Elements and Performance Criteria

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 in the performance criteria is detailed below. Add any 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.
Purpose of valuation may include:
acquisitions
auction
financial reporting
financing
forced sale
investment
litigation
management buyout
mergers
private treaty sale
reinstatement
replacement
taxation.
Instructions may include:
client
court
third party.
Market evidence may include:
costing guides
sales and leasing transactions.
Historical accounting records may include:
balance sheet
budgets and forecasts
profit and loss statement
statement of cash flows.
Goods and chattels may include:
antiquities
ceramics
drawings
etchings
fine art
firearms
furniture
machinery
sculpture.
Plant and equipment may include:
agricultural machinery
automotive
chemical
communication
computer and information
engineering
food and beverage
government facilities
laboratories
milling
mining
plastics and rubber
printing and publishing
pulp and paper manufacturing and processing
textile
utilities
water and sewerage
woodwork.
Field notes may include:
file notes
inspection file
market evidence
research materials.
Market information may include:
historical manuals
industry standards and codes of practice
legislative and regulatory compliance standards
productivity benchmarks
sale and leasing transactions.
Valuation methodology may include:
capitalisation method
direct comparison method
discounted cash flow method.

EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Overview of assessment
This unit of competency could be assessed through practical demonstration of assessing and valuing goods, chattels, plant and equipment. Targeted written (including alternative formats where necessary) or verbal questioning to assess the candidate's underpinning knowledge would provide additional supporting evidence of competence. The demonstration and questioning would include collecting evidence of the candidate's knowledge and application of ethical standards and relevant federal, and state or territory legislation and regulations. This assessment may be carried out in a simulated or workplace environment. Assessment may be carried out in a simulated or workplace environment.
Critical aspects for assessment and evidence required to demonstrate competency in this unit
A person who demonstrates competency in this unit must be able to provide evidence of:
obtaining valuation instructions for goods, chattels, plant and equipment from clients in line with agency, ethical and legislative requirements
undertaking research activities relating to the assessment and valuation of goods, chattels, plant and equipment
inspecting goods, chattels, plant and equipment for assessment and valuation purposes
applying the appropriate valuation methodology to determine the value of goods, chattels, plant and equipment
reporting to clients on the outcomes of the assessment and valuation of goods, chattels, plant and equipment
knowledge of agency, ethical and legislative requirements associated with the assessment and valuation of goods, chattels, plant and equipment
application and knowledge of the inspection and documentation procedures in the valuation process
using appropriate accounting, historical, market and industry references and guides in the valuation of goods, chattels, plant and equipment
effectively communicating and negotiating with clients and other stakeholders associated with the assessment and valuation of goods, chattels, plant and equipment.
Context of and specific resources for assessment
Resource implications for assessment include:
access to suitable simulated or real opportunities and resources to demonstrate competence
assessment instruments that may include personal planner and assessment record book
access to a registered provider of assessment services.
Where applicable, physical resources should include equipment modified for people with disabilities.
Access must be provided to appropriate learning and/or assessment support when required.
Assessment processes and techniques must be culturally appropriate, and appropriate to the language and literacy capacity of the candidate and the work being performed.

Validity and sufficiency of evidence require that:
competency will need to be demonstrated over a period of time reflecting the scope of the role and the practical requirements of the workplace
where the assessment is part of a structured learning experience the evidence collected must relate to a number of performances assessed at different points in time and separated by further learning and practice with a decision of competence only taken at the point when the assessor has complete confidence in the person's competence
all assessment that is part of a structured learning experience must include a combination of direct, indirect and supplementary evidence
where assessment is for the purpose of recognition (RCC/RPL), the evidence provided will need to be current and show that it represents competency demonstrated over a period of time
assessment can be through simulated project-based activity and must include evidence relating to each of the elements in this unit.
In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge. Questioning will be undertaken in such a manner as is appropriate to the language and literacy levels of the candidate and any cultural issues that may affect responses to the questions, and will reflect the requirements of the competency and the work being performed.