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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. |
Systems are defined as: | a detailed description/depiction of how organisations relate to their environments and how they process information through strategic and tactical management to develop actual operating procedures electronic financial management systems used by the organisation. |
Financial data may include: | Australian Bureau of Statistics (ABS) economic data balance sheet benchmarks or trend analysis budget variances budgets and forecasts cash flow/profit reports financial/operational statements and reports (e.g. expenditures and receipts, and profit and loss statements) financial markets monitoring services (e.g. Reuters) income statements market valuations. |
Statutory requirements may include: | delegated authorities internal control procedures reporting periods taxation payment timings. |
Standard accounting reports may include: | deprival asset valuations direct and indirect allocation discounted cash flows impact statements internal rate of return net present value pay back break even periods pro-rata and percentage apportionment rates of return. |
Management responsibilities may include: | organisational policies, procedures, guidelines, ethical and/or professional standards. |
Legal requirements may include: | private sector requirements, such as: Australian Accounting Standards (SAC 1, 2, Framework AASB1001) Corporations Act 2001 GST and income tax reporting public sector requirements, such as: Financial Administration and Audit Act 1977 Financial Management Standard 1997. |
Key information may include: | gross profit net profit return on investment for public or not-for-profit organisations: best use of resources surplus/deficit against budget value for money. |
A specific activity might include: | significant project (e.g. new product line) introduction of new technology partnership arrangement with another organisation introduction of a new customer. |
A specified time frame may: | be long enough to be able to undertake a meaningful impact evaluation of an activity (e.g. over a period of several months or a full planning cycle) cover the lifetime of a specific project. |
Comparative and trend information includes: | benchmarks as agreed business activity brand value expenses leverage liquidity profitability return on equity sales wages. |
Organisational requirements may include: | financial analysis assessments financial management manuals legal and organisational policies, guidelines and requirements Occupational Health and Safety (OH&S) policies, procedures and programs price and exchange parameters quality assurance and/or procedures manuals recording and filing systems reporting requirements standard financial analysis techniques. |
Risks may include: | damage to property/equipment environmental equipment/system failures financial/economic loss/failure industrial disputation market changes natural disasters OH&S (e.g. disease) contamination political events product failure professional incompetence security failure (e.g. criminal or terrorist activities). |
Risk management is: | the process of identifying potential negative events and developing plans to mitigate or minimise the likelihood of the negative event occurring and/or the consequences in the event it does occur. |
Financial documentation may include: | balance sheets budgetary analysis electronic forms financial year reports forecasts and estimates operating statements order and supplier documentation returns on investments spreadsheets taxation and statutory returns. |