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.
- Compile and analyse financial data
- Prepare reports
- Provide financial business recommendations
Upon successful completion of this unit, you will:
- 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
- perform double entry bookkeeping and accrual accounting.
Demonstrate knowledge of:
- the key provisions of legislation, regulation and codes of practice relevant to financial operations
- the techniques used for forecasting and analysis
- the options, methods and practices for deductions, benefits and depreciations
- current business taxation requirements for preparing corporate accounting reports
- current financial legislation and statutory requirements relating to taxable transactions and reporting requirements
- ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements
- industry-standard methods and formats used to present financial data.
Nominal hours = 30 hours