Assessment Requirements for FNSACC511 Provide financial and business performance information

Release: 1

Assessment Requirements for FNSACC511 Provide financial and business performance information

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

assess client needs and analyse their financial data

prepare and document financial and business performance advice for clients that:

complies with financial legislation and accounting standards, practices and principles

assesses taxation, compliance and business viability issues faced by clients

assesses risk management options and practices.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key requirements of taxation legislation relating to deductions, allowances, and charges

Key areas that can cause significant taxation issues

Techniques used to forecast financial and business performance

Key features of government financial policy relating to financial and business performance advice

Key requirements of corporations and consumer legislation relating to financial and business performance information

Industry-standard methods for presenting and formatting financial data

Key principles of cash flow and budgetary control

Sources of information on financial products and markets relating to financial and business performance information

Risks, contingencies, and risk management options relating to financial and business performance

Client rights and responsibilities in relation to obtaining financial and business performance information

Assessment Conditions

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

office equipment, technology, software and consumables required to provide financial and business performance information, including:

sources of information on client needs

access to the internet

digital technologies to access, extract and share information.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe