Release 

Comments 

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

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

Update to pre-requisite unit code

FNSACC521

Provide financial and business performance information

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

Skill 

Performance Criteria 

Description 

Reading

2.2-2.4

• Accesses, analyses and synthesises key information from complex sources to evaluate financial performance

Writing

2.2, 2.4, 3.1

• Prepares forecasts, financial options and clear written advice using logical structure, correct terminology and writing style that matches the audience and intended purpose

Numeracy

1.1-1.3, 2.1-2.3, 2.5, 3.1, 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

2.1-2.5, 3.1

• Takes a lead role in evaluating performance against the achievement of organisational goals and objectives, taking into account legal or regulatory obligations

Get the work done

1.1-1.3, 2.1- 2.5, 3.2-3.3

• Takes responsibility for planning, sequencing, scheduling and monitoring complex tasks and own workload to achieve organisational goals and objectives
• 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, enter and extract relevant information to achieve required outcomes

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

Release 

Comments 

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

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

Update to pre-requisite unit code