Assessment Requirements for BSBFIM501 Manage budgets and financial plans

Release: 1

Assessment Requirements for BSBFIM501 Manage budgets and financial plans

Modification History

Release	Comments
Release 1	This version first released with Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements

communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information

prepare, implement and modify financial contingency plans

monitor expenditure and control costs

support and monitor team members

report on budget and expenditure

review and make recommendations for improvements to financial processes

meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.

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

identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)

explain the key requirements for financiall record keeping and auditing

describe the principles and techniques involved in managing:

budgeting

cash flows

electronic spreadsheets

GST

ledgers and financial statements

profit and loss statements.

Assessment Conditions

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

resources and documentation used in the workplace

workplace policies and procedures

workplace budgets and financial plans

business technology

case studies and, where available, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10