BSBFIA402

Report on financial activity

Instructor Workbook
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Activity 1C
Estimated Time 30-40 Minutes
Objective To provide you with an opportunity to make, record and disclose asset and
liability valuations in accordance with organisational requirements; and ensure
that discrepancies, unusual features or queries are identified, resolved or
referred to the appropriate authority.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

As a workplace activity or simulated work activity perform the following:

Using an example report/statement (showing asset and liability valuations with

discrepancies) from your organisation, or one that you/your trainer or assessor
has produced, identify the discrepancies, unusual features or queries that exist.

Discuss the issues found with your manager (trainer/assessor if simulated) in

order to raise these and resolve the problems.

Answers should show an understanding of reading and interpreting financial

information, such as total amounts that do not add up correctly or decimal points
placed in the wrong position.

Discussions should show that the learner is able to explain the issues found and to
work at resolving the issues (if possible) with their manager, or looking at ways
that the issue(s) can be resolved such as requesting original copies of financial
data to check against the report/statement.
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Activity 2A
Estimated Time 20 Minutes
Objective To provide you with an opportunity to correctly record income and expenditure
to ensure compliance with statutory requirements.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

As a workplace activity (or simulated workplace activity), record recent income

and expenditure figures for your department, or for a specific work project, to
organisational and statutory requirements. Provide evidence of your work.

Learners should be observed for their ability and competency to record financial
information correctly, accurately and to their organisational and statutory
requirements.
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Activity 2B
Estimated Time 30 Minutes
Objective To provide you with an opportunity to calculate liabilities for tax in accordance
with current legislation and revenue gathering practices.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

Provide an example of a Business Activity Statement (BAS) or equivalent

document that you have done to show taxes for your organisation (or an
example organisation).

Answers should show taxes calculated and may include:

 GST
 PAYG income tax instalment
 PAYG tax withheld
 Fringe benefit tax (FBT) instalment
 Fuel tax credits.
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Summative Assessments
The summative assessments are the major activities designed to assess your skills, knowledge and
performance, as required to show competency in this unit. These activities should be completed
after finishing the Learner Guide. You should complete these as stated below and as instructed by
your trainer/assessor.

Skills, knowledge and performance may be termed as:

 Skills – skill requirements, required skills, essential skills, foundation skills

 Knowledge – knowledge requirements, required knowledge, essential knowledge,

knowledge evidence

 Performance – evidence requirements, critical aspects of assessment, performance

evidence.

Section A: Skills Activity

The Skills Activity is designed to be a series of demonstrative tasks that should be assessed by
observation (by the assessor or third party, depending on the circumstances).

It will demonstrate all of the skills required for this unit of competency – your assessor will provide
further instructions to you, if necessary.

Section B: Knowledge Activity (Q & A)

The Knowledge Activity is designed to be a verbal questionnaire where the assessor asks you a series
of questions to confirm your competency for all of the required knowledge in the unit of
competency.

Section C: Performance Activity

The Performance Activity is designed to be a practical activity performed either in the workplace or a
simulated environment. You should demonstrate the required practical tasks for the unit of
competency and be observed by the assessor and/or third party, as applicable to the situation. If the
third party is required to observe you, you will need to make the required arrangements with them.

If necessary for the activities, you should attached completed written answers, portfolios or any
evidence of competency to this workbook.
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Section A: Skills Activity

Objective: To provide you with an opportunity to show you have the required skills for this unit.

This activity will enable you to demonstrate the following skills:

Reading
 Reviews and analyses documents to identify information relevant to a specific presentation

Writing
 Develops material to convey ideas and information to target audience in an engaging way

Oral Communication
 Presents information using words and non-verbal features appropriate to the audience and
context
 Uses listening and questioning techniques to gather information required to develop or
modify presentations
 Interprets audience reactions and changes words or non-verbal features accordingly

Interact with others

 Selects and uses appropriate conventions and protocols to encourage interaction or to
present information
 Demonstrates sophisticated control over oral, visual and written formats, drawing on a
range of communication practices to achieve goals
 Recognises the need to alter personal communication style in response to the needs or
expectations of others

Get the work done

 Takes responsibility for planning, sequencing and prioritising tasks and own workload to
achieve outcomes
 Uses feedback from others, analytical and lateral thinking to review current practices and
develop new ideas
 Uses the main features and functions of digital tools to complete work tasks

Answer the activity in as much detail as possible, considering your organisational requirements.

