BSBFIA401 Prepare financial reports

Release: 1

BSBFIA401 Prepare financial reports

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 noncurrent 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.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10