- FNSACCT501B - Provide financial and business performance information
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
FNSACCT501B Mapping and Delivery Guide
Provide financial and business performance information
Version 1.0
Issue Date: April 2024
| Qualification | - |
Unit of Competency | FNSACCT501B - Provide financial and business performance information |
|---|---|---|---|
| Description | The unit covers the competency to analysis and report a broad range of financial and business performance information.The unit covers the competency to analysis and report a broad range of financial and business performance information. | ||
| Employability Skills | The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements. | ||
| Learning Outcomes and Application | This unit requires the application of skills and knowledge required to provide financial and business performance information. The unit encompasses assessing clients needs, analysing data and preparing advice. The unit can apply to a variety of financial services industry sectors and has application to a variety of job functions such as accountant and financial planner. This unit requires the application of skills and knowledge required to provide financial and business performance information. The unit encompasses assessing clients needs, analysing data and preparing advice. The unit can apply to a variety of financial services industry sectors and has application to a variety of job functions such as accountant and financial planner. | ||
| Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
||
| Prerequisites/co-requisites | Not applicable. | ||
| 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: Assess client needs |
| |||||||
| Element: Analyse data |
| |||||||
| Element: Prepare advice |
| |||||||
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.
EVIDENCE GUIDE | |
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 state/territory and federal taxation and charges knowledge of financial legislation knowledge of accounting practices and principles ability to access clients needs ability to analyse financial data ability to prepare advice knowledge of taxation issues faced by clients knowledge of risk management options and practices knowledge of clients rights and obligations | |
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. |
Delivery/assessment relationship to other units: | This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge. Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency. |
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 and/or 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 personal/financial 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. |
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.
REQUIRED KNOWLEDGE&SKILLS |
Knowledge requirements include: financial legislation (eg deductions and allowance in taxation legislation) basic knowledge of corporations and consumer legislation state and territory charges and taxes sources of information on financial products and markets (eg banks, financial advisers) principles of cash flow and budgetary control forecasting techniques methods of presenting financial data government financial policies (secretary's financial management instructions) |
Skills requirements include: interpersonal skills and communication skills (eg liaising, interviewing, listening, consulting) report writing and preparation numeracy skills for calculation of data researching for data testing and management estimating, forecasting and analysis skills information technology skills for set up and use of spreadsheets |
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. | |
Expectations and objectives may include: | reduction in tax liabilities financial consolidation higher levels of investment returns asset development wealth accumulation administrative efficiency improved cash flows improved quality of life |
Clients may include: | shareholders in line management company officers and board of management businesses (small and large) private individuals financial institutions statutory authorities government departments partnerships, trusts (incorporated and unincorporated organisations) sole traders |
Financial options may include: | sources of finance cost of capital funding alternatives debt and equity cost recoveries dividends purchases adjustment of borrowings asset liquidation long term investments |
Plans may include: | review of financial systems long term and short term financial requirements personal investments cash flow development working capital needs personal financial needs/position suitable business structure business registration alternate forms of finance accounts receivable management insurance needs business plans tax issues regulations, permits and licences adequate funding structure |
Agreed criteria may include: | net present values capital budgeting working capital management budgeting periodic reports decision making authorities |
strategic priorities forecasted returns business turnover profitability and financial stability costing, pricing and budgeting asset management | |
Shortfalls in customer service may include: | response time accuracy of advice consideration of relevant factors presentation of advice maintenance of records |
Appropriate authorities and sources may include: | ministers company officers and board of management program managers organisational procedures and policies statutory returns and guidelines chief executive officer |
Standard financial analysis techniques may include: | cost-benefit analysis financial statement analysis including ratios cash flow analysis benchmarking |
Significant taxation issues may include: | reporting and lodgement dates compliance advice Pay As You Go (PAYG) obligations Business Activity Statement (BAS) reporting requirements State tax obligations |
Methods of presentation and formats may include: | tables graphics estimates and projections calculations explanatory notes |
Risks and contingencies may include: | insurable risks debtor default operating costs business forecasts funding costs hedging arrangements opportunity costs |
Risk management options may include: | insurance products internal control procedures |
Rights and obligations may include: | legislative protection for consumers corporation law contract law employment law privacy law taxation legislation |
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 |
|---|---|---|---|
| Expectations and objectives of client are clarified and confirmed to ensure mutual understanding of client goals | |||
| The client's specific legal and financial requirements are identified when establishing, structuring and financing a business | |||
| Financial options and processes are discussed with client to develop suitable plans for the provision of information for the achievement of client goals | |||
| Progress of plans is reviewed regularly against agreed criteria and results communicated to client | |||
| Client objectives are monitored to identify changes in client needs | |||
| Feedback on service is regularly obtained, analysed and incorporated into services to client | |||
| Shortfalls in customer service are investigated and proposals for overcoming them are formulated and implemented | |||
| Advice on reliability and accuracy of data is sought from appropriate authorities and sources in accordance with organisational procedures | |||
| Data is compiled in accordance with standard financial reporting requirements | |||
| Revenues and costs are analysed in accordance to standard accounting techniques and consistent with the organisation's objectives | |||
| All data and reports are analysed in accordance with standard financial analysis techniques | |||
| Data is reconciled to ensure statements are accurate and comply with organisational procedures and statutory requirements | |||
| Information is evaluated in relation to the financial performance of a business, specifically profitability, efficiency and financial stability | |||
| Further analysis is undertaken to ensure consistency of analysis with client's business and personal objectives | |||
| Further evaluation is undertaken to assess the financial potential of the business, its future funding requirements and its statutory obligations | |||
| Advice provides client with a realistic view of financial performance and compliance, including significant taxation issues and comparisons of alternative options | |||
| Suitable methods of presentation, language and forms of documentation are used to convey information to client | |||
| Advice identifies how risks, contingencies and future cash flows may be identified and quantified | |||
| Client is advised of risk management options | |||
| Client is advised of rights and obligations | |||
| Client is advised on alternative sources and features of short and long term finance |
Forms
Assessment Cover Sheet
FNSACCT501B - Provide financial and business performance information
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
FNSACCT501B - Provide financial and business performance information
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: