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Evidence Guide: FNSACC611A - 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

 

FNSACC611A - Implement an insolvency program

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

Evaluate options for insolvency

  1. Assets and liabilities to be included in insolvency are identified, located and secured
  2. Insolvency plans are interpreted to determine operational decisions in consultation with stakeholders
  3. Potential returns from realisation of assets are estimated from assessment of market values and fees and expenses
  4. Claims of creditors are identified, evaluated and resolved using agreed criteria and standard accounting practices
  5. Decisions regarding insolvency are made using agreed criteria
Assets and liabilities to be included in insolvency are identified, located and secured

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Insolvency plans are interpreted to determine operational decisions in consultation with stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Potential returns from realisation of assets are estimated from assessment of market values and fees and expenses

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Claims of creditors are identified, evaluated and resolved using agreed criteria and standard accounting practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Decisions regarding insolvency are made using agreed criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish timelines and objectives

  1. Milestones for the completion of project tasks are developed and agreed as part of the insolvency plan
  2. Implementation schedules are developed with defined target dates and communicated to stakeholders
  3. Operational liaison and reporting responsibilities are allocated to ensure completion of tasks
Milestones for the completion of project tasks are developed and agreed as part of the insolvency plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implementation schedules are developed with defined target dates and communicated to stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Operational liaison and reporting responsibilities are allocated to ensure completion of tasks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor progress

  1. Data relevant to the insolvency program are identified, acquired and validated
  2. Outcomes of the insolvency plan are analysed and documented in accordance with established forms of insolvency administration and statutory requirements
  3. Day to day administration of the program is supported through liaison and regular reporting
  4. Delays in implementation are assessed and solutions developed and negotiated
  5. Recommendations to clients are clear, concrete and based on reasoned examination of data
Data relevant to the insolvency program are identified, acquired and validated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outcomes of the insolvency plan are analysed and documented in accordance with established forms of insolvency administration and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Day to day administration of the program is supported through liaison and regular reporting

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Delays in implementation are assessed and solutions developed and negotiated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

apply statutory requirements to evaluate options for insolvency

establish timelines and objectives for an insolvency plan and monitor progress, adjusting as required.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to an integrated financial software system and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

highly developed communication skills to:

evaluate an organisation's solvency and risks, using questioning of personnel, management and external stakeholders for confirmation

negotiate complex insolvency options and actions

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills for accessing and managing financial services information

well-developed literacy skills for analysingfinancial information and insolvency indicators and preparing financial options and clear written advice

numeracy skills for financial calculations and analysis, estimating and forecasting

IT skills for developing and using integrated financial systems, spreadsheets and databases and internet information

learning skills to maintain knowledge of insolvency statutory requirements, best practice principles, processes and procedures

problem solving skills to identify insolvency planning issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule insolvency activity monitoring and reporting

Required knowledge

comprehensive practices and principles of insolvency administration

depreciation methods allowed by tax authorities

duties and responsibilities of insolvency administrators and liquidators

ethical considerations for the handling of financial insolvency such as:

conflict of interests

confidentiality

disclosure requirements

forms and functions of employee records

law as it relates to insolvency management including:

trade practices and corporation law

Taxation Assessment Acts

Workplace Relations Act

Australian Consumer and Competition Commission (ACCC) regulations

Privacy Act

principles and practices of budgetary control:

double-entry bookkeeping

accrual accounting

principles of valuation and processes for asset disposal

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Assets and liabilities may include:

cash accounts

loans, leases and debts

personnel

plant and equipment

property investments

shares, bonds and securities

Stakeholders may include:

clients

employees

financial institutions

managers and company officers:

company directors

boards of management

suppliers.

Claims may include:

financial institution borrowings

lease owners

redundancy payments

salaries

superannuation payments

unpaid suppliers.

Agreed criteria may include:

decision making authorities

forecasted returns

net present values

periodic reports

strategic priorities.

Milestones may include:

compliance with scheduled payment dates

debt reduction targets

profits and losses

reports:

quarterly

half-yearly

annually

Implementation schedules may include:

budgeting periods

consultation schedules

evaluation of commercial viability timetable

liquidation dates

repayment schedules.

Reporting responsibilities may include:

administrator reports

availability of credit

commercial viabilities

compliance requirements

valuations.

Data may include:

Australian Bureau of Statistics (ABS) economic data

budgets and forecasts

credit ratings

financial markets monitoring services

financial statements and reports

market valuations.

Statutory requirements may include:

corporations law

delegated authorities

internal control procedures

reporting periods

taxation payment timings.

Delays may include:

court orders

creditor default

identification of ownership

industrial action

taxation assessments.