What techniques can be used for forecasting and analysis

Reference no: EM132985469

BSBFIA412 Report on financial activity - Victoria University

Report on Financial Activity

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:

• Key provisions of legislation, regulation and codes of practice relevant to financial operations
• Key techniques used for forecasting and analysis
• Key features of 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.

1. What are the key provisions of legislation, regulation and codes of practice relevant to financial operations?

2. What techniques can be used for forecasting and analysis?

3. What are the options, methods and practices for deductions, benefits and depreciations?

4. What are the current business taxation requirements for corporate accounts?

5. How should taxable transactions and reporting be carried out?

6. Explain how conflict of interest, confidentiality and disclosure may impact on your financial reporting.

7. How can you present financial data clearly and according to industry standards?

TASK 2 - Performance Activity

P1 1. Compile and analyse financial data

1.1 Collect, evaluate and code current financial data to ensure consistency, quality and accuracy in accordance with organisational requirements

1.2 Use conversion and consolidation procedures to compile data in accordance with organisational requirements

1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards

1.4 Ensure that discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority

1.5 Identify and record effects of taxation

P2 2. Prepare Reports

2.1 Correctly record income and expenditure to ensure compliance with statutory requirements

2.2 Correctly identify relevant receipts, revenue documentation and payments

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 stated deadlines

P3 3. Provide financial business recommendations

3.1 Review recommendations and ensure they are logically derived and supported by evidence

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 in statements including comparative financial performances for review and decision making

3.5 Ensure structure and format of reports are clear and conform to organisational and statutory requirements

Reference no: EM132985469

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