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Elements and Performance Criteria

Required Skills

REQUIRED KNOWLEDGEampSKILLS

Knowledge requirements include

principles of costing

organisational operating procedures

common routines for recording and storing data

principles of costing system integrity

methods of data protection including back ups and security

principles and practices of budgetary control eg double entry bookkeeping and accrual accounting

ethical considerations for the handling of financial and operating information eg conflict of interests confidentiality disclosure requirements

Skills requirements include

interpersonal skills and communication skills eg liaising listening consulting

information technology used for the set up and analysis of spreadsheets

estimating forecasting and analysis skills

reading and interpreting financial statements and reports

writing skills for reports and recommendations

numeracy for financial calculations and analysis

recording gathering and classifying financial information

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 standards accounting techniques and principles

ability to gather and record operating and cost data

ability to analyse data

ability to prepare cost reports and budgets

ability to analyse cost reports and budgets

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 Provide management accounting information

FNSACCT507B Provide management accounting information.

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.
Systems may include:	standard costing activity-based costing process costing direct and absorption costing operations costing joint and by-products costing
Data may include:	inventory, materials and finished product records marketing, distribution and customer records consumables records records of purchases and associated costs sales information labour utilisation records materials used payroll records manufacturing and general overhead costs service charge out rates marketing, distribution, logistics and other support areas activity records standards for labour, materials and overheads usage and costs
Cost assignments may include:	direct and indirect costs fixed and variable costs absorption costs labour, materials and overheads manufacturing costs service costs activity-based costs project costs product, service, market segment, distribution channel and customer costs
Reports and budgets may include:	production reports and budgets materials purchases materials usage labour usage manufacturing overhead costing budgets relationship with master budgets activity-based reports and budgets project reports and budgets
Management information requirements may include:	costs and profitability of products and services and business units costs and profitability of market segments, distribution channels and customers causes of and reasons for variances identification of value adding and non-value adding activities improvement of cost and resource management
Reports may include:	manufacturing statements variance analysis reports job, process and service profitability reports cost volume profit report manufacturing statements job cost records spreadsheets service cost analysis project cost analysis market segment, distribution channel and customer cost analysis performance reports