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© 2020 Australis Institute

BSBFIN601 – Manage organisational finances (Release 1)

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Date

Summary of modifications

Version

23 December 2020

Version 1 final produced following assessment validation.

1.0

Complete this section in the Learner Assessment Pack for each learner.

Discuss each section of the Assessment Agreement with the learner to identify the Delivery Method and Assessment Pathway to be undertaken (refer to the Practical Assessment), and to ensure that the Assessment Conditions are present in the assessment environment.

Tick each section as applicable to the learner’s situation.

Have the learner and you sign the confirmation at the end of this agreement.



Delivery Method

Classroom



Small Group



One-on-One



Online



Other (please describe)



Assessment Pathway (for Practical Assessment)

Learner’s Organisation (Pre-assessment meeting conducted)



Simulated Workplace Environment (Contextualised by RTO)



Assessment Conditions

Financial data



Relevant legislation and Australian Tax Office requirements



Examples of business plans, profit and loss statements, cash flows and ageing summaries



Organisational financial policies and procedures



Financial management software.



Identify the four phases of reviewing a financial statement to monitor your profits and losses.

Briefly explain how each phase is conducted to establish and review your profits and losses.

Phase of Reviewing Financial Statements

How Each Phase is Conducted to Establish and Review Profits and Losses

     

     

     

     

Identify at least four ethical standards for financial probity in businesses.

Identify at least one workplace task that will allow you to demonstrate adherence to each identified standard.

Ethical Standard for Financial Probity

Workplace Task That Will Demonstrate Adherence to Ethical Standard

     

     

     

     

Identify at least three financial declarations a business can make to ensure financial probity.

Briefly describe the conditions that indicate the need to make each identified financial declaration.

Financial Declaration

Conditions That Indicate That the Need to Make Each Identified Financial Declaration

     

     

     

Recognition of revenue

Describe when revenue is earned.

Recognition of expenses

Describe when an expense is occurred.

Accrual accounting

Explain why transactions are recorded as they occur even if payment has not yet been received by the workplace/organisation.

Going concern

Explain why it is always assumed that an organisation will continue to operate for the foreseeable future.

Monetary unit

Explain why items in a financial system must have a monetary value.

For each specified function of financial management software, identify at least two workplace tasks that are accomplished by financial management software.

Briefly describe the purpose of each identified workplace task in the management of finances in your workplace/organisation.

Function of Financial Management Software

Workplace Task Accomplished by Financial Management Software

Purpose of Workplace Task in Managing Finances in Workplace/Organisation

Budgeting

     

     

Function of Financial Management Software

Workplace Task Accomplished by Financial Management Software

Purpose of Workplace Task in Managing Finances in Workplace/Organisation

Cash flow management

     

     

Financial reporting

     

     

Identify the three sections of a financial budget.

Briefly describe the information contained in each identified section.

Briefly explain how this information is used by an organisation to monitor its finances.

Section of Financial Budget

Information Contained in Each Section

How This Information is Used by Organisation to Monitor Finances

     

     

     

Identify the six business categories that are required to register for GST.

     

     

     

     

     

     

List the six actions the ATO requires a business qualified for GST to do.

     

     

     

     

     

     

Identify how much time a business has to register for GST after qualifying.

Briefly explain how you can determine the amount of company tax your workplace/organisation is required to pay.

Briefly explain the difference in the company tax that an Australian resident company and a non-resident company is subject to.

Briefly explain the difference between PAYG instalments and PAYG withholding.

Complete the table below.

Identify the two ways a business can pay PAYG instalments.

Briefly describe how a business can use each identified way to pay PAYG instalments.

Way to Pay PAYG Instalments

How to Use This Way to Pay PAYG Instalments

     

     

Identify the four payments tax is withheld from under PAYG withholding.

     

     

     

     

To be assessed for this unit of competency, you must demonstrate your skills and knowledge to undertake budgeting, financial forecasting and reporting. You must also demonstrate your skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit as well as to contribute to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.

The Practical Assessments in this workbook include:

Workplace Project Assessment

A series of written practical tests assessing the learner’s practical knowledge and skills underpinning of the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance.

Workplace Practical Observation

A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor.

IMPORTANT!

