Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC501 Mapping and Delivery Guide
Provide financial and business performance information

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC501 - Provide financial and business performance information
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to analyse and report on a broad range of financial and business performance information and encompasses assessing clients’ needs, analysing data and preparing advice.It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare customised information for clients. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

a range of common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
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
  • Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals
  • Identify client’s specific legal and financial requirements when establishing, structuring and financing a business
  • Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals
  • Regularly review progress of plans against agreed criteria and clearly communicate results to client
  • Monitor client objectives to identify changes in client needs
  • Regularly obtain, analyse and incorporate feedback on client services
  • Investigate shortfalls in customer service and formulate and implement proposals for overcoming them
       
Element: Analyse data
  • Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures
  • Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
  • Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives
  • Analyse all data and reports in accordance with standard financial analysis techniques
  • Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability
  • Ensure analysis is consistent with client’s business and personal objectives
  • Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations
       
Element: Prepare advice
  • Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options
  • Use suitable methods of presentation and formats, language and forms of documentation to convey information to client
  • Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations
  • Advise client on new or alternative sources and features of short-term and long-term finance
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Assess client needs

1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals

1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business

1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals

1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client

1.5 Monitor client objectives to identify changes in client needs

1.6 Regularly obtain, analyse and incorporate feedback on client services

1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them

2. Analyse data

2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures

2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles

2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives

2.4 Analyse all data and reports in accordance with standard financial analysis techniques

2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability

2.6 Ensure analysis is consistent with client’s business and personal objectives

2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations

3. Prepare advice

3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options

3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client

3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations

3.4 Advise client on new or alternative sources and features of short-term and long-term finance

Evidence of the ability to:

access clients’ needs and analyse their financial data

prepare and document appropriate advice for clients that:

complies with financial legislation and accounting standards, practices and principles

assesses taxation, compliance and business viability issues faced by clients

assesses risk management options and practices.

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 requirements of taxation legislation relating to deductions, allowances and charges

list the key areas that can cause significant taxation issues

compare and contrast forecasting techniques

identify and explain the key features of government financial policy and secretary’s financial management instructions

explain the key requirements of relevant corporations and consumer legislation

describe a range of methods for presenting and formatting financial data

identify and explain the key principles of cash flow and budgetary control

identify and categorise sources of information on financial products and markets

outline a range of risks and contingencies and risk management options relating to financial and business performance

outline client rights and responsibilities.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Assess client needs

1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals

1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business

1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals

1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client

1.5 Monitor client objectives to identify changes in client needs

1.6 Regularly obtain, analyse and incorporate feedback on client services

1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them

2. Analyse data

2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures

2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles

2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives

2.4 Analyse all data and reports in accordance with standard financial analysis techniques

2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability

2.6 Ensure analysis is consistent with client’s business and personal objectives

2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations

3. Prepare advice

3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options

3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client

3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations

3.4 Advise client on new or alternative sources and features of short-term and long-term finance

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
Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals 
Identify client’s specific legal and financial requirements when establishing, structuring and financing a business 
Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals 
Regularly review progress of plans against agreed criteria and clearly communicate results to client 
Monitor client objectives to identify changes in client needs 
Regularly obtain, analyse and incorporate feedback on client services 
Investigate shortfalls in customer service and formulate and implement proposals for overcoming them 
Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures 
Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles 
Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives 
Analyse all data and reports in accordance with standard financial analysis techniques 
Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability 
Ensure analysis is consistent with client’s business and personal objectives 
Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations 
Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options 
Use suitable methods of presentation and formats, language and forms of documentation to convey information to client 
Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations 
Advise client on new or alternative sources and features of short-term and long-term finance 

Forms

Assessment Cover Sheet

FNSACC501 - 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

FNSACC501 - 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: