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.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC501

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each competency unit's learning outcomes and performance criteria requirements, including the setting of project and 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: - 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, and; - assesses risk management options and practices. 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: - 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, and; - outline client rights and responsibilities.

Where to next?

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