Modification History
The version details of this endorsed unit of competency set are in the table below. The latest information is at the top.
Version |
Comments |
1.0 |
N Replaces but not equivalent to SITXFIN003A Interpret financial information. Significant changes to Elements, Performance Criteria and Required Knowledge to refocus the unit. |
Unit Descriptor
This unit describes the performance outcomes, skills and knowledge required to interpret financial information and reports used by organisations to monitor business performance and provide information on operational or departmental financial activities.
Application of the Unit
This unit applies to all tourism, travel, hospitality and event sectors.
It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers. This unit does not include the skills required to produce reports for the overall operation of the department or whole organisation. This would be created by senior managers, financial specialists or accountants.
Licensing/Regulatory Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Pre-Requisites
Not applicable.
Employability Skills Information
This unit contains employability skills.
Elements and Performance Criteria Pre-Content
Elements and Performance Criteria
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
1. Access and interpret financial information. |
1.1 Identify and interpret the range of financial information and reports required for the organisation to monitor business performance. 1.2 Interpret financial information and reports applicable to operational or departmental activities. |
2. Use and provide financial information. |
2.1 Review financial information for impacts on operational activities and take action according to individual empowerment. 2.2 Routinely provide information on operational or departmental financial activities . |
Required Skills and Knowledge
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure use of:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
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Guidance information for assessment |
The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:
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Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included. |
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Financial information may include: |
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Reports may include those for: |
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Operational or departmental financial activities may relate to: |
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Unit Sector(s)
Cross-Sector
Competency Field
Finance