Application
This unit describes the skills and knowledge required to maintain a register of capital expenditure items.
It applies to individuals who operate under some supervision in asset control roles in organisations of various sizes.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Reconcile asset register to general ledgers | 1.1 Record all expenditure items in accordance with organisational policy, procedures and practices 1.2 Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation |
2. Recognise new assets and asset categories | 2.1 Identify new asset categories 2.2 Prepare and process proforma for input of asset details within month of purchase |
3. Prepare schedules and ad hoc reports | 3.1 Update depreciation expense regularly according to depreciation schedule 3.2 Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences 3.3 Prepare spreadsheets and ad hoc reports as requested |
Evidence of Performance
Evidence of the ability to:
record accurate transaction details and produce reconciliation reports using IT systems
apply relevant reconciliation processes and manage depreciation schedules.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
describe basic accounting principles relevant to administration of fixed assets
explain basic finance industry administration processes and procedures relevant to administering the asset register
list the features of fixed asset registers
define the role and structure of general ledgers
outline key requirements of organisational policy and procedures relating to administration of fixed assets
identify legal requirements regarding capital asset purchase and depreciation administration
identify banking processes relevant to administration of fixed assets.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:
common office equipment, technology, software and consumables
organisational policy and practices
asset register systems and data.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.1, 3.1 | Identifies and extracts relevant information from policies, procedures and legislation |
Writing | 1.1, 1.2, 2.2, 3.1, 3.2, 3.3 | Records, maintains and updates accurate information in required formats Compiles reports in compliance with a range of organisational and regulatory requirements |
Oral Communication | 3.3 | Participates in discussions using questioning and active listening to determine work requirements |
Numeracy | 1.1, 1.2, 3.1-3.3 | Records familiar numerical information, recognises discrepancies and extracts, evaluates and compares numerical information for reports |
Navigate the world of work | 1.1, 1.2 | Recognises and follows relevant legislation, and organisational policy, procedures and practices |
Interact with others | 3.3 | Follows accepted communication practices and protocols for supplying reports |
Get the work done | 1.1, 1.2, 2.1, 2.2, 3.1-3.3 | Plans a range of routine and non-routine tasks according to defined requirements, accepting defined goals and aiming to achieve them efficiently Applies problem-solving techniques to identify, analyse and resolve discrepancies Uses the main features and functions of digital tools to enter and store data, and access information |
Sectors
Organisational skills