Modification History
Not applicable.
Unit Descriptor
This unit describes those functions associated with the maintenance of capital expenditure items.
This unit describes those functions associated with the maintenance of capital expenditure items.
Application of the Unit
This unit requires the application of sound financial and accounting knowledge and the ability to interpret and apply relevant legislation in the management of the fixed asset register. It may be applied within and across financial institutions of various sizes.
This unit requires the application of sound financial and accounting knowledge and the ability to interpret and apply relevant legislation in the management of the fixed asset register. It may be applied within and across financial institutions of various sizes.
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Not applicable.
Employability Skills Information
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Elements and Performance Criteria Pre-Content
Elements define the essential outcomes of a unit of competency.
Performance Criteria describe the required performance needed to demonstrate achievement of the Element. Bold, italicised terms are elaborated in the Range Statement. Assessment of performance is to be consistent with the Evidence Guide.
Elements define the essential outcomes of a unit of competency.
Performance Criteria describe the required performance needed to demonstrate achievement of the Element. Bold, italicised terms are elaborated in the Range Statement. Assessment of performance is to be consistent with the Evidence Guide.
Elements and Performance Criteria
Elements and Performance Criteria |
|||
Element |
Performance Criteria |
||
1 |
Reconcile asset register to general ledgers |
1.1 |
All expenditure items are reconciled in accordance with organisation's policies, procedures and practices |
1.2 |
Discrepancies are identified and actioned according to organisation's policies, procedures and practices |
||
2 |
Recognise new assets and asset categories |
2.1 |
New asset categories are identified |
2.2 |
Pro-forma for input of asset details is prepared and processed within the month of purchase |
||
3 |
Prepare schedules and ad hoc reports |
3.1 |
Depreciation expense is updated regularly according to depreciation schedule |
3.2 |
Spreadsheets and reconciliations are prepared in accordance with annual tax schedule, with allowance made for permanent differences |
||
3.3 |
Spreadsheets/ad hoc reports are prepared as requested |
Required Skills and Knowledge
REQUIRED KNOWLEDGE &SKILLS |
Knowledge requirements include : knowledge of teller and banking processes knowledge of fixed asset register software knowledge of information systems including spreadsheets knowledge of general ledgers introductory knowledge of the finance industry, accounting principles, business communication, business law and business accounting knowledge of the working environment information technology |
Skills requirements include : organising planning and controlling skills reporting skills problem solving skills researching, observing and analysing skills written and verbal communication skills numeracy skills |
Evidence Guide
EVIDENCE GUIDE |
|
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace. |
|
Overview of assessment requirements |
|
To achieve competency in this unit, a person must be able to demonstrate: thorough checking of transaction details and reconciliation reports sound knowledge of relevant legislation effective communication skills thorough understanding of reconciliation processes thorough understanding of depreciation schedules familiarity with fixed asset register software ability to use relevant data entry and office equipment |
|
Critical aspects of evidence |
|
Evidence required for demonstration of consistent performance : |
Assessment of performance requirements in the unit should be undertaken in an industry context. Competency is demonstrated by performance of all stated criteria according to the Range Statement applicable to the workplace. |
Delivery /assessment relationship to other units : |
This unit may be assessed independently. |
Assessment requirements |
|
Method of assessment : |
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. |
Context of assessment : |
This unit may be assessed in the workplace or in a simulated environment |
Resources required for assessment : |
Assessment of this unit of competence requires access to company policies and practices, relevant IT systems and the databases of the financial services company. |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. |
|
Expenditure items may include: |
assets at cost accumulated department's expense items |
Ad hoc reports /spreadsheets may include: |
those prepared in relation to a range of capital expenditure items such as: Fringe Benefits Tax (FBT) salary sacrifice total purchases and disposals for a period |
Organisation's policies , procedures and practice may include: |
established policies, procedures and practices relating to maintenance of capital expenditure items and preparation of reconciliation reports |
Relevant legislation may include: |
Consumer Consumer Credit Code Privacy Act Secrecy Laws codes of practice |
Competition Australian Competition and Consumer Commission (ACCC) Prudential Financial Institutions (FI) Code Credit Reference Association of Australia (CRAA) Electronic Funds Transfer (EFT) Code of Conduct Financial Transaction Reports Act Cheques and Payment Orders act Corporate Law Commercial Tenancies Act Land Tax Assessment Act Prescribed Payments Act Payroll Tax Assessment Act Stamp Duties Act Taxation Assessment Act Bills of Exchange Act |
Unit Sector(s)
Not applicable.
Relationship to other units
This unit replaces FNSICORG301A.
This unit replaces FNSICORG301A.