In relation to a presentation that you will be delivering, read and interpret any relevant
information that will inform you provide you with information regarding the target audience.

Based on the information you have found regarding the target audience, develop a range of
information that can be presented and will engage participants.

1. In relation to a presentation that you will be delivering, read and interpret any relevant
information that will inform you provide you with information regarding the target audience.

2. Based on the information you have found regarding the target audience, develop a range of
information that can be presented and will engage participants.

3. Using the information that you have developed, deliver a presentation within a workplace
environment or to fellow learners. You must demonstrate:
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 The use of verbal and non-verbal communication

 Listening and questioning techniques in order to improve your delivery
 The ability to interpret audience reactions and change presentation delivery as required.

4. During the delivery of the presentation, demonstrate how you have encouraged and
facilitated interaction with participants and between participants through the following:

 The use of appropriate conventions and protocols

 The use of oral, visual and written formats
 Recognising the need to alter personal communication style in response to the needs or
expectations of others.

5. How have you planned, sequenced and prioritised tasks into your own workload during the
development the presentation?

6. Describe how you have used feedback from others, and used analytical and lateral thinking to
review current practices and develop new ideas.

7. Demonstrate how you have used digital tools in the development and delivery of your
presentation.
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Summative Assessments: Section A checklist

This should be used by the trainer/assessor to document the learner’s skills, knowledge and
performance as relevant to the summative assessment. Indicate in the table below if the learner is
deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Date(s) of assessment

Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)

Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)

Comments

Provide your comments here:

The learner’s
Not yet satisfactory Satisfactory
performance was:

If not yet satisfactory, date for reassessment:

Feedback to learner:

Learner’s signature
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Assessor’s signature

Section B: Knowledge Activity (Q & A)

Objective: To provide you with an opportunity to show you have the required knowledge for this
unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

 Identifying information collection methods that will support review and feedback of
presentations
 Identifying regulatory and organisational obligations and requirements relevant to presentations
 Describing the principles of effective communication
 Describing the range of presentation aids and materials available to support presentations.

Answer each question in as much detail as possible, considering your organisational requirements
for each one.

1. Explain the use at least two information collection methods that will support review and
feedback of presentations.

2. Identify and explain a variety of regulatory and organisational obligations and requirements
that impact on the delivery of a presentation.

3. What are the 6 Ps of presenting? Explain each.

4. Describe a range of materials that can be used as presentation aids.

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Summative Assessments: Section B checklist

This should be used by the trainer/assessor to document the learner’s skills, knowledge and
performance as relevant to the summative assessment. Indicate in the table below if the learner is
deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Date(s) of assessment

Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)

Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)

Comments

Provide your comments here:

The learner’s
Not yet satisfactory Satisfactory
performance was:

If not yet satisfactory, date for reassessment:

Feedback to learner:

Learner’s signature
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Assessor’s signature

Section C: Performance Activity

Objective: To provide you with an opportunity to demonstrate the required performance
elements for this unit.

This activity will enable you to demonstrate the following performance evidence:

 Prepare and deliver presentations related to occupation or area of interest which demonstrate
the use of:
o effective presentation strategies and communication principles
o aids and materials to support the presentation
 Select and implement methods to review the effectiveness of own presentation and document
any changes which would improve future presentations.

Answer the activity in as much detail as possible, considering your organisational requirements.

1. The participants should put together a 5-10 minute presentation for delivery in small groups of
3-4.

The presentation should address the following:

Activity 2C
Estimated Time 20-30 Minutes
Objective To provide you with an opportunity to correctly identify relevant receipts,
revenue documentation and payments.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

As a workplace project (or simulated workplace project), gather all relevant

receipts, payments and evidence of revenue for an area of your organisation’s
business and match this to financial records, to check for accuracy.

