These characters combine literally to mean “a great (大) achievement (功) is announced (告) as completed (成)”. The act of “announcing” gives the phrase a sense of finality and officialness, as if a formal declaration of success is being made.
It is generally a formal-leaning phrase because it's a `chengyu`, but it's common enough to be used in informal, spoken situations among friends, often with a slightly dramatic and happy tone.