Unit of competency details

BSBFIA401 - Prepare financial reports (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBFIA401A - Prepare financial reportsUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
SIT - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-1.1 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-2.1 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.5 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-2.0 
AUR - Automotive Retail, Service and Repair Training PackageAutomotive Retail, Service and Repair Training Package 3.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SIT60316 - Advanced Diploma of Hospitality ManagementAdvanced Diploma of Hospitality Management 
SIT50416 - Diploma of Hospitality ManagementDiploma of Hospitality Management 
SIT50316 - Diploma of Event ManagementDiploma of Event Management 
SIT50216 - Diploma of Holiday Park and Resort ManagementDiploma of Holiday Park and Resort Management 
SIT50116 - Diploma of Travel and Tourism ManagementDiploma of Travel and Tourism Management 
SIT40816 - Certificate IV in Asian CookeryCertificate IV in Asian Cookery 
SIT40716 - Certificate IV in PatisserieCertificate IV in Patisserie 
SIT40616 - Certificate IV in Catering OperationsCertificate IV in Catering Operations 
SIT40516 - Certificate IV in Commercial CookeryCertificate IV in Commercial Cookery 
SIT40416 - Certificate IV in HospitalityCertificate IV in Hospitality 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.

It applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may be individuals providing administrative support within an enterprise, or they might have responsibility for these tasks in relation to their own workgroup or role.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Finance – Financial Administration

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures

1.2 Determine method of calculating depreciation in accordance with organisational requirements

1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements

2 Record general journal entries for balance day adjustments

2.1 Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements

2.4 Adjust ledger accounts for inventories, if required, and transfer to final accounts

3 Prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements

3.2 Post revenue and expense account balances to final general ledger accounts system

3.3 Prepare final general ledger accounts to reflect gross and net profits for reporting period

4 Prepare end of period financial reports

4.1 Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period

4.2 Prepare balance sheet to reflect financial position of business at end of reporting period

4.3 Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.3

  • Identifies and interprets information from organisational policies, procedures and job requirements
  • Checks documents for errors or discrepancies

Writing

1.1, 1.3, 2.1-2.4, 3.1-3.3, 4.1-4.3

  • Records accurate data using relevant format, structure and vocabulary

Oral Communication

4.3

  • Explains issues clearly using appropriate industry terminology
  • Asks questions and listens to responses to clarify understanding

Numeracy

1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.2

  • Uses a wide range of mathematical calculations to interpret and arrange/compare numerical information

Navigate the world of work

1.1-1.3, 2.3, 2.4, 3.1, 4.1

  • Adheres to industry standards, organisational policies and procedures in the conduct of own work

Interact with others

4.3

  • Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role

Get the work done

1.1-1.3, 2.1-2.3, 3.2, 3.3, 4.1-4.3

  • Plans and completes tasks according to set guidelines and timelines
  • Recognises and addresses problems in the context of own work and seeks advice from others, as necessary
  • Uses digital technologies to access, record, store, organise and compile data as required

Range of Conditions

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Revenue statement comprises:

  • cost of goods sold if applicable
  • gross profit
  • operating net profit
  • unclassified adjusted expenses and revenue

Balance sheet comprises:

  • narrative or T format
  • unclassified assets and liabilities

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBFIA401 Prepare financial reports

BSBFIA401A Prepare financial reports

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • produce a detailed asset register and depreciation schedule
  • accurately record entries for balance day adjustments
  • prepare financial reports
  • trace and reconcile errors systematically or seek expert advice if required
  • apply double-entry principles
  • complete all tasks according to organisational policies and industry standards .

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain double-entry bookkeeping principles
  • identify general journal and general ledger entries
  • list the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports
  • describe organisational accounting systems
  • outline relevant organisational policies, procedures and accounting standards.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:

  • office equipment and resources
  • computer equipment and relevant software
  • relevant standards
  • samples of financial data
  • workplace reference materials such procedural manuals and company policy
  • case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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