Unit of competency Outline
Date retreived
22/07/2026 11:00 AM AWST
22/07/2026 11:00 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
FNSACC501A
FNSACC501A
State Code
D4039
D4039
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
27/02/2014
Field of Education
080101 - Accounting
Original Release Date
27/02/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, 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.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Assess client needs
- 1.1. Expectations and objectives of the client are clarified and confirmed to ensure mutual understanding of client goals
- 1.2. The client's specific legal and financial requirements are identified when establishing, structuring and financing a business
- 1.3. Financial options and processes are discussed with the client to develop suitable plans for the provision of information and the achievement of client goals
- 1.4. Progress of plans is reviewed regularly against agreed criteria and results clearly communicated to the client
- 1.5. Client objectives are monitored to identify changes in client needs
- 1.6. Feedback on service is regularly obtained, analysed and incorporated into services to client
- 1.7. Shortfalls in customer service are investigated and proposals for overcoming them are formulated and implemented
2. Analyse data
- 2.1. Advice on reliability and accuracy of data is sought from appropriate authorities and sources in accordance with organisational procedures
- 2.2. Data are compiled and reconciled to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
- 2.3. Revenues and costs are analysed in accordance to standard accounting techniques and consistent with the organisation's objectives
- 2.4. All data and reports are analysed in accordance with standard financial analysis techniques
- 2.5. Information is evaluated in relation to the financial performance of a business, specifically profitability, efficiency and financial stability
- 2.6. Analysis is undertaken to ensure consistency of analysis with client's business and personal objectives
- 2.7. Evaluation is undertaken to assess the financial potential of the business, its future funding requirements and statutory obligations
3. Prepare advice
- 3.1. Advice provides the client with a realistic view of the business financial performance and compliance, including significant taxation issues and comparisons of options
- 3.2. Suitable methods of presentation and formats, language and forms of documentation are used to convey information to client
- 3.3. Advice identifies how risks and contingencies and future cash flows may be identified and quantified and the client is advised of risk management options and rights and obligations
- 3.4. Client is advised on new or alternative sources and features of short-term and long-term finance
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.
Expectations and objectives may include:
administrative efficiency
asset development
financial consolidation
higher levels of investment return
improved cash flows
improved quality of life
reduction in tax liabilities
wealth accumulation.
Clients may include:
businesses
small
medium
large
company officers and board of management
financial institutions
government departments
in-line management
partnerships, trusts
incorporated
unincorporated organisations
private individuals
shareholders
sole traders
statutory authorities.
Financial options may include:
adjustment of borrowings
asset liquidation
cost of capital
cost recoveries
debt and equity
dividends
funding alternatives
long-term investments
purchases
sources of finance.
Plans may include:
accounts receivable management
adequate funding structure
alternate forms of finance
business plans
business registration
cash flow development
insurance needs
long-term and short-term financial requirements
personal financial needs and position
personal investments
regulations, permits and licences
review of financial systems
suitable business structure
tax issues
working capital needs.
Agreed criteria may include:
asset management
budgeting
business turnover
capital budgeting
costing, pricing and budgeting
decision making authorities
forecast returns
net present values
periodic reports
profitability and financial stability
strategic priorities
working capital management.
Shortfalls in customer service may include:
accuracy of advice
consideration of relevant factors
maintenance of records
presentation of advice
response time.
Appropriate authorities and sources may include:
chief executive or financial officers
company officers and board of management
government Ministers
organisational procedures and policies
program managers
statutory returns and guidelines.
Standard financial analysis techniques may include:
benchmarking
cash flow analysis
cost-benefit analysis
financial statement analysis including ratios.
Significant taxation issues may include:
Business Activity Statement (BAS) reporting requirements
compliance advice
Pay As You Go (PAYG) obligations
reporting and lodgement dates
State or Territory tax obligations.
Methods of presentation and formats may include:
detail of calculations
estimates and projections
explanatory notes
graphics
tables.
Risks and contingencies may include:
business forecasts
debtor default
funding costs
hedging arrangements
insurable risks
operating costs
opportunity costs.
Risk management options may include:
insurance products
internal control procedures.
Rights and obligations may include:
contract law
corporations law
employment law
legislative protection for consumers
Privacy Act
taxation legislation.
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.
Expectations and objectives may include:
administrative efficiency
asset development
financial consolidation
higher levels of investment return
improved cash flows
improved quality of life
reduction in tax liabilities
wealth accumulation.
Clients may include:
businesses
small
medium
large
company officers and board of management
financial institutions
government departments
in-line management
partnerships, trusts
incorporated
unincorporated organisations
private individuals
shareholders
sole traders
statutory authorities.
Financial options may include:
adjustment of borrowings
asset liquidation
cost of capital
cost recoveries
debt and equity
dividends
funding alternatives
long-term investments
purchases
sources of finance.
Plans may include:
accounts receivable management
adequate funding structure
alternate forms of finance
business plans
business registration
cash flow development
insurance needs
long-term and short-term financial requirements
personal financial needs and position
personal investments
regulations, permits and licences
review of financial systems
suitable business structure
tax issues
working capital needs.
Agreed criteria may include:
asset management
budgeting
business turnover
capital budgeting
costing, pricing and budgeting
decision making authorities
forecast returns
net present values
periodic reports
profitability and financial stability
strategic priorities
working capital management.
Shortfalls in customer service may include:
accuracy of advice
consideration of relevant factors
maintenance of records
presentation of advice
response time.
Appropriate authorities and sources may include:
chief executive or financial officers
company officers and board of management
government Ministers
organisational procedures and policies
program managers
statutory returns and guidelines.
Standard financial analysis techniques may include:
benchmarking
cash flow analysis
cost-benefit analysis
financial statement analysis including ratios.
Significant taxation issues may include:
Business Activity Statement (BAS) reporting requirements
compliance advice
Pay As You Go (PAYG) obligations
reporting and lodgement dates
State or Territory tax obligations.
Methods of presentation and formats may include:
detail of calculations
estimates and projections
explanatory notes
graphics
tables.
Risks and contingencies may include:
business forecasts
debtor default
funding costs
hedging arrangements
insurable risks
operating costs
opportunity costs.
Risk management options may include:
insurance products
internal control procedures.
Rights and obligations may include:
contract law
corporations law
employment law
legislative protection for consumers
Privacy Act
taxation legislation.
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:
interpret and apply State, Territory and Commonwealth taxation and charges
comply with financial legislation and accounting standards, practices and principles
access clients' needs and analyse their financial data to prepare appropriate advice
assess taxation, compliance and business viability issues faced by clients and risk management options and practices.
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.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/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:
interpret and apply State, Territory and Commonwealth taxation and charges
comply with financial legislation and accounting standards, practices and principles
access clients' needs and analyse their financial data to prepare appropriate advice
assess taxation, compliance and business viability issues faced by clients and risk management options and practices.
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.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9601 | FNSACCT501B | Provide financial and business performance information | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ11 | FNSACC501 | Provide financial and business performance information | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S718 | FNS50210 | Diploma of Accounting | Qualification |
| J304 | PSP50512 | Diploma of Government (Financial Services) | Qualification |