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.
Documentationmay include:
purchase requisitions
purchase orders
quotes
delivery reports
invoice from suppliers
Asset expenditures may include:
inventory
materials
equipment
land and buildings
freight in
insurance in transit
installation and testing costs
Organisation's policies, procedures and practices may include:
maintenance of capital expenditure items
preparation of reconciliation reports
stock takes
inventory management
Inventory valuation rules may include:
first in - first out
weighted average
specific identification
Inventory flow assumptions may include:
cost
net realisable value
calculations based on gross margins
Ad hoc reports may include:
depreciation schedule
asset register
total purchase and disposals for a period
spreadsheets
output from dedicated fixed asset software
inventory turnover analysis
Relevant legislation may include:
Consumer Credit Code
Privacy Act
Secrecy Laws
Australian Consumer and Competition Commission (ACCC)

Financial Institutions (FI) Code
Credit Reference Association of Australia (CRAA)
Electronic Funds Transfer (EFT)
Code of Conduct
Financial Transaction Reports Act
Cheques and Payment Orders Act
Corporate Law
Commercial Tenancies Act
Land Tax Assessment Act
Prescribed Payments Act
Payroll Tax Assessment Act
Australian Accounting Standards
Stamp Duties Act
Taxation Assessment Act
Bills of Exchange Act
Disposal price data may include:
cash
cost of removal
restoration expenses
trade-in amount
other costs associated with disposal

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 organisational policies and procedures
knowledge of inventory valuation rules
knowledge of inventory flow assumptions
knowledge of relevant legislation
ability to comply with organisational asset acquisition procedures
ability to reconcile asset register and inventory records to general ledgers
ability to record inventory flows
ability to recognise new assets and asset categories
ability to prepare schedules and ad hoc reports
ability to record disposal of fixed assets
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:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.
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.
People with disabilities may use assistive technologies to demonstrate interview skills and /or receive and respond to oral and or written questioning.
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.