FNSACC501 – Student Assessment
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Unit Details: |
FNSACC501 Provide financial and business performance information |
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Prerequisite Units: |
Nil |
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Possible |
Nil |
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Assessment Type: |
This is a summative assessment, which requires each student to have adequate practice prior to undertaking this assessment. Assessments 1 – 3 will be undertaken in a simulated office environment. |
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Unit Summary: |
This unit describes the skills and knowledge required to analyse and report on a broad range of financial and business performance information and encompasses assessing clients’ needs, analysing data and preparing advice. It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare customised information for clients. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements. |
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Assessment Methods |
Observation / Project |
Assessment 1 (Business needs analysis and report on specific business requirements) |
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Assessment 2 (Financial report financial data analysis) (P&L report, vertical and horizontal analysis) |
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Assessment 3 (Preparation of detailed written advice) |
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Written Research Task |
Assessment 4 (Written assessment / project) |
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ASSESSMENT SUMMARY / COVER SHEET
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This form is to be completed by the assessor and used as a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file. Student results are not to be entered into the Student Management Database unless all relevant paperwork is completed and attached to this form. |
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Student Name: |
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Student ID No: |
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Final Completion Date: |
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Unit Details: |
FNSACC501 | Provide financial and business performance information |
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Please attach the following documentation to this form |
Result S = Satisfactory NS = Not Satisfactory NA = Not Assessed |
Reassessment S = Satisfactory NS = Not Satisfactory NA = Not Assessed |
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Assessment 1 |
Business needs analysis report attached Client requirements report attached Checklist attached |
S | NS | NA |
S | NS | NA |
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Assessment 2 |
Financial data analysis report attached Vertical and horizontal analysis attached Environmental and further analysis attached Vertical and horizontal analysis attached Profit and loss report attached Checklist attached |
S | NS | NA |
S | NS | NA |
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Assessment 3 |
Detailed written advice report attached Checklist attached |
S | NS | NA |
S | NS | NA |
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Assessment 4 |
Written Assessment / Project attached Checklist attached |
S | NS | NA |
S | NS | NA |
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Final Assessment Result for this unit |
C / NYC |
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Assessor Notes: (inclusive of reassessment, reasonable adjustment, further opportunities for gap training etc): ______________
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Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Name: ____________________________ Signature: ____________________________ Date: ____/_____/_____ |
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name: ____________________________ Signature: ____________________________ Date: ____/_____/_____ |
Administrative use only
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Entered onto Student Management Database |
________________ Date |
Initials |
ASSESSMENT 1 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
This assessment is best undertaken utilising a real client, which may be a friend or colleague of the student who runs their own business. You will need to discuss your client choice with your assessor before commencing this assessment.
In the event that you do not have access to an appropriate contact, your assessor will role-play your client. You will need to arrange a time to interview your client to complete the task requirements as outlined below.
For this assessment, you are required to liaise with your client and undertake a business needs analysis. This can be undertaken in a business of the student’s choice in consultation with their instructor, or alternatively can be done in a simulated working environment with the instructor role-playing the part of appropriate management of a simulated business model.
Part 1:
You are to consult with appropriate personnel in order to undertake an assessment of your client’s financial needs. You must undertake an interview / consultation process to achieve the following:
List all the financial objectives of the client, including but not limited to:
Tax liability reduction goals
Wealth accumulation
Asset development
Identify relevant legal and financial requirements that will need to be considered in order to achieve the client’s specific objectives
Detail other processes the client will need to undertake in order to achieve their financial goals, such as:
Personal investment strategies
Business registration
Insurance needs
Tax issues / requirements
Detail strategies to put in place to ensure the above requirements are met
Once the consultation process is over, you are to develop a detailed written report of the above information. This report should be submitted before attempting part 2.
Part 2:
For part 2, instructors will review your report and plan covered in Part 1 and give feedback relating to the following:
The time you took to complete part 1 (was it by deadline, was it early / late?)
How specific was your questioning process? Did you ascertain all relevant financial requirements / goal of the client?
How detailed was your report? Were the strategies set realistic and did they meet the client’s requirements? If not, what did you neglect to report on?
Your instructor will also detail any changes to the client’s financial position / requirements that are relevant to the consultation process.
Once the feedback is received, you are to write a second report on how to ensure the client’s needs are being met. You must cover the following in their report:
Discuss the importance of constantly reviewing a client’s financial position / goals
Review the feedback given – discuss any areas that were not covered sufficiently – how can these be rectified? Is more information needed?
Have there been changes in the client’s financial requirements / position? If so how can strategies be adjusted to incorporate these changes.