All signatures/initials in your submissions, including yours, must be handwritten and dated. Submissions with signatures/initials must be scanned.

The supervisor/observer who completes and signs your evidence submissions must provide their real name, contact number, and email address for your assessor’s reference.

Should you encounter issue or concerns regarding your assessment, contact your assessor.

This assessment is divided into five tasks:

Task 1: Review Financial Statements and Software

Task 2: Develop Budgets

Task 3: Confirm Management Literacy on Budgets, Reporting, and Delegations

Task 4: Review and Analyse Financial Information

Task 5: Report on Finances

This project requires you to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation.

Before starting this assessment, your assessor will discuss with you these tasks, including instructions and guidance for satisfactorily completing them.

Complete the tasks within the time allowed, as scheduled in-class roll.

Review previous financial statements

Prepare, implement and revise a budget that aligns with the business plan; is based on research and analysis of previous financial data and cash flow trends; and meets compliance, statutory and organisational requirements

Contribute to financial bids and estimates

Communicate with other people, including reporting on financial activity and making recommendations; and ensuring that managers and supervisors understand key elements of relevant budgets

Analyse the effectiveness of existing financial management approaches, including reviewing financial management software; managing risks of misappropriation of funds; ensuring systems are in place to record all transactions; maintaining and audit trail; and complying with due diligence.

Resources Required for Assessment

Resources you need to access to complete the project assessment are outlined in the Resources Required for Assessment section of this workbook, and in the corresponding Assessor’s Checklist and/or Observation Form of each task.

Discuss each requirement with your assessor before commencing with each task. They will organise the resources required for this assessment.

IMPORTANT: Additional workplace resources may be required upon the contextualisation of this assessment.

Forms and Templates

Generic forms and templates are provided in the project tasks, unless otherwise specified. These can be accessed from the following link:

BSBFIN601 Forms and Templates

If you are currently in a workplace, use similar workplace templates and forms used by your organisation to complete each assessment task. Discuss with your supervisor and your assessor first to ensure that the forms/templates you will use from your organisation cover all criteria required by each assessment task.

Review these forms and templates with your assessor before starting the task.

if the workplace/organisation’s business plan for the current financial year is on target to be met based on an analysis of financial reports; and

suitability of financial management software for use in the workplace/organisation.

This task is divided into two parts:

Part A. Review Financial Statements

To complete this task, you must:

Access and review statutory requirements for business taxes.

Business taxes may include pay-as-you-go (PAYG) business income tax, goods & services tax, PAYG withholding tax, and fringe benefits tax.

Identify at least two statutory requirements for:

Business tax compliance

Business tax liabilities

Business tax compliance refers to legal requirements that the workplace/organisation must comply with in terms of their financial management.

Business tax liabilities may include amounts that the workplace/organisation is required to pay the Australian Taxation Office (ATO) as part of their periodic Business Activity Statement (BAS).

Access and review the workplace/organisation’s:

Profit & Loss Statement for the previous two financial years

Cash Flow Statement for the previous two financial years

Cash Flow Forecast for the current financial year

Identify the Net Profit/Loss from the Profit & Loss Statement for both the financial years and assess their key reasons (drivers).

Reasons are drivers and may be any of the line items in the Profit & Loss Statement, such as Sales, Cost of Goods Sold, Operating Costs.

Identify the monthly and quarterly Net Cash Flow trends for the current financial year from the Cash Flow Statements and forecast.

Net Cash Flow is the net value of operating, investment, and financing activity cash flows. Trends are monthly and quarterly forecasts of cash flow into the current financial year.

Access and review the workplace/organisation’s business plan for the current financial year that has yet to be implemented.

Analyse at least two initiatives and one critical date for each initiative in the business plan to assess if they will be met based on your review of the profits/losses and cash flow trends.

Critical dates are dates by which important milestones identified in the business plan are to be achieved. Your assessment must follow logically from your review of the profits/losses and cash flow trends. It should confirm whether or not there will be sufficient cash to meet the funding requirements of each initiative at each critical date.

Complete Table A in the following pages with the information identified. You will need this later to develop a budget in Workplace Project Task 2.

Part B. Review Financial Software

To complete this task, you must:

Identify the existing financial management software used by the workplace/organisation.

