BSBFIN401

Application

This unit describes skills and knowledge required to prepare financial reports in line with statutory reporting requirements. This includes compiling and analysing financial data.

The unit 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 organisation, or they might have responsibility for these tasks in relation to their own workgroup or role.

Unit mapping information

No equivalent unit. Supersedes but is not equivalent to:

• BSBFIA401 Prepare financial reports
• BSBFIA412 Report on financial activity
• BSBFIA501 Report on finances related to international business
• BSBINT408 Prepare business advice on the taxes and duties for international trade transactions.

Licensing, legislative, regulatory or certification requirements

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

Foundation skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit sector or competency field

Business Competence – Financial Literacy

Prerequisite, co-requisite or interdependent assessment of units

Not applicable

Assessment conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

• accounting software
• financial reporting legislation, regulations, standards and codes of practice
• samples of financial data, reports and documents
• workplace reference materials including procedural manuals and company policies.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.