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 the skills and knowledge required to report on finances related to international business activity.
It applies to individuals with managerial responsibility for compiling required financial information; identifying and meeting compliance requirements of relevant international, Australian and overseas finance regulations; and analysing the financial information to frame recommendations to improve compliance and effectiveness of international business activity.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Business Development – International Business
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 Compile financial information |
1.1 Identify financial information related to international business activity and separate it from domestic business activity for reporting and compliance purposes 1.2 Collect relevant current financial data, convert to currency used in report, and evaluate and code to ensure consistency, quality and accuracy in accordance with organisational requirements 1.3 Use conversion and consolidation procedures to compile analysis in accordance with organisational requirements 1.4 Make, record and disclose asset and liability valuations, in accordance with organisational requirements 1.5 Identify, resolve or refer discrepancies, unusual features or queries to the appropriate authority |
2 Ensure compliance with relevant international finance regulations |
2.1 Identify financial compliance requirements associated with international business activity for relevant international finance regulations 2.2 Access processes to ensure compliance with financial compliance requirements of relevant international finance regulations, from workplace policies and procedures, and relevant information sources 2.3 Record income and expenditure to ensure compliance with statutory requirements 2.4 Calculate liabilities for tax in accordance with relevant legislation 2.5 Identify relevant receipts, revenue documentation and payments correctly 2.6 Ensure statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements 2.7 Submit statutory requirement reports to appropriate authorities within stated deadlines |
3 Provide financial business recommendations |
3.1 Derive recommendations logically and support with evidence in report 3.2 Ensure recommendations propose constructive actions to enhance the effectiveness and efficacy of functions and services related to international business activity 3.3 Ensure recommendations are concise and facilitate direction and control of organisation’s international 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 |
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 |
1.1-1.5, 2.1-2.7, 3.1-3.5 |
|
Writing |
1.2-1.5, 2.3, 2.4, 3.1-3.5 |
|
Oral Communication |
1.5, 3.2, 3.3 |
|
Numeracy |
1.1-1.5, 2.1, 2.3- 2.7, 3.1, 3.4 |
|
Navigate the world of work |
1.1-1.4, 2.1-2.7, 3.5 |
|
Interact with others |
1.5, 2.7 |
|
Get the work done |
1.1-1.5, 2.1-2.4, 2.7, 3.1, 3.2, 3.4, 3.5 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBFIA501 Report on finances related to international business |
BSBFIA501A Report on finances related to international business |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10