Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC611 Mapping and Delivery Guide
Implement an insolvency program

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC611 - Implement an insolvency program
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to evaluate options, establish timelines and objectives, and monitor progress and plans for business insolvency.It applies to individuals who use specialised knowledge and skills to analyse complex financial situations and implement recommended options.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Evaluate options for insolvency
  • Identify, locate and secure assets and liabilities to be included in insolvency
  • Interpret insolvency plans to determine operational decisions in consultation with stakeholders
  • Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses
  • Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices
  • Make decisions regarding insolvency using agreed criteria
       
Element: Establish timelines and objectives
  • Develop and confirm milestones for completion of project tasks as part of insolvency plan
  • Develop implementation schedules with defined target dates and communicate to stakeholders
  • Allocate operational liaison and reporting responsibilities to ensure completion of tasks
       
Element: Monitor progress
  • Identify, acquire and validate data relevant to insolvency program
  • Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct
  • Support day-to-day administration of program through liaison and regular reporting
  • Assess delays in implementation and develop and negotiate solutions
  • Ensure recommendations to clients are clear, concrete and based on reasoned examination of data
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate options for insolvency

1.1 Identify, locate and secure assets and liabilities to be included in insolvency

1.2 Interpret insolvency plans to determine operational decisions in consultation with stakeholders

1.3 Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses

1.4 Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices

1.5 Make decisions regarding insolvency using agreed criteria

2. Establish timelines and objectives

2.1 Develop and confirm milestones for completion of project tasks as part of insolvency plan

2.2 Develop implementation schedules with defined target dates and communicate to stakeholders

2.3 Allocate operational liaison and reporting responsibilities to ensure completion of tasks

3. Monitor progress

3.1 Identify, acquire and validate data relevant to insolvency program

3.2 Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct

3.3 Support day-to-day administration of program through liaison and regular reporting

3.4 Assess delays in implementation and develop and negotiate solutions

3.5 Ensure recommendations to clients are clear, concrete and based on reasoned examination of data

Evidence of the ability to:

analyse relevant financial data and evaluate potential insolvency options that comply with statutory requirements

establish timelines and objectives for an insolvency plan

monitor progress and adjust plan as required.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the key features of comprehensive practices and principles of insolvency administration

identify and describe depreciation methods allowed by tax authorities

outline the key duties and responsibilities of insolvency administrators and liquidators

identify and discuss the key ethical considerations for the handling of financial insolvency such as:

conflict of interest

confidentiality

disclosure requirements

identify and describe the forms and functions of employee records

identify and explain the key features of legislation relating to insolvency management, covering the following:

corporations

taxation assessment

workplace relations

privacy

consumer and competition

identify and explain the key principles and practices of double-entry bookkeeping and accrual accounting in budgetary control

explain the valuation and processes for asset disposal.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate options for insolvency

1.1 Identify, locate and secure assets and liabilities to be included in insolvency

1.2 Interpret insolvency plans to determine operational decisions in consultation with stakeholders

1.3 Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses

1.4 Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices

1.5 Make decisions regarding insolvency using agreed criteria

2. Establish timelines and objectives

2.1 Develop and confirm milestones for completion of project tasks as part of insolvency plan

2.2 Develop implementation schedules with defined target dates and communicate to stakeholders

2.3 Allocate operational liaison and reporting responsibilities to ensure completion of tasks

3. Monitor progress

3.1 Identify, acquire and validate data relevant to insolvency program

3.2 Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct

3.3 Support day-to-day administration of program through liaison and regular reporting

3.4 Assess delays in implementation and develop and negotiate solutions

3.5 Ensure recommendations to clients are clear, concrete and based on reasoned examination of data

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify, locate and secure assets and liabilities to be included in insolvency 
Interpret insolvency plans to determine operational decisions in consultation with stakeholders 
Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses 
Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices 
Make decisions regarding insolvency using agreed criteria 
Develop and confirm milestones for completion of project tasks as part of insolvency plan 
Develop implementation schedules with defined target dates and communicate to stakeholders 
Allocate operational liaison and reporting responsibilities to ensure completion of tasks 
Identify, acquire and validate data relevant to insolvency program 
Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct 
Support day-to-day administration of program through liaison and regular reporting 
Assess delays in implementation and develop and negotiate solutions 
Ensure recommendations to clients are clear, concrete and based on reasoned examination of data 

Forms

Assessment Cover Sheet

FNSACC611 - Implement an insolvency program
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC611 - Implement an insolvency program

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: