FNSACC501 Provide Financial and Business Performance Informa ...

this unit is for the description of the skills along with knowledge which are generally required for analysing as well as reporting a wide range of financial plus business performance related information. This unit also requires description of skills and knowledge which are required for encompassing the assessment of the needs of the clients along with analysis of data and preparation of the advice. This unit is therefore, applicable for those who apply specialised knowledge within their authority level. This unit is also appliable for those who apply their knowledge regarding systematic approach, along with analytical techniques for research purpose and for preparing customised information for the clients. This unit may work functionally in the occupational areas where it can be used as the subject to regulate the requirements. As part of this unit, there are mention of elements and the performance criteria. Elements can be described as the essential outcomes where the performance criteria can be defined as the performance which is needed in order to demonstrate the achievement of each of the element. Elements which are required to be explored are assessment of the clients’ needs, analysis of the data, and preparation of the advice. Performance criteria that are required to be analysed in this unit are as follows: clarification and confirmation of the expectations as well as the objectives of the client in order to ensure mutual understanding of the goals of the clients, identification of the specific legal as well as financial requirement of the clients while establishing, financing and structuring a business, discussion of the financial options along with the processes with the client in order for developing suitable plan in order to provide information along with the achievement for the goals of the client. Monitoring the progress and reviewing it on a regular basis against the agreed criteria, clear communication including the results with the client are the areas under performance criteria which students have to consider for. In addition to that, monitoring the objectives of the clients in order to identify the changes in the needs of the clients, regularly feedback collection, regular analysis of the gathered feedback and incorporation of the feedback regarding client services are required to be considered in this unit. Also, investigation regarding the shortfalls in the customer service, formulation and implementation of the proposals in order to overcome the shortfalls in the customer service are required to be discussed and explored in this unit. Seeking advice for reliability, accuracy of the data which are from appropriate authorities plus sources according to the organisational procedures – this is also considered to b a significant are to be explored in this unit. This unit also dwells into the analysis of the revenues and the costs which are according to the standard accountability techniques along with the consistency to the objectives if the organisation.

this assessment is based on the analysis of the performance criteria. Students are expected to seek advice regarding the reliability as well as the accuracy of the data which are required to be collected from appropriate authorities plus sources according to the procedures of the concerned organisation. Students are also required to compile as well as reconcile data for ensuring statements which are accurate. Students are also required to comply with the procedures of an organisation along with the statutory requirements as well as the standard principles of financial reporting. Students are expected to analyse the revenues along with the costs according to the standard accounting techniques and also which are consistent with the objectives of the concerned organisation. As a part of the assessment, there are two types of criteria that students have to explore n this unit. These types are the performance evidence and the knowledge evidence. Performance evidence includes accessing the needs of the clients, analysing the financial data, preparing and documenting appropriate advice for the clients. It also includes compilation of the financial legislation, accounting the standards, principles and practices, assessing the taxation, compilation of the business viability issues which are faced by the clients and assessment of the risk management practices as well as options. If a specific volume or a specific frequency is not mentioned then evidence must be provided at least once.in order to complete the assessment, students ae required to complete the knowledge requirements effectively and securely. In order to accomplish so, students have to explain the key requirements of the legislation related to taxes which is associated with the deductions, charges, plus allowances. Students are also required to list the key areas which can result in important taxation issues. As part of this assessment, students are also expected to compare as well as contrast between different forecasting techniques. Students are required to identify plus explain the key features about the governmental financial policies along with the financial management which is the main focus of this unit.

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