This may be software such as Xero, MYOB, Quickbooks, or in-house systems such as SAP.

Identify if the existing financial management software is being used to record all transactions.

Transactions include cash receipts, deposit corrections, requisitions, purchase orders, invoices, travel expense reports, and journal entries.

Identify any transactions that are conducted by the workplace/organisation, which are not being recorded by the existing financial software.

Identify the system(s) being used for recording these transactions.

Identify at least two alternative financial management software which are not used by the workplace/organisation.

For both, existing and alternative software:

Identify at least two strengths and two weaknesses.

Identify at least two threats that the financial management software poses to financial management.

Determine the suitability of the financial management software for financial management in the workplace/organisation, based on analysis of their respective strengths, weaknesses, and threats posed.

You must explain why you assess that the software is suitable (the strengths outweigh the combined weaknesses and threats posed) or unsuitable (the combined weaknesses and threats posed outweigh the strengths).

Complete Table B in the following pages with the information identified.

Review Workplace Project Task 1 – Assessor’s Checklist before starting this task. This form outlines the following:

Resources you are required to access to complete the task.

All criteria your submission must address to satisfactorily complete this task.

You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.

Submit your workbook responses for this task to your assessor before starting with the next task.

You must also submit the following as supplementary evidence:

A copy of the statutory requirements for business taxes that were reviewed.

A copy of the workplace/organisation’s documents that were reviewed:

Profit & Loss Statements for the previous two financial years.

Cash Flow Statements for the previous two financial years.

Cash Flow Forecast for the current financial year.

Business plan that has yet to be implemented.

Transaction recording policies and procedures.

IMPORTANT

Please block out any confidential organisational information in the submitted documents.

Statutory Requirements for Business Tax

Business Tax Compliance

Business Tax Liability

     

     

     

     

Profit & Loss Statements

Net Profit/Loss ($)

Reason

Previous Financial Year

     

     

Year Before Previous Financial Year

     

     

Cash Flow Statements

Monthly Net Cash Flow ($)

Month 1

     

Month 2

     

Month 3

     

Month 4

     

Month 5

     

Month 6

     

Month 7

     

Month 8

     

Month 9

     

Month 10

     

Month 11

     

Month 12

     

Quarterly Net Cash Flow ($)

Quarter 1

     

Quarter 2

     

Quarter 3

     

Quarter 4

     

Business Plan

Initiative

Critical Date and Funding Requirement

Analysis

     

Critical Date:      

Cash flow forecast at critical date ($):      

Funding requirement at critical date ($):

     

Is funding requirement at critical date met? (Yes/No):      

     

Critical Date:      

Cash flow forecast at critical date ($):      

Funding requirement at critical date ($):

     

Is funding requirement at critical date met? (Yes/No):      

Existing Financial Management Software

Name:      

Version:      

Recording of Transactions

Yes, all transactions are being recorded in the existing financial management software.

No, some transactions are not being recorded in the existing financial management software.

Not applicable. All transactions are being recorded in the existing financial management software.

The following transactions are not being recorded in the existing financial management software.

     

     

     

Not applicable. All transactions are being recorded in the existing financial management software.

The transactions that are not being recorded in the existing financial management software are being recorded in the following systems.

     

     

     

Suitability

Strengths

Weaknesses

Threats

Assessment of Suitability

     

     

     

Suitable (Yes/No):      

Explanation:      

     

     

     

Alternative #1 Financial Management Software

Name:      

Version:      

Suitability

Strengths

Weaknesses

Threats

Assessment of Suitability

     

     

     

Suitable (Y/N):      

Explanation:      

     

     

     

Alternative #2 Financial Management Software

Name:      

Version:      

Suitability

Strengths

Weaknesses

Threats

Assessment of Suitability

     

     

     

Suitable (Y/N):      

Explanation:      

     

     

     

The budgets will be circulated later in Workplace Project Task 3.

Use your workplace/organisation’s template to complete this task.

To complete this task, you must:

Review the data and information gathered in Workplace Project Task 1. This includes:

Profit & Loss Statement of the workplace/organisation for the previous two financial years.

Cash Flow Statement of the workplace/organisation for the previous two financial years.

