Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assess client needs

1.1 Clarify and confirm client’s expectations, goals and objectives

1.2 Identify client’s specific legal and financial requirements when establishing, structuring, and financing a business

1.3 Discuss financial options and processes with client to develop suitable plans for providing information and achieving client goals within agreed timeframes

1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client

1.5 Monitor client objectives and respond to changes in client needs

2. Analyse data

2.1 Seek advice on reliability and accuracy of data from authorities and sources according to organisational procedures

2.2 Compile and reconcile data to confirm that statements are accurate and comply with organisational procedures, statutory requirements, and standard financial reporting principles

2.3 Analyse data and reports in line with standard financial analysis techniques and client’s business and personal objectives

2.4 Evaluate information in relation to the financial profitability, efficiency and stability of a business

2.5 Evaluate financial potential of the business, its future funding requirements, and statutory obligations

3. Prepare and provide financial and performance advice to client

3.1 Formulate advice that provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options

3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client

3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations

3.4 Advise client on new or alternative finance sources, and features of short-term and long-term finance

Skill 

Description 

Reading

• Researches and analyses financial information and data from a range of sources to identify key aspects related to requirements

Writing

• Prepares correspondence, plans and reports using logical structure and organisational formats appropriate for the purpose
• Uses clear language and concepts appropriate to audience to convey and clarify explicit information and requirements

Oral communication

• Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and confirm understanding

Numeracy

• Performs mathematical calculations and uses mathematical problem-solving strategies to analyse trends and compare and benchmark financial information

Navigate the world of work

• Identifies and follows legislative and regulatory requirements, and explicit and implicit organisational protocols, policies and procedures related to own role
• Meets expectations of clients and those associated with own role

Interact with others

• Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek and provide information

Get the work done

• Plans, organises and implements tasks according to organisational and legislative requirements, taking responsibility for process, compliance and reporting needs
• Makes critical and non-critical decisions in relatively complex situations, taking client and organisational requirements into consideration
• Identifies and responds to problems and improvement opportunities by systematically analysing required information, generating and evaluating options, and selecting most appropriate option
• Uses digital technologies to access, extract and share information to achieve required outcomes

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC511 Provide financial and business performance information (Release 1)

FNSACC501 Provide financial and business performance information (Release 1)

Changes to Elements 1 and 2. Minor edits throughout unit to clarify intent.

Equivalent unit.

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.