Assessment Summary
You are to submit the following evidence / perform the following tasks
Prepare for and conduct an interview with your client to determine their financial direction and requirements (refer to explanation outlined above)
Develop and submit a report outlining your findings
Discuss your findings with your assessor
Develop and submit the completed Business Analysis Report (as outlined above)
ASSESSMENT 2 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
For this assessment, you are required to analyse company financial data. You are to refer to the Fosters 2011 Annual Report (or any other Company’s Annual Report supplied by your assessor). Your task is to complete the following (example is given for Fosters Group):
Detail what authorities / personnel / sources you would have to consult with to ensure the financial data provided is accurate and complete. Discuss how you would reconcile the financial data to confirm accuracy.
Undertake both a vertical and horizontal analysis of the Fosters consolidated income statements for the years ending 30 June 2010 and 30 June 2011
Complete a Profit and Loss report for year ending 30 June 2011 as well as a debt-to-equity ratio for the 2011 financial year.
Utilising appropriate models and financial and quantitative data from the Annual Report provide an environmental and further financial analysis of Fosters Group – any suspected problem areas should be highlighted.
Assess the Statement of Cash Flows in the Annual report – explain why there was a significant decrease in cash at the end of the year ending 30 June 2011 compared with the previous financial year.
Based on the above analyses, comment on the financial performance of Fosters in the last financial year – specifically on the following aspects:
Profitability
Financial Stability
Efficiency
If the objective of Fosters management was to consolidate their earnings and post a moderate increase in the previous years profit, have they achieved this? Has the above analyses demonstrated this information – if not, undertake a further analysis of the statements to determine this.
Lastly, assess the financial potential of Fosters Group Ltd. Using the financial data provided in the 2011 financial report. Comment on what funding requirements would be required in the future to continue the same rate of growth over the last financial year. Also list the statutory obligations of the company.
Students must undertake the above analysis tasks in accordance with standard accounting techniques. Spreadsheet or appropriate accounting software must be used – hand written analyses will not be accepted.
ASSESSMENT 3 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
This assessment is to be undertaken after Assessment 2, and relates to the analysis completed for Fosters ( or any other Company of choice).
You are to develop a detailed written advice to the Management of Fosters that covers each of the following:
All the relevant analyses in Part 2 to compose a detailed written report on financial performance for the year ending 30 June 2011.
Discuss company compliance protocols in place – are they sufficient to meet statutory requirements? Do they meet all the Corporate Governance principles?
Outline reporting and lodgement timeframes for the 2009 business year
Research and comment on the following
What are the financial risks that should be considered – e.g. Debtor default, stability of global economy, operating costs etc
For the above risks, outline options for contingencies – e.g. Insurance options, investment options etc.
Give advice on how Fosters can ensure they do not have another similar loss of cash at the end of the next financial year
Include a detailed section on the rights and obligations of the client – ensure you include:
All relevant laws, i.e. corporation law, legislative protection, contract law, privacy law, taxation legislation etc.
Conclude with a list of alternative sources of short and long term investment, giving a brief description of each.
Assessment Summary
You are to submit the following evidence / perform the following tasks
Complete, review and submit the written report covering each aspect outlined above
ASSESSMENT 4 – WRITTEN ASSESSMENT / PROJECT
Student Name: ______________________________________________________________
Student ID No: _________________________________________ Date: _______________
Student Instructions
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Written Assessment |
Project |
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This is a written assessment |
You are to research and answer all of the following questions. Be sure to: Make sure you all questions Return your assessment by the date set by your assessor Do not plagiarise. Plagiarism is considered cheating. Please refer below for our policy in regards to cheating |
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Do not cheat during this assessment. Anyone caught cheating will automatically be excluded under the Disciplinary Rules and their opportunity for assessment will be subject to the outcome of an Appeal Process or Disciplinary Hearing Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you Reasonable adjustment: If you require any adjustments to accommodate a need in order to complete this assessment, please talk to your assessor. Arrangements will be put in place to ensure a fair and flexible approach is undertaken for this assessment. Please note that the range or nature of the adjustment will ensure that the outcomes of the unit are not compromised. Re-assessment: If you do not achieve the required standard, you will be given the opportunity to be re-assessed by our Assessor. Arrangements will be made on an individual basis. Feedback: Your assessor will provide feedback to students after the completion of the assessment. The trainer assessor will explain the appeals process. |
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Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. |
Name: ________________________ Signature: ________________________ Date: ____/_____/_____ |
ASSESSOR USE ONLY
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Comments |
Assessment Method: WRITTEN / PROJECT |
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Result (Please Circle) |
Satisfactory |
Not Satisfactory |
Incomplete |
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Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback |
Name: ________________________
Signature: ________________________ Date: ____/_____/_____ |
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