Unit of competency Outline
Date retreived
22/07/2026 10:18 AM AWST
22/07/2026 10:18 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.
Develop and implement financial strategies
Develop and implement financial strategies
Unit of competency
National Code
FNSACC610A
FNSACC610A
State Code
D4055
D4055
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
07/07/2014
Field of Education
080101 - Accounting
Original Release Date
07/07/2014
Nominal Hours
60
Description
Unit descriptor
This unit describes the performance outcomes, skills and knowledge required to review financial and organisational data, determine and implement strategic options and long-term plans and evaluate outcomes for the optimisation of financial outcomes for an organisation.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
This unit describes the performance outcomes, skills and knowledge required to review financial and organisational data, determine and implement strategic options and long-term plans and evaluate outcomes for the optimisation of financial outcomes for an organisation.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Review data
- 1.1. Costs of, and returns from, assets and liabilities are analysed using standard accounting techniques to identify extent of debt and equity financing
- 1.2. Data is used to identify costs of different forms of capital to the organisation
- 1.3. Asset and liability estimates and valuation criteria are standardised and regularly adjusted in line with changes to environmental factors
2. Determine options
- 2.1. Long-term and short-term periods are established for the organisation by reference to strategic goals, cash flow requirements and operational objectives
- 2.2. Long-term financing requirements are identified and costed in line with the organisation's expected revenue returns, cash flows and asset base
- 2.3. Sources of financing are researched and evaluated to determine compatibility with the organisation's finance strategy
- 2.4. Investment analysis and financial planning requirements are identified and analysed
3. Implement strategies
- 3.1. Financial plans are structured to meet strategic goals and provide returns within long-term and short-term operational objectives
- 3.2. Short and long-term objectives for organisation's capital structure are developed in line with operational and strategic plans
- 3.3. Internal control procedures are established in consultation with stakeholders to support implementation and to meet possible emergencies with portfolio management techniques applied
4. Evaluate outcomes
- 4.1. Interrelationships between long and short-term objectives are monitored to ensure consistency of returns between operational and investment plans
- 4.2. Costs and returns are assessed to determine ongoing viability of strategy
- 4.3. Tax efficiency of financial strategy is regularly reviewed to maintain optimal returns from assets
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Standard accounting techniques may include:
deprival asset valuations
direct and indirect allocation
discounted cash flows
impact statements
internal rate of return and net present value
pay-backand break-even periods
pro rata and percentage apportionment
rates of return.
Data may include:
Australian Bureau of Statistics (ABS) economic data
budgets and forecasts
credit ratings
financial markets monitoring services
financial statements and reports
market valuations
Reserve Bank of Australia (RBA) long-term bond rates.
Assets and liabilities may include:
cash
computer software
employee liabilities such as long service leave
loans, leases, debts
plant and equipment
property investments
shares, debentures, securities
stock and account receivable.
Valuation criteria may include:
asset backing
depreciation rate
director's valuation
earning capacity
expected future profits
market estimates
past profits
purchase prices
receiver's valuation
repayment costs.
Environmental factors may include:
competitors' behaviour
consumer demand
cost of capital
economic conditions and trends
environmental sustainability consideration
external risks
factor markets
government financial policies
market share
skills shortages.
Long-term and short-term periods may include:
annual reporting
five year plans
half yearly budgets
monthly accounting
quarterly reports
tri-annual funding.
Strategic goals may include:
growth
liquidity
long-term profit
market share
short-term profit
solvency
survival.
Sources of financing may include:
'plough back'
asset sales
bank borrowing:
long-term
short-term
debentures
franchising
government equity injections
money market
new share releases
venture capital.
Short-term and long-term objectives may include:
debt retirement
dividends
periodic payments such as:
leases
loans
salaries and other employee obligations
superannuation
taxation payments.
Internal control procedures may include:
accuracy in valuations
control of cash
corporate governance requirements
decision making authorities
identification, measurement and recording of:
assets
equity
expenditure
liabilities
revenue
risk management strategies
safeguarding and insurance of assets
transparency in financial reporting.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Standard accounting techniques may include:
deprival asset valuations
direct and indirect allocation
discounted cash flows
impact statements
internal rate of return and net present value
pay-backand break-even periods
pro rata and percentage apportionment
rates of return.
Data may include:
Australian Bureau of Statistics (ABS) economic data
budgets and forecasts
credit ratings
financial markets monitoring services
financial statements and reports
market valuations
Reserve Bank of Australia (RBA) long-term bond rates.
Assets and liabilities may include:
cash
computer software
employee liabilities such as long service leave
loans, leases, debts
plant and equipment
property investments
shares, debentures, securities
stock and account receivable.
Valuation criteria may include:
asset backing
depreciation rate
director's valuation
earning capacity
expected future profits
market estimates
past profits
purchase prices
receiver's valuation
repayment costs.
Environmental factors may include:
competitors' behaviour
consumer demand
cost of capital
economic conditions and trends
environmental sustainability consideration
external risks
factor markets
government financial policies
market share
skills shortages.
Long-term and short-term periods may include:
annual reporting
five year plans
half yearly budgets
monthly accounting
quarterly reports
tri-annual funding.
Strategic goals may include:
growth
liquidity
long-term profit
market share
short-term profit
solvency
survival.
Sources of financing may include:
'plough back'
asset sales
bank borrowing:
long-term
short-term
debentures
franchising
government equity injections
money market
new share releases
venture capital.
Short-term and long-term objectives may include:
debt retirement
dividends
periodic payments such as:
leases
loans
salaries and other employee obligations
superannuation
taxation payments.
Internal control procedures may include:
accuracy in valuations
control of cash
corporate governance requirements
decision making authorities
identification, measurement and recording of:
assets
equity
expenditure
liabilities
revenue
risk management strategies
safeguarding and insurance of assets
transparency in financial reporting.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
use standard accounting techniques and knowledge of internal control procedures and an organisation's strategic goals
consider a range of environmental factors when reviewing financial data
determine viable financial options and implement strategic strategies
evaluate outcomes of implemented strategies.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
use standard accounting techniques and knowledge of internal control procedures and an organisation's strategic goals
consider a range of environmental factors when reviewing financial data
determine viable financial options and implement strategic strategies
evaluate outcomes of implemented strategies.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9617 | FNSACCT610B | Develop and implement financial strategies | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ23 | FNSACC610 | Develop and implement financial strategies | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| J324 | PSP60312 | Advanced Diploma of Government (Financial Management) | Qualification |