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Evidence Guide: BSBFIA501 - Report on finances related to international business

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBFIA501 - Report on finances related to international business

What evidence can you provide to prove your understanding of each of the following citeria?

Compile financial information

  1. Identify financial information related to international business activity and separate it from domestic business activity for reporting and compliance purposes
  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
  3. Use conversion and consolidation procedures to compile analysis in accordance with organisational requirements
  4. Make, record and disclose asset and liability valuations, in accordance with organisational requirements
  5. Identify, resolve or refer discrepancies, unusual features or queries to the appropriate authority
Identify financial information related to international business activity and separate it from domestic business activity for reporting and compliance purposes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use conversion and consolidation procedures to compile analysis in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make, record and disclose asset and liability valuations, in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, resolve or refer discrepancies, unusual features or queries to the appropriate authority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure compliance with relevant international finance regulations

  1. Identify financial compliance requirements associated with international business activity for relevant international finance regulations
  2. Access processes to ensure compliance with financial compliance requirements of relevant international finance regulations, from workplace policies and procedures, and relevant information sources
  3. Record income and expenditure to ensure compliance with statutory requirements
  4. Calculate liabilities for tax in accordance with relevant legislation
  5. Identify relevant receipts, revenue documentation and payments correctly
  6. Ensure statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements
  7. Submit statutory requirement reports to appropriate authorities within stated deadlines
Identify financial compliance requirements associated with international business activity for relevant international finance regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access processes to ensure compliance with financial compliance requirements of relevant international finance regulations, from workplace policies and procedures, and relevant information sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record income and expenditure to ensure compliance with statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate liabilities for tax in accordance with relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant receipts, revenue documentation and payments correctly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Submit statutory requirement reports to appropriate authorities within stated deadlines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide financial business recommendations

  1. Derive recommendations logically and support with evidence in report
  2. Ensure recommendations propose constructive actions to enhance the effectiveness and efficacy of functions and services related to international business activity
  3. Ensure recommendations are concise and facilitate direction and control of organisation’s international operations
  4. Identify and prioritise significant issues in statements, including comparative financial performances, for review and decision-making
  5. Ensure structure and format of reports are clear and conform to organisational and statutory requirements
Derive recommendations logically and support with evidence in report

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure recommendations propose constructive actions to enhance the effectiveness and efficacy of functions and services related to international business activity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure recommendations are concise and facilitate direction and control of organisation’s international operations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and prioritise significant issues in statements, including comparative financial performances, for review and decision-making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure structure and format of reports are clear and conform to organisational and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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