Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBFIA401A Mapping and Delivery Guide
Prepare financial reports

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency BSBFIA401A - Prepare financial reports
Description This unit describes the performance outcomes, skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may work as individuals providing administrative support within an enterprise, or they might have responsibility for these tasks in relation to their own workgroup or role.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field Finance - Financial Administration
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities
Slides
PPT
Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Maintain asset register
  • Prepare a register of property, plant and equipment from fixed asset transactions in accordance with organisational policy and procedures
  • Determine method of calculating depreciation in accordance with organisational requirements
  • Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements
       
Element: Record general journal entries for balance day adjustments
  • Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements
  • Adjust expense accounts and revenue accounts for prepayments and accruals
  • Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements
  • Adjust ledger accounts for inventories, if required, and transfer to final accounts
       
Element: Prepare final general ledger accounts
  • Enter general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements
  • Post revenue and expense account balances to final general ledger accounts system
  • Prepare final general ledger accounts to reflect gross and net profits for reporting period
       
Element: Prepare end of period financial reports
  • Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period
  • Prepare balance sheet to reflect financial position of business at end of reporting period
  • Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

preparing financial reports

applying the Australian Accounting and Auditing Standards

applying double-entry principles.

Context of and specific resources for assessment

Assessment must ensure:

access to office equipment and resources, such as:

calculator

computer equipment and relevant software

Australian Accounting and Auditing Standards

access to samples of financial data

access to workplace reference materials such procedural manuals and company policy.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

analysis of responses to case studies and scenarios

demonstration of techniques

direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate

review of authenticated documents from the workplace or training environment

oral or written questioning to assess knowledge ofaccounting procedures and techniques.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

other financial administration units.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to clarify reporting requirements and obtain required data

literacy skills to:

identify financial information

follow the Australian Accounting and Auditing Standards

follow the organisation's accounting procedures

numeracy skills to calculate percentages, addition and subtraction.

Required knowledge

double-entry bookkeeping principles

general journal and general ledger entries

key provisions of relevant legislation and regulations from all forms of government, standards and codes that may affect aspects of business operations, such as:

Australian Taxation Office regulations

accounting and auditing standards

Goods and Services Tax (GST) regulations

anti-discrimination legislation

ethical principles

codes of practice

finance legislation

privacy laws

occupational health and safety

organisational accounting systems

organisational policies, procedures and accounting requirements.

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Calculating depreciation may include:

reducing balance method

straight-line method

Expense accounts may include:

distribution expenses

electricity

freight inward and outward

insurance

interest paid

rates

rent paid

telephone and fax

wages and salaries

Revenue accounts may include:

commission received

interest received

rent received

Prepayments and accruals may include:

accrued expenses

accrued revenue

prepaid expenses

prepaid revenue

Bad and doubtful debts may include:

calculating provision for doubtful debts

writing off bad debts against provision for doubtful debts

Inventories may include:

goods for resale

stationery and other office supplies

Final accounts may include:

profit and loss

trading

Revenue statement comprises:

cost of goods sold if applicable

gross profit

operating net profit

unclassified adjusted expenses and revenue

Reporting period may include:

as determined in organisational procedures

financial year

Balance sheet comprises:

narrative or T format

unclassified assets and liabilities

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Prepare a register of property, plant and equipment from fixed asset transactions in accordance with organisational policy and procedures 
Determine method of calculating depreciation in accordance with organisational requirements 
Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements 
Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements 
Adjust expense accounts and revenue accounts for prepayments and accruals 
Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements 
Adjust ledger accounts for inventories, if required, and transfer to final accounts 
Enter general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements 
Post revenue and expense account balances to final general ledger accounts system 
Prepare final general ledger accounts to reflect gross and net profits for reporting period 
Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period 
Prepare balance sheet to reflect financial position of business at end of reporting period 
Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures 

Forms

Assessment Cover Sheet

BSBFIA401A - Prepare financial reports
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

BSBFIA401A - Prepare financial reports

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: