Unit of competency Outline

Date retreived
22/07/2026 3:48 PM AWST

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Facilitate customer knowledge of personal financial statements

Facilitate customer knowledge of personal financial statements

Unit of competency
National Code
FNSFLT504
State Code
AUQ93
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
30
Description
This unit describes the skills and knowledge required to educate customers in understanding and interpreting information contained in personal financial statements, including bank and credit card statements, utility bills and statements from superannuation funds.It applies to individuals who use specialised knowledge and interpersonal skills to counsel and educate others in financial literacy matters.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Discuss customer responsibilities in relation to personal financial statements
  • 1.1 Identify range and frequency of personal financial statements received by customers
  • 1.2 Discuss different purposes of financial statements and need to retain certain financial statements for tax or other purposes with customers
2. Explain specific information contained in a range of financial statements
  • 2.1 Explain range of terminology used in financial statements to customers
  • 2.2 Identify and explain common items listed on credit card statement in plain language to customers
  • 2.3 Identify and explain common items listed on superannuation fund statement in plain language to customers
  • 2.4 Identify and explain fees and charges applicable to superannuation to customers
  • 2.5 Provide contact details for advice on information contained in financial statements to customers as necessary
3. Explain ways of managing personal financial statements
  • 3.1 Explain and demonstrate importance and means of checking financial statements for accuracy to customers
  • 3.2 Identify and discuss ways to estimate and plan for regular payments and appropriateness of different repayment options for customers
  • 3.3 Explain options available to consumers in case of inability to pay amounts owed in financial statements to customers
No information
No information
Replaces
State Code National Code Title Type
D4118 FNSFLT504A Facilitate customer understanding of personal financial statements Unit of competency
Replaced By
State Code National Code Title Type
OCZ78 FNSFLT514 Facilitate customer knowledge of personal financial statements Unit of competency