This unit describes the skills and knowledge required to prepare financial reports for a corporate reporting entity. It encompasses compiling and analysing data and meeting statutory reporting requirements.  It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:


BSBFIA401 - Prepare financial reports

FNSACC311 - Process financial transactions and extract interim reports


Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - access, compile and analyse data and prepare reports for corporate entities, and; - confirm data and reports. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - current business taxation requirements for preparing corporate accounting reports; - current financial legislation and statutory requirements relating to taxable transactions and reporting requirements; - ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements; - industry-standard methods and formats used to present financial data; - options, methods and practices for recording and reporting deductions, benefits and depreciation; - key requirements of organisational policies and procedures relating to preparing financial reports for corporate entities, and; - business legal requirements relating to delegated authorities, reporting periods, and taxation payment timings.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.