Cash Flow Forecast for the current financial year.

The workplace/organisation’s business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year.

Access and review the statutory requirements for financial management.

Statutory requirements are legal compliance requirements that come from laws passed by the government that can be accessed from the websites of the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO), such as reporting periods and tax payment timings.

Access and review your workplace/organisation’s financial policies & procedures, which reflect the organisational compliance requirements for developing a budget.

Organisational requirements may include legal and organisational policies and guidelines, reporting requirements, and standard financial analysis techniques.

Identify all the initiatives planned for the current financial year from the business plan.

Initiatives refer to financial bids by different parts of the organisation that are selected to help the organisation implement business strategies, ensuring that there are specific milestones to follow and goals to meet.

Identify the planned month-wise revenue and spending for each initiative.

Planned revenue is the estimated income to be raised from implementing the selected financial bids. Planned spending is the expected cost of implementing the selected financial bids.

Develop the following:

Profit & Loss budget

Cash Flow budget

The budgets must be developed in accordance with statutory and organisational compliance requirements.

Review Workplace Project Task 2 – Assessor’s Checklist before starting this task. This form outlines the following:

Resources you are required to access to complete the task.

All criteria your submission must address to satisfactorily complete this task.

You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.

Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.

Submit the completed Profit & Loss budget and Cash Flow budget to your assessor. Include any supplementary documents/sources used to create the budgets, such as:

Organisational documents such as:

Policies & procedures for developing a budget.

A business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year.

Printed or online sources relevant to statutory requirements for financial management, including government websites.

This task is divided into two parts:

Part A. Circulate budgets

To complete this task, you must:

Prepare the information you have from Workplace Project Task 2.

Identify at least two managers and two supervisors in the organisation to whom you will circulate the budgets.

Circulate the following documents that you have from Workplace Project Task 2 to the identified managers and supervisors:

Current-year Business Plan

Profit & Loss budget

Cash Flow budget

Part B. Discuss budgets, reporting, and delegations with managers and supervisors

Your assessor will observe your discussion with the managers and supervisors.

You will be assessed on your practical skills to:

Explain information in the budgets you prepared in Workplace Project Task 2 to the managers and supervisors.

Managers and supervisors must be the same people to who the learner circulated the budget documents in Workplace Project Task 3 Part A.

This includes:

Explain all the initiatives planned for the current financial year from the business plan.

Refer to your submission in Workplace Project Task 2.

Explain the planned month-wise revenue and spending on each activity.

Refer to your submission in Workplace Project Task 2.

Explain your recommended budgeting decisions and outcomes, including:

The Profit & Loss budget

The Cash Flow budget

Discuss the following:

Organisational reporting requirements

These are organisational policies and procedures related to internal reporting, such as monthly sales activities and spending reports.

Individual financial delegations

These are the financial spending levels delegated to individual staff members based on their job role.

Confirm with the managers and supervisors that:

They understand the budgets

They understand the organisational reporting requirements

They understand their individual financial delegations

There are no opportunities for misappropriation of funds

Select and use appropriate conventions and protocols when communicating with supervisors and managers.

Use listening and questioning techniques to exchange information and obtain agreement.

Before starting this task, you must:

Review the following documents:

Current-year Business Plan

Profit & Loss budget

Cash Flow budget

Your workplace/organisation’s financial policies & procedures, which reflect the organisational compliance requirements for:

Financial reporting requirements

Financial delegations

Misappropriation of funds

Review the following forms:

Workplace Project Task 3 – Assessor’s Checklist

Workplace Project Task 3 – Observation Form

These forms outline the following:

Resources you are required to access to complete the task.

All criteria your submission must address to satisfactorily complete this task.

All practical skills you need to demonstrate to satisfactorily complete the observation task.

You assessor will discuss these resources with you, and the criteria outlined in these forms prior to this assessment.

Submit evidence of circulation of budgets to managers and supervisors. Evidence must be at least one of the following:

Email correspondence

Business letter

Memo

Submit evidence of your discussion with the managers and supervisors.

Evidence must be any of the following:

Meeting minutes

Video/audio recording of the meeting conducted with the managers and supervisors

When submitting video/audio recording as evidence, ensure to inform the people involved in the purpose of the recording before doing so.

