, quality and accuracy in accordance withorganisational requirements
  • Useconversion and consolidation proceduresto compile analysis in accordance with organisational requirements
  • Make, record and disclose asset and liability valuations in accordance with organisational requirements
  • Ensure thatdiscrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority
       
Element: Prepare statutory requirement reports
  • Correctly record income and expenditure to ensure compliance withstatutory requirements
  • Calculate liabilities for tax in accordance with current legislation andrevenue gatheringpractices
  • Correctly identify relevant receipts,revenue documentationand payments
  • Ensure that statements and claims take full advantage ofavailable benefits andallowancesin accordance with statutory requirements
  • Submit statutory requirement reports to appropriate authorities withinstated deadlines
       
Element: Provide financial business recommendations
  • Ensure that recommendations are logically derived and supported byevidencein report
  • Provide recommendations to propose constructive actions to enhance the effectiveness and efficacy of functions and services
  • Ensure recommendations are concise and facilitate direction and control of organisation’s operations
  • Identify and prioritise significant issuesin statements including comparative financial performances for review and decision making
  • Ensure structure andformat of reportsare clear and conform to organisational and statutory requirements
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Collect, evaluate and code currentfinancial datato ensure consistency, quality and accuracy in accordance withorganisational requirements 
Useconversion and consolidation proceduresto compile analysis in accordance with organisational requirements 
Make, record and disclose asset and liability valuations in accordance with organisational requirements 
Ensure thatdiscrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority 
Correctly record income and expenditure to ensure compliance withstatutory requirements 
Calculate liabilities for tax in accordance with current legislation andrevenue gatheringpractices 
Correctly identify relevant receipts,revenue documentationand payments 
Ensure that statements and claims take full advantage ofavailable benefits andallowancesin accordance with statutory requirements 
Submit statutory requirement reports to appropriate authorities withinstated deadlines 
Ensure that recommendations are logically derived and supported byevidencein report 
Provide recommendations to propose constructive actions to enhance the effectiveness and efficacy of functions and services 
Ensure recommendations are concise and facilitate direction and control of organisation’s operations 
Identify and prioritise significant issuesin statements including comparative financial performances for review and decision making 
Ensure structure andformat of reportsare clear and conform to organisational and statutory requirements 

Forms

Assessment Cover Sheet

BSBFIA402 - Report on financial activity
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

BSBFIA402 - Report on financial activity

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: