Unit of competency Outline

Date retreived
23/07/2026 5:54 AM AWST

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Report on finances related to international business

Report on finances related to international business

Unit of competency
National Code
BSBFIA501
State Code
AUK90
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080311 - International Business
Original Release Date
15/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to report on finances related to international business activity.It applies to individuals with managerial responsibility for compiling required financial information; identifying and meeting compliance requirements of relevant international, Australian and overseas finance regulations; and analysing the financial information to frame recommendations to improve compliance and effectiveness of international business activity.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D0707 BSBFIA501A Report on finances related to international business Unit of competency
Replaced By
State Code National Code Title Type
OCG02 BSBFIN401 Report on financial activity Unit of competency
State Code National Code Title Type
AVT5 BSB50815 Diploma of International Business Qualification
AVW6 BSB51215 Diploma of Marketing Qualification