Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.
Students will be expected to demonstrate the following required skills:
- organise and present financial data to highlight relevant features and meet workplace requirements including budget variances, budgets and forecasts, cash flow/profit reports, balance sheets, financial year reports, operating statements, expenditure and receipts and profit and loss statements;
- use conversion and consolidation procedures such as moving averages, standardised variables, trend analysis and unit costs;
- identify, resolve or refer discrepancies such as absence of auditable trail, expenditure report mismatches and incorrect payments and unreconciled cash flows;
- record income and expenditure to meet statutory requirements;
- calculate liabilities for tax including completing Business Activity Statements, where applicable;
- provide financial business recommendations;
- apply knowledge of relevant legislation and regulations, and;
- perform double entry bookkeeping and accrual accounting.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge:
- key provisions of legislation, regulation and codes of practice relevant to financial operations;
- key techniques used for forecasting and analysis;
- key features of the options, methods and practices for deductions, benefits and depreciations;
- current business taxation requirements for preparing corporate accounting reports;
- current financial legislation and statutory requirements relating to taxable transactions and reporting requirements;
- ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements, and;
- industry-standard methods and formats used to present financial data.