^

 
 

Unit of competency details

FNSACC607 - Evaluate business performance (Release 2)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNSACC607A - Evaluate business performanceUpdated to meet Standards for Training Packages Prerequisite updated 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
2 (this release) 06/Sep/2018
(View details for release 1) 25/Mar/2015


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form

Unit Of competency

Modification History

Release 

Comments 

Release 2

This version first released with FNS Financial Services Training Package Version 3.1

Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to analyse trends in an organisation’s business operations, develop performance indicators and identify options for improvement.

It applies to experienced individuals who use specialised knowledge and skills to evaluate complex 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

FNSACC511

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. Analyse trends in performance

1.1 Gather and analyse data relating to program and organisational performance using standard accounting techniques to identify past, current and future performance

1.2 Research variations from targets and divergences from trends, and evaluate to determine margins of error and any repeating patterns

1.3 Assess trends in performance in terms of organisational short-term and long-term objectives

2. Develop performance indicators

2.1 Develop performance indicators that link organisational processes, resource use and organisational objectives to environmental factors

2.2 Develop performance indicators using processes that are planned, inclusive and realistic within available timeframes and resources

2.3 Regularly review components of performance indicators for relevance against performance trends and organisational capacities

3. Identify options for improvement

3.1 Identify, minimise or eliminate factors inhibiting performance and review organisational programs to include factors that promote performance in line with available resources

3.2 Ensure value is added through use of standard financial management techniques such as capital budgeting

3.3 Develop and implement communication strategies to facilitate extension of improvement options in line with operational goals and needs

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, 2.3

  • Analyses, evaluates, consolidates and manages information from a range of sources to determine requirements

Writing

1.1, 2.1, 2.2, 3.3

  • Uses clear language, concepts and terminology to effectively produce a range of written documentation appropriate to the audience and purpose

Oral Communication

3.3

  • Participates in verbal exchanges using clear language and questioning and active listening to convey and confirm information

Numeracy

1.1-1.3, 2.1-2.3, 3.2

  • Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse trends and to estimate and forecast financial data

Navigate the world of work

1.1, 1.3, 2.1, 3.3

  • Takes a lead role in monitoring the achievement of organisational goals and objectives to plan and implement improvements

Interact with others

3.3

  • Develops and uses appropriate conventions and protocols to communicate changes to personnel

Get the work done

1.1-1.3, 2.1-2.3, 3.1-3.3

  • Takes responsibility for planning, sequencing, scheduling and monitoring complex tasks and own workload for efficiency and effective outcomes
  • Develops plans for complex activities with strategic implications for the organisation
  • Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria
  • Uses digital technologies to access and extract relevant information to achieve required outcomes

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC607 Evaluate business performance

FNSACC607A Evaluate business 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

 

Assessment requirements

Modification History

Release 

Comments 

Release 2

This version first released with FNS Financial Services Training Package Version 3.1

Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

  • analyse trends in business performance using standard accounting techniques
  • develop performance indicators and identify options for improvement
  • monitor performance indicators and document options for improvement
  • establish organisational objectives, policy and procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements
  • identify the key principles and methods of:
  • valuation
  • capital budgeting analysis and investment analysis
  • cost –benefit analysis and use of performance ratios or comparison techniques.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables
  • corporate governance documentation
  • organisational operational policy and procedures information.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe