Release 

Comments 

Release 1

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

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

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

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

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

Release 

Comments 

Release 1

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