Elements and Performance Criteria

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Data may include:
budgets and forecasts
financial statements and reports
market valuations
Australian Bureau of Statistics (ABS) economic data
financial markets monitoring services (eg Reuters)
credit ratings
investment plans
capital equipment and development plans
Standard accounting techniques may include:
discounted cash flows
deprival asset valuations
rates of return
pay back periods
impact statements
pro-rata and percentage apportionment
direct allocation
ratio analysis
working capital management
capital budgeting
Targetsmay include:
budgeted expenditures
profits and losses
rate of investment returns
sales
budgeted revenue
working capital levels
asset turnover
capital expenditure management
cost of capital
Short and long term objectives may include:
budgetary targets (eg quarterly, half yearly, annual)
sales and revenues targets
monthly cash flows
investment realisations
client development
profit growth
investment levels and returns
asset management
Performance indicatorsmay include:
reports (daily, weekly, monthly, quarterly, half yearly, annual)
compliance with scheduled payment dates
profits and losses
debt reduction targets
investment levels
debt to equity ratios
target cost of capital
Environmental factors may include:
inflation
competitors' behaviour
market share
consumer demand
cost of debt
skills shortages
government financial policies
community service obligations
Factors inhibiting performance may include:
financial monitoring
internal procedures
staff skills
information management systems
financial management techniques and tools
client opinions and interface
market share
Communication strategies may include:
staff meetings
newsletters
memos
documented procedures and staff manuals
workshops

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of standard accounting techniques
ability to analyse trends in performance
ability to develop performance indicators
identify options for improvements
knowledge of organisational objectives
knowledge of organisational policies and procedures
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
Prerequisite units:
FNSACCT503B Manage budgets and forecasts.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.