Answers will vary depending upon the learner. All evidence of financial activity
should be clarified and confirmed by the learner against the records held.

Items gathered may include:

 Petty cash receipts and records

 Employee or contractor expenses, such as gas or food receipts
 Invoices
 Bank statements
 Payment collection forms
 Remittance forms.
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Activity 2D
Estimated Time 15 Minutes
Objective To provide you with an opportunity to ensure that statements and claims take
full advantage of available benefits and allowances in accordance with statutory
requirements.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

Provide an example of when an expense claim can be subject to a benefit or

allowance, as in accordance with statutory requirements.

Answers will vary depending on the learner, for example:

Tax deductions may be applied to an organisation purchasing uniforms or work

clothes for staff. As long as the purchased items are being used for work purposes
and have a direct relation to the organisation’s earnings/assessable income.
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Activity 2E
Estimated Time 15 Minutes
Objective To provide you with an opportunity to submit statutory requirement reports to
appropriate authorities within stated deadlines.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

How would you go about submitting an annual general purpose financial report
to ASIC?

Answers should include elements of the following:

 Annual reports should be submitted by disclosing entities up to 3 months

after the end of the financial year, and for other companies up to 4
months after the end of the financial year, allowing time for auditing to
take place as required
 An annual report is generally submitted to ASIC with a form 388 (copy of
financial statements and reports) unless other requirements require an
organisation to include another type of form such as form FS70 for
organisations with an Australian Financial Services Licence
 Financial reports may be lodged direct to ASIC online, e.g. through
standard business reporting (SBR) software, which allows users to send
information securely, they may also be posted to ASIC.
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Activity 3A
Estimated Time 15 Minutes
Objective To provide you with an opportunity to ensure that recommendations are
logically derived and supported by evidence in report.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

How would you go about making recommendations to your organisation for

improvements to financial activities?

Answers may vary, for example, recommendations may be determined through

using current workplace practices and the identification of how improvements can
be made, e.g. time management for processing accounts may be improved
through clearer guidelines and deadlines to organisational staff, who are
responsible for submitting financial documentation to the finance department.
Recommendations may be made through understanding the organisation’s
business strategies and objectives, and the need to improve areas to allow for
these, e.g. planning and incorporating budgets for organisational work activities.
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Activity 3B
Estimated Time 30 Minutes
Objective To provide you with an opportunity to provide recommendations to propose
constructive actions to enhance the effectiveness and efficacy of functions and
services; and ensure recommendations are concise and facilitate direction and
control of organisation’s operations.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

Provide three different recommendations that you could suggest to assist in

organisational financial business activities and your reasons for these.

Present these to your manager (trainer or assessor if the activity is simulated) in

a verbal communication and discuss the reasons and merits for your
recommendations.

Answers will vary depending on the learner, for example, recommendations may
include:

 Changes to workflow in the finance/accounts department

 How information is recorded and analysed
 How records are stored and accessed.

Discussions should be concise and include reasons for the recommendations and
how these can be incorporated into the working environment. It should also be
decided if recommendations meet organisational and legislative requirements,
and accounting standards.
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Activity 3C
Estimated Time 20 Minutes
Objective To provide you with an opportunity to identify and prioritise significant issues in
statements including comparative financial performances for review and
decision making.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

List four issues that you may find with financial statements and provide an
example of each to illustrate your point.

Answers may vary, for example issues may include:

 An inability to show trends in activities, within individual statements

 Statements cannot show where growth has occurred
 Statements do not show how profit margins have changed over time
 There may be a dependency on using historical figures for costs which do
not truly reflect asset and liability values on those which are liable to
change.
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Activity 3D
Estimated Time 20 Minutes
Objective To provide you with an opportunity to ensure structure and format of reports
are clear and conform to organisational and statutory requirements.
Activity Complete the following individually or in a group (as applicable to the specific
activity and the assessment environment).

Produce an example page of a report/statement to show your format, structure

and presentation, paying attention to how this is shown and how information is
read and understood. Attach your answer to your workbook.

