Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

Required Skills

REQUIRED KNOWLEDGEampSKILLS

Knowledge requirements include

principles of risk management and budgetary control

methods of storing recording and updating financial information

financial legislation eg taxable transactions reporting requirements

ethical considerations for compliance

understanding of organisational structures and lines of management authority

principles of costbenefit analysis and use of forecasting techniques

principles of internal control including statutory requirements

methods of financial evaluation

Skills requirements include

interpersonal skills and communication skills eg liaising listening consulting

report writing preparation and formatting

reading and interpreting financial statements and reports

planning skills for timetabling and scheduling reports and lodgements

research skills to identify valuations and applicable professional standards

Evidence Required

Assessment of performance requirements in the unit should be undertaken in an industry context The Evidence Guide identifies the critical aspects knowledge and skills to be demonstrated to confirm competency for the unit Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace

Overview of assessment requirements

To achieve competency in this unit a person must be able to demonstrate

knowledge of standard accounting techniques

knowledge of internal control procedures

knowledge of organisations strategic goals

knowledge of environmental factors

ability to review data

ability to determine options

ability to implement strategic strategies

ability to evaluate outcomes

Critical aspects of evidence

Evidence required for demonstration of consistent performance

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment

Deliveryassessment relationship to other units

Prerequisite units

FNSACCTB Manage budgets and forecasts

FNSACCT503B Manage budgets and forecasts.

Assessment requirements

Method of assessment

For valid and reliable assessment of this unit evidence should be gathered through a range of methods to indicate consistent performance

Assessment of this unit of competence will usually include observation of processes and procedures oral andor written questioning on underpinning knowledge and skills and other methods as required

Context of assessment

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personalfinancial responsibility and accountability

Aspects of competency including the attainment of relevant knowledge and skills may be assessed in a relevant workplace a closely simulated work environment or other appropriate means that clearly meet industry competency requirements

Resources required for assessment

Assessment of this unit of competence requires access to suitable resources to demonstrate competence

Assessment instruments including personal planner and assessment record book

Access to registered provider of assessment services

Range Statement


The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Standard accounting techniques may include:	discounted cash flows Internal Rate of Return, Net Present Value deprival asset valuations rates of return pay back break even periods impact statements pro-rata and percentage apportionment direct and indirect allocation
Datamay include:	budgets and forecasts financial statements and reports market valuations Australian Bureau of Statistics (ABS) economic data financial markets monitoring services (eg Reuters) credit ratings reserve bank of Australia long term bond rates
Assets and liabilities may include:	property investments shares, debentures, securities loans, leases, debts plant and equipment employee liabilities (eg long service leave) cash computer software stock and account receivable
Valuation criteria may include:	depreciation rate market estimates purchase prices repayment costs director's valuation asset backing earning capacity past profits
	expected future profits receiver's valuation
Environmental factors may include:	economic conditions and trends external risks competitors' behaviour market share consumer demand cost of capital skills shortages government financial policies factor markets
Long and short term periods may include:	monthly accounting quarterly reports half yearly budgets annual reporting tri-annual funding five year plans
Strategic goals may include:	survival short term profit long term profit liquidity solvency growth market share
Sources of financing may include:	'plough back' money market asset sales bank borrowing (long and short term) franchising venture capital new share releases government equity injections debentures
Short and long term objectives may include:	debt retirement salaries and other employee obligations periodic payments (eg leases, loans) taxation payments superannuation dividends
Internal control proceduresmay include:	identification, measurement and recording of revenue, assets, expenditure, liabilities and equity safeguarding and insurance of assets decision making authorities accuracy in valuations transparency in financial reporting risk management strategies corporate governance requirements control of cash