This qualification reflects the role of individuals working in accounting and seeking professional recognition, including tax agents, accounts managers and business analysts; and to employees performing a range of accounts management tasks for organisations in a range of industries. At this level individuals are expected to apply theoretical and technical skills in a range of situations and to display initiative and judgement in planning activities. They have autonomy in performing complex operations and can be responsible for planning, coordinating and evaluating the work of others within broad but generally well-defined parameters.
Licensing/Regulatory Information
Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.
This qualification includes units that comprise an approved Tax Practitioner Board (TPB) course in Australian taxation law and commercial law, which are relevant for registration as a tax agent. Persons seeking registration with the TPB should check current registration requirements with the TPB, as registration requirements are reviewed regularly.
Entry Requirements
Completion of both FNSSS00014 Accounting Principles Skill Set and FNSSS00015 Advanced Accounting Principles Skill Set;
OR
Completion of FNS50215 Diploma of Accounting;
OR
Completion of FNS50217 Diploma of Accounting.
This unit describes the skills and knowledge required t to access, interpret and analyse statistical data relevant to the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.
It applies to individuals with a thorough understanding of the sources of financial data, and statistical methods and techniques for analysis. It is a base unit on which other skills required for work in the financial services industry can be built. It may be applied in all sectors of the industry.
This unit describes the skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.
It applies to individuals who use specialised knowledge and techniques to consolidate and report on complex information and make recommendations relating to strategic organisational activity.
This unit describes the skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.
It applies to individuals who use current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements.
- Teacher: Binyao Wei
This unit describes the skills and knowledge required to apply broad principles of financial economics that underpin a range of tasks and functions in the financial services industry. It includes understanding how financial instruments are priced in markets, and techniques and processes government and organisations use to manage financial risk, demonstrating broad knowledge of economic theories and related decision making in a national and organisational economic context.
It applies to individuals who have an understanding of economics and how this impacts on work in the financial services industry. It also underpins other skills required for work in the financial services industry and may be applied in all sectors of the industry.
This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements.
It applies to individuals who use specialised knowledge and systematic approaches and who follow specific guidelines to ensure compliance requirements are met.
- Teacher: Binyao Wei
This unit describes the skills and knowledge required to assess taxation liabilities, optimise tax positions, establish processes and plans, evaluate tax policies and review tax compliance for legal entities.
It applies to experienced individuals who use analytical and problem-solving skills to prepare plans and strategic advice for clients.
- Teacher: Binyao Wei
Application
This unit describes the skills and knowledge required to evaluate returns to operations, determine short-term and long-term needs, and evaluate an organisation’s financial position and performance.
It applies to experienced individuals who use specialised knowledge and skills to evaluate complex financial information and make recommendations relevant to strategic organisational activity.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Pre-requisite Unit
FNSACC521 | Provide financial and business performance information |
Unit Sector
Accounting
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Evaluate returns to operations | 1.1 Trend cash flow and profitability patterns to identify current position and expected returns from investments and projected operations 1.2 Disaggregate averaged returns to assess strengths and weaknesses in organisational performance 1.3 Evaluate investment returns against risk, profit and capital budget requirements |
2. Determine short-term and long-term needs | 2.1 Identify resources required by organisation to meet short-term and long-term obligations, and cost using standard financial analysis techniques 2.2 Establish and review financial priorities based on reported performance and identified trends, organisational objectives and expected returns to operations and investments 2.3 Review financial options and conduct analysis of range of possible assets and liabilities to optimise capital mix to support operations and trading need 2.4 Evaluate and document organisational policy and procedures for expenditures and investments to ensure relevance to changing personnel profiles 2.5 Analyse debt to equity targets in terms of organisation’s expected performance and establish in line with organisational objectives using standard accounting techniques |
3. Review performance | 3.1 Ensure forecasts made are justifiable given observed trends, information, events and assumptions, with standard errors calculated to produce levels of accuracy suitable for planning purposes 3.2 Regularly review forecasts in line with actual performance and alternative sources of information 3.3 Assess risk strategies for long-term viability and harmonise with short-term goals and obligations |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 2.2-2.4 |
|
Writing | 2.2, 2.4, 3.1 |
|
Numeracy | 1.1-1.3, 2.1-2.3, 2.5, 3.1, 3.2 |
|
Navigate the world of work | 2.1-2.5, 3.1 |
|
Get the work done | 1.1-1.3, 2.1- 2.5, 3.2-3.3 |
|
Unit Mapping Information
Code and title current version | Code and title previous version | Comments | Equivalence status |
FNSACC608 Evaluate organisation’s financial performance | FNSACC608A Evaluate organisation’s financial performance | Updated to meet Standards for Training Packages Prerequisite updated | No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
- Teacher: Binyao Wei
Application
This unit describes the skills and knowledge required to assess financial risk and exposure, analyse financial histories and establish processes to minimise risks associated with an organisation’s cash flow or assets and securities.
It applies to experienced individuals with specialised knowledge who use well-developed analytical skills and systematic approaches to manage and mitigate risk in their area of responsibility.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Pre-requisite Unit
FNSACC521 | Provide financial and business performance information |
Unit Sector
Accounting
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Assess financial risk exposure | 1.1 Identify and measure magnitude and volatility of organisational risks to determine extent of risk exposure and implications for financial strategies 1.2 Identify key factors supporting or driving risk exposure and establish timeframes to monitor and improve performance 1.3 Compare short-term and long-term financial outcomes and projections with actual cash flows using standard financial analysis techniques to determine effects on liquidity and budget adjustments |
2. Develop risk management processes | 2.1 Ensure risk management options include assessments of alternatives, criteria for success and estimates of long-term and short-term effects 2.2 Identify and evaluate key ethical, legislative and organisational considerations for risk management options 2.3 Develop strategies using standard financial analysis techniques to identify financial flows, trends in returns and adjustments in asset values 2.4 Establish financial recording systems to monitor and evaluate changes in market conditions and business needs using range of data sources 2.5 Develop risk management strategies that optimise mix of asset structures and liabilities in operations and ensure flexibility to meet changing environments |
3. Analyse financial histories | 3.1 Evaluate financial performance using trends and patterns that identify magnitude and volatility of financial exposures 3.2 Compare long-term and short-term financial outcomes with forecast outcomes to assess variances and parameters in performance and reliability of financial advice 3.3 Identify and analyse incidents and factors increasing or diminishing financial performance using standard financial analysis techniques |
4. Establish processes to minimise risks | 4.1 Develop and review recording systems to monitor financial outcomes and to guide and document decision making 4.2 Maintain and establish inventories to ensure up-to-date records on value of assets and liabilities 4.3 Assess contribution of organisational attitudes to risk taking and incorporate in risk analysis process 4.4 Develop, review and communicate parameters for variances in financial outcomes to support financial decision making |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.2, 3.1, 3.2 |
|
Writing | 2.3, 2.4, 4.2, 4.4 |
|
Oral Communication | 4.4 |
|
Numeracy | 1.1, 1.3, 2.3, 2.4, 3.1-3.3, 4.1, 4.4 |
|
Navigate the world of work | 2.2 |
|
Get the work done | 1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.4 |
|
Unit Mapping Information
Code and title current version | Code and title previous version | Comments | Equivalence status |
FNSACC609 Evaluate financial risk | FNSACC609A Evaluate financial risk | Updated to meet Standards for Training Packages Minor edits to clarify intent of element Prerequisite updated | No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
- Teacher: Binyao Wei