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Evidence Guide: FNSACC611 - Implement an insolvency program

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

 

FNSACC611 - Implement an insolvency program

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

Evaluate options for insolvency

  1. Identify, locate and secure assets and liabilities to be included in insolvency
  2. Interpret insolvency plans to determine operational decisions in consultation with stakeholders
  3. Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses
  4. Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices
  5. Make decisions regarding insolvency using agreed criteria
Identify, locate and secure assets and liabilities to be included in insolvency

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret insolvency plans to determine operational decisions in consultation with stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make decisions regarding insolvency using agreed criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish timelines and objectives

  1. Develop and confirm milestones for completion of project tasks as part of insolvency plan
  2. Develop implementation schedules with defined target dates and communicate to stakeholders
  3. Allocate operational liaison and reporting responsibilities to ensure completion of tasks
Develop and confirm milestones for completion of project tasks as part of insolvency plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop implementation schedules with defined target dates and communicate to stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate operational liaison and reporting responsibilities to ensure completion of tasks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor progress

  1. Identify, acquire and validate data relevant to insolvency program
  2. Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct
  3. Support day-to-day administration of program through liaison and regular reporting
  4. Assess delays in implementation and develop and negotiate solutions
  5. Ensure recommendations to clients are clear, concrete and based on reasoned examination of data
Identify, acquire and validate data relevant to insolvency program

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess delays in implementation and develop and negotiate solutions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. 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

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. 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.