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Unit of competency details

FNSORG301 - Administer fixed asset register (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSORG301A - Administer fixed asset registerUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 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 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to maintain a register of capital expenditure items.

It applies to individuals who operate under some supervision in asset control roles in organisations of various sizes.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Reconcile asset register to general ledgers

1.1 Record all expenditure items in accordance with organisational policy, procedures and practices

1.2 Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation

2. Recognise new assets and asset categories

2.1 Identify new asset categories

2.2 Prepare and process proforma for input of asset details within month of purchase

3. Prepare schedules and ad hoc reports

3.1 Update depreciation expense regularly according to depreciation schedule

3.2 Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences

3.3 Prepare spreadsheets and ad hoc reports as requested

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, 2.1, 3.1

  • Identifies and extracts relevant information from policies, procedures and legislation

Writing

1.1, 1.2, 2.2, 3.1, 3.2, 3.3

  • Records, maintains and updates accurate information in required formats
  • Compiles reports in compliance with a range of organisational and regulatory requirements

Oral Communication

3.3

  • Participates in discussions using questioning and active listening to determine work requirements

Numeracy

1.1, 1.2, 3.1-3.3

  • Records familiar numerical information, recognises discrepancies and extracts, evaluates and compares numerical information for reports

Navigate the world of work

1.1, 1.2

  • Recognises and follows relevant legislation, and organisational policy, procedures and practices

Interact with others

3.3

  • Follows accepted communication practices and protocols for supplying reports

Get the work done

1.1, 1.2, 2.1, 2.2, 3.1-3.3

  • Plans a range of routine and non-routine tasks according to defined requirements, accepting defined goals and aiming to achieve them efficiently
  • Applies problem-solving techniques to identify, analyse and resolve discrepancies
  • Uses the main features and functions of digital tools to enter and store data, and access information

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSORG301 Administer fixed asset register

FNSORG301A Administer fixed asset register

Updated to meet Standards for Training Packages

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 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • record accurate transaction details and produce reconciliation reports using IT systems
  • apply relevant reconciliation processes and manage depreciation schedules.

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:

  • describe basic accounting principles relevant to administration of fixed assets
  • explain basic finance industry administration processes and procedures relevant to administering the asset register
  • list the features of fixed asset registers
  • define the role and structure of general ledgers
  • outline key requirements of organisational policy and procedures relating to administration of fixed assets
  • identify legal requirements regarding capital asset purchase and depreciation administration
  • identify banking processes relevant to administration of fixed assets.

Assessment Conditions

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

  • common office equipment, technology, software and consumables
  • organisational policy and practices
  • asset register systems and data.

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