Use your workplace/organisation’s template to complete this task, or use the generic Budget Variance Analysis template and generic Financial Transaction Risk Management Plan template provided at the Bounce Fitness site.

This task is divided into two parts:

Part A. Review Financial Performance Information and Conduct Budget Variance Analysis

To complete this task, you must:

Access and review the following financial information from your workplace/organisation for the current financial year-to-date.

The financial information must be for the period from 1 July to the most recent completed month of the current financial year.

Profit & Loss Statement (P&L) and budget allocations

Cash Flow Statement and budget allocations

Ageing Summaries for accounts receivable (AR) and accounts payable (AP)

These are listings of unpaid invoices and other receivables/payables grouped by their due dates. This is done to estimate which invoices are overdue for payments and by how many days.

Audit trail reports for the Profit & Loss Statement and Cash Flow Statement

An audit trail is the documented flow of transactions. It shows how a source document (e.g. an invoice) was translated into an accounting entry and inserted into the financial statement.

Complete the Budget Variance Analysis template. You must:

Calculate the variances between the budget allocations and actual year-to-date performance for the line items in the Profit & Loss Statement. Then interpret the variances as favourable or unfavourable.

Line items must include at least:

Total Revenue

Total Cost of Goods Sold/ Cost of Sales

Gross Profit

Total Operating Costs

Operating Profit

Net Profit

Calculate the variances between the budget allocations and actual year-to-date performance for the line items in the Cash Flow Statement. Interpret the variance for Cash from Operating activities as favourable or unfavourable.

Opening and Closing Cash Balances should reconcile with Total Cash increase/decrease during the period.

Line items must include at least:

Cash from Operating activities

Cash from Investing activities

Cash from Financing activities

Total Cash

Identify discrepancies between the budget allocations and actual performance as follows:

At least two discrepancies using audit trail reports.

At least two discrepancies using ageing summaries for accounts receivable (AR) and accounts payable (AP).

Recommend revisions that will align the discrepancies with the budgeted allocation for their respective line items.

For example, the discrepancy in local promotion expenses may have been a legitimate result of a one-off approval taken from Head Office and have caused an unfavourable variance of $50,000. The revision to the budget would need to be an increase of $50,000 to remove the effect of the discrepancy.

Whether or not such a budget revision is permitted in your organisation will depend on the organisational policies & procedures. For this task, it is sufficient to identify the revision required.

To complete this task, you must:

Access and review the organisational risk management policies and procedures related to due diligence of the organisation’s financial processes.

Complete the Financial Transaction Risk Management Plan template.

Identify at least two discrepancies between the budget allocations and actual performance which cannot be fully explained using the audit trail reports and hence require further investigation.

For example, the discrepancy may be traced in the audit trail report to a funds transfer to an external party without sufficient information on the party or the purpose of transfer.

Identify the following risk management components to manage the risk of misappropriation of funds for each discrepancy you have identified.

Any transaction that you have identified as needing further investigation to explain it fully can be potentially fraudulent and open to misappropriation of funds.

Your ratings for the aspects below must correspond with the organisational risk management tools specified in the organisational policies and procedures. If your organisation does not have risk management tools, your responses must correspond with the risk rating matrices provided in the generic Financial Transaction Risk Management Plan template.

Risk Description

Risk Assessment. This includes:

Likelihood (L)

Impact (I)

Risk Rating (R)

Priority Level

Control Measure

Resources you are required to access to complete the task.

All criteria your submission must address to satisfactorily complete this task.

You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.

Review the templates you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.

Submit the completed Budget Variance Analysis and Financial Transaction Risk Management Plan to your assessor. Include any supplementary documents/sources used to complete this task, such as:

A copy of the following workplace/organisation’s documents that were reviewed for the current financial year-to-date:

Profit & Loss Statement and budget allocations.

Cash Flow Statement and budget allocations.

Ageing Summaries for accounts receivable (AR) and accounts payable (AP)

Audit trail reports for the Profit & Loss Statement and Cash Flow Statement

A copy of the organisational risk management policies and procedures related to due diligence of the organisation’s financial processes.

IMPORTANT

Please block out any confidential organisational information in the submitted documents.

