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Evidence Guide: AHCBUS510 - Manage finance, insurance and legal requirements

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

AHCBUS510 - Manage finance, insurance and legal requirements

What evidence can you provide to prove your understanding of each of the following citeria?

Manage the legal requirements of the business

  1. Identify, implement and monitor legislative requirements to meet compliance requirements
  2. Identify where expert legal advice is required to ensure compliance
  3. Identify, maintain and store legal documents
  4. Review legislative requirements regularly
Identify, implement and monitor legislative requirements to meet compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify where expert legal advice is required to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, maintain and store legal documents

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review legislative requirements regularly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process and maintain the insurance requirements for the business

  1. Identify insurable items of the business
  2. Conduct a risk assessment to determine the likely consequences of adverse risk outcomes
  3. Identify suitable insurers or brokers and obtain quotations on price and premium payment options
  4. Conduct a cost/benefit analysis to determine the effectiveness of insurance
  5. Identify and evaluate the potential for under- or over-insurance
  6. Acquire adequate insurance policies and cover
  7. Review legislative requirements and insurance cover
  8. File documents to ensure security and accessibility
Identify insurable items of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct a risk assessment to determine the likely consequences of adverse risk outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify suitable insurers or brokers and obtain quotations on price and premium payment options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct a cost/benefit analysis to determine the effectiveness of insurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and evaluate the potential for under- or over-insurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Acquire adequate insurance policies and cover

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review legislative requirements and insurance cover

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File documents to ensure security and accessibility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify sources, types and cost of finance

  1. Conduct research on the types of finance for primary production-based businesses
  2. Determine costs associated with different forms of finance
  3. Identify the opportunity cost of utilising internal funding sources instead of external sources
  4. Assess the advantages and disadvantages of each form of finance
  5. Assess repayment structures for finance options
  6. Assess the taxation implications of finance options
Conduct research on the types of finance for primary production-based businesses

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine costs associated with different forms of finance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the opportunity cost of utilising internal funding sources instead of external sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess the advantages and disadvantages of each form of finance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess repayment structures for finance options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess the taxation implications of finance options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare application for finance or investment

  1. Access business and financial data and prepare an application for finance or investment
  2. Check the finance application for accuracy and submit it to the relevant body
  3. Maintain and store documentation
Access business and financial data and prepare an application for finance or investment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check the finance application for accuracy and submit it to the relevant body

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain and store documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage finance repayments

  1. Develop a budget for the business to demonstrate repayment and interest commitments can be met
  2. Establish contingencies to ensure finance costs are met when cashflow is restricted
Develop a budget for the business to demonstrate repayment and interest commitments can be met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish contingencies to ensure finance costs are met when cashflow is restricted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

Element

Performance criteria

Elements describe the essential outcomes.

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

1. Manage the legal requirements of the business

1.1 Identify, implement and monitor legislative requirements to meet compliance requirements

1.2 Identify where expert legal advice is required to ensure compliance

1.3 Identify, maintain and store legal documents

1.4 Review legislative requirements regularly

2. Process and maintain the insurance requirements for the business

2.1 Identify insurable items of the business

2.2 Conduct a risk assessment to determine the likely consequences of adverse risk outcomes

2.3 Identify suitable insurers or brokers and obtain quotations on price and premium payment options

2.4 Conduct a cost/benefit analysis to determine the effectiveness of insurance

2.5 Identify and evaluate the potential for under- or over-insurance

2.6 Acquire adequate insurance policies and cover

2.7 Review legislative requirements and insurance cover

2.8 File documents to ensure security and accessibility

3. Identify sources, types and cost of finance

3.1 Conduct research on the types of finance for primary production-based businesses

3.2 Determine costs associated with different forms of finance

3.3 Identify the opportunity cost of utilising internal funding sources instead of external sources

3.4 Assess the advantages and disadvantages of each form of finance

3.5 Assess repayment structures for finance options

3.6 Assess the taxation implications of finance options

4. Prepare application for finance or investment

4.1 Access business and financial data and prepare an application for finance or investment

4.2 Check the finance application for accuracy and submit it to the relevant body

4.3 Maintain and store documentation

5. Manage finance repayments

5.1 Develop a budget for the business to demonstrate repayment and interest commitments can be met

5.2 Establish contingencies to ensure finance costs are met when cashflow is restricted

Required Skills and Knowledge

Element

Performance criteria

Elements describe the essential outcomes.

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

1. Manage the legal requirements of the business

1.1 Identify, implement and monitor legislative requirements to meet compliance requirements

1.2 Identify where expert legal advice is required to ensure compliance

1.3 Identify, maintain and store legal documents

1.4 Review legislative requirements regularly

2. Process and maintain the insurance requirements for the business

2.1 Identify insurable items of the business

2.2 Conduct a risk assessment to determine the likely consequences of adverse risk outcomes

2.3 Identify suitable insurers or brokers and obtain quotations on price and premium payment options

2.4 Conduct a cost/benefit analysis to determine the effectiveness of insurance

2.5 Identify and evaluate the potential for under- or over-insurance

2.6 Acquire adequate insurance policies and cover

2.7 Review legislative requirements and insurance cover

2.8 File documents to ensure security and accessibility

3. Identify sources, types and cost of finance

3.1 Conduct research on the types of finance for primary production-based businesses

3.2 Determine costs associated with different forms of finance

3.3 Identify the opportunity cost of utilising internal funding sources instead of external sources

3.4 Assess the advantages and disadvantages of each form of finance

3.5 Assess repayment structures for finance options

3.6 Assess the taxation implications of finance options

4. Prepare application for finance or investment

4.1 Access business and financial data and prepare an application for finance or investment

4.2 Check the finance application for accuracy and submit it to the relevant body

4.3 Maintain and store documentation

5. Manage finance repayments

5.1 Develop a budget for the business to demonstrate repayment and interest commitments can be met

5.2 Establish contingencies to ensure finance costs are met when cashflow is restricted

The candidate must be assessed on their ability to integrate and apply the performance requirements of this unit in a workplace setting. Performance must be demonstrated consistently over time and in a suitable range of contexts.

The candidate must provide evidence that they can:

interpret financial reports and business data

maintain basic accounts

administer the legal requirements of the business

obtain professional advice

process and maintain the insurance requirements for the business

identify sources, types and cost of finance

prepare an application for finance or investment.

The candidate must demonstrate knowledge of:

business processes and legal requirements

insurance processes and legal requirements

risk assessment processes

cost/benefit analysis processes

opportunity cost calculation

finance processes and legal requirements

taxation and account keeping requirements.

Range Statement