Answers should be submitted with the workbook and should be clear in

presentation and layout, so that information is clearly read, understood and not
open to misinterpretation.
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Skills and Knowledge Activity

Estimated Time 2 Hours
Objective To provide you with an opportunity to demonstrate your knowledge of the
foundation skills, knowledge evidence and performance evidence.
Activity Complete the following individually and attach your completed work to your
workbook.

The answers to the following questions will enable you to demonstrate your
knowledge of:

 Reading
 Writing
 Oral communication
 Numeracy
 Navigating the world of work
 Interacting with others
 Getting the work done
 Legislation, regulation and codes of practice relevant to financial
operations
 Techniques used for forecasting and analysis
 Options, methods and practices for deductions, benefits and
depreciations
 Organising and presenting financial data
 conversion and consolidation procedures
 Identifying, resolving or referring discrepancies
 Record income and expenditure to meet statutory requirements
 Liabilities for tax including completing Business Activity Statements
 Financial business recommendations
 Double entry bookkeeping and accrual accounting

Answer each question in as much detail as possible, considering your

organisational requirements for each one.

All answers will vary depending on the learner and the organisation they work for
but the learner should be able to answer each question competently.

1. As a workplace project (or simulated workplace activity) compile interim

financial statements for the last quarter to show the financial position of the
organisation including profit and loss, comprehensive income, cash flows
and changes in equity. You should use appropriate software to aid in
calculations and your presentation. Documents should be produced and
included in your workbook to show evidence of your work.

You should include the following in your work:

 Applying your knowledge of legislation, relevant codes of practice and

accounting standards
 How deductions, benefits and depreciations were made/recorded
 Conversion and consolidation procedures
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 Discrepancies that may have been found

 Liabilities for tax
 Double entry bookkeeping and accrual accounting practices
 Clear presentation and format of information.

Answers will vary depending on the learner and their organisation/type of

organisation used.

All statements should show clear financial activities, should be correct (i.e.
without discrepancies) and clearly presented, following all legal and
Australian Accounting Standards or International Financial Reporting
Standards as applicable to the learner’s organisation.

2. From assessing your statements, analyse and forecast how your

organisation’s financial activities may transpire for the next quarter, you
should include:

 The techniques used to make your forecast and analysis

 Financial business recommendations that may help the organisation in
the next quarter.

Answers will vary depending on the learner and the statements produced in
question 1. Learners should show an understanding of forecasting and data
analysis of financial information to answer this question. Recommendations
may be made to show where financial activities may be improved to the
benefit of the organisation, such as planning purchases of future assets.
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Major Activity
Estimated Time 2 Hours
Objective To provide you with an opportunity to demonstrate your knowledge of the
entire unit.
Activity This is a major activity – you should let the learners know whether they will
complete it during class or in their own time.

Completed answers should be attached to the workbook.

They must individually, answer the following question in full to show their
competency of each element:
1. Compile financial information and data
2. Prepare statutory requirement reports
3. Provide financial business recommendations

For your workplace provide evidence of performing the following, or perform as

a simulated work task.

 Compile financial information and data for preparing an annual report

 Prepare the report to statutory and organisational requirements,
including adherence to workplace financial policies and procedures
 From your report provide financial recommendations to assist the
organisation in the next year’s financial performance and discuss these
with your direct manager (or individual representing your direct
manager as directed by your trainer/assessor).

Answers will vary depending on the learner, their organisation or example

organisation chosen.

All reports should be compiled using appropriate practices, with attention to

accuracy in reporting and making calculations, and using appropriate
accounting/financial software.

Reports should include all elements of an annual report:

 Consolidated financial reports (or statements of financial position,

comprehensive income, cash flows, changes in equity)
 Notes to financial statements
 Directors’ declaration (or space allowed for this to be placed in the report)
 Directors’ report and auditor’s independence declaration (or space
allowed for this to be placed in the report).

The report should be presented professionally and neatly as a document.

Recommendations should be prepared for presentation with reasons and evidence

to support these. Any issues found should be highlighted and included in
discussions with the learner’s manager (or person representing their manager).