Unit of competency Outline

Date retreived
22/07/2026 4:59 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Provide financial and business performance information

Provide financial and business performance information

Unit of competency
National Code
FNSACC501
State Code
AUQ11
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
50
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4039 FNSACC501A Provide financial and business performance information Unit of competency
Replaced By
State Code National Code Title Type
BBH87 FNSACC511 Provide financial and business performance information Unit of competency