Application
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.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Compile and analyse financial data | 1.1 Collect, evaluate and code current 1.2 Use 1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards 1.4 Ensure that 1.5 Identify and record effects of taxation |
2. Prepare reports | 2.1 Correctly record income and expenditure to ensure compliance with 2.2 Correctly identify relevant receipts, 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 within |
3. Provide financial business recommendations | 3.1 Review recommendations and ensure they are logically derived and supported by 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 issues 3.5 Ensure structure and |
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
Skill | Description |
Reading | Compares and analyses information from a range of sources varying in complexity to determine and complete financial requirements |
Writing | Records numerical and textual information incorporating required financial language organising data in a manner that supports the format and purpose of the document |
Oral Communication | Presents financial issues and requirements clearly, succinctly and based on own findings using language appropriate to audience and environment Exchanges and obtains information from others by listening and questioning |
Numeracy | Establishes criteria and categories for financial management purposes and monitors activities on a regular basis Uses a wide range of mathematical calculations to interpret and arrange/compare numerical information in order to comply with requirements |
Navigate the world of work | Recognises, understands and applies applicable legislation, industry standards and organisational policies and procedures in the conduct of own work |
Interact with others | Selects and uses appropriate conventions and protocols when communicating with external stakeholders to supply required information |
Get the work done | Uses formal and logical processes to plan and complete tasks, achieving timelines and organisational requirements Uses analytical skills to identify discrepancies, attempts to resolves the issues within the context of own responsibilities and, where appropriate, consults with more experienced colleagues for assistance Uses a range of digital technologies to access, record, store, organise, compile, analyse and present complex data from multiple sources of information |
Sectors
Finance – Financial Administration