In Australia, at least, the AIP states that you set the QNH at the transition level on descent. Not so much for the "report passing", but more for a sudden clearance to maintain a level during the descent for unexpected traffic.
The Ansett procedure was to set QNH at the transition checks, which were typically after passing F150 (transition is a standard F110 throughout Australia). Descending at 5-6000 fpm in a jet, the difference was minor.