This task is divided into two parts:

Use Table A in the following pages to complete Part A of this task. Use your workplace/organisation’s template to complete Part B of this task.

Part A. Identify Organisational and Statutory Financial Reporting Requirements

To complete this task, you must:

Access and review:

Statutory financial reporting requirements.

These are the financial reporting requirements mandated by the Corporations Act 2001 (Corporations Act) and other relevant laws may apply to your organisation.

Your organisation’s financial reporting requirements.

These are the financial reporting requirements mandated by your organisation in their financial reporting policies & procedures, guidelines, and manuals. They are typically more detailed than statutory requirements and lay down internal policies and procedures that must be followed to comply with statutory requirements.

Identify the documents/sources reviewed for statutory financial reporting requirements.

Identify at least three statutory financial reporting requirements.

Identify the documents/sources reviewed for organisational financial reporting requirements.

Identify at least three organisational financial reporting requirements.

Complete Table A in the following pages with the information identified. You will need this later to complete Part B of this task.

To complete this task, you must:

Access and review the Profit & Loss Statement and Cash Flow Statement of the workplace/organisation for the previous two financial years.

Identify the name and year of the Profit & Loss Statements and Cash Flow Statements reviewed.

Identify at least three significant issues in the reviewed financial statements.

These are issues that affect financial performance of the organisation, such as income and expenses, profitability, statutory obligations, product pricing, cost structures, internal controls.

Prioritise the identified issues for review and decision-making.

Base your assigned priority on a logical order of importance, such as High, Medium, Low.

Access and review the financial management processes of your organisation.

These are the processes followed by the organisation to manage their finances. They include methods by which budgets are created, financial transactions (for example, invoicing, providing credit, collecting outstanding debts) are recorded, budget, and financial reporting is conducted.

Identify the documents/sources reviewed for financial management processes.

Evaluate the effectiveness of at least three financial management processes.

Identify at least two advantages of following each process.

Identify at least two disadvantages of following each process.

Compare the advantages and disadvantages of following each process and judge whether the process is effective or not.

Prepare at least three financial recommendations that achieve either or both of the following objectives:

Address the significant issues in financial statements that you identified for review and decision-making.

Improve the effectiveness of the financial management processes you evaluated.

Explain how each recommendation achieves the objective(s).

You must explain how your recommendations achieve the objectives. For example, by recommending an alternative financial management process you must explain how it will be more advantageous to the organisation.

Prepare your draft report on financial recommendations, including the following:

The name and year of the Profit & Loss Statements and Cash Flow Statements reviewed.

At least three significant issues from the reviewed financial statements that you identified and prioritised for review and decision-making.

Your evaluation of the effectiveness of at least three financial management processes.

At least three financial recommendations that you prepared.

Seek input from at least two relevant stakeholders in the organisation on the contents of your draft report on financial recommendations.

Relevant stakeholders can be individuals or groups directly impacted by the financial recommendations you are making.

Review Workplace Project Task 5 – Assessor’s Checklist before starting this task. This form outlines the following:

Resources you are required to access to complete the task.

All criteria your submission must address to satisfactorily complete this task.

You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.

Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.

Printed or online sources relevant to statutory financial reporting requirements, including government websites

Organisational financial reporting policies & procedures relevant to financial reporting requirements.

Profit & Loss Statement and Cash Flow Statement of the workplace/organisation for the previous two financial years.

Organisational documents such as policies & procedures relevant to financial management processes.

You must also submit evidence of communication with at least two relevant stakeholders of the organisation seeking their input on the draft report on financial recommendations.

Evidence must be at least one of the following:

Email correspondence

Meeting minutes

Video recording of the meeting conducted with the stakeholders

Important: Please block out any confidential organisational information in the submitted documents.

Statutory Financial Reporting Requirements

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These are the financial reporting requirements mandated by the Corporations Act 2001 (Corporations Act) and other relevant laws that may apply to your organisation.

     

     

     

Organisational Financial Reporting Requirements

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These are the financial reporting requirements mandated by your organisation in their financial reporting policies & procedures. They are typically more detailed than statutory requirements and lay down internal policies and procedures that must be followed to comply with statutory requirements.