Welcome to the learner’s guide for this unit of competency for the qualification FNS50215 Diploma of Accounting. This guide provides you with essential information on competency standards, delivery plan and schedule, assessment plan, assessment tasks and learning resources for this unit of competency.
The purpose of this learner’s guide is to:
§ Provide you with information on delivery schedule and plan of this unit
§ Ensure the you understand how you will be assessed in this unit
§ Provide information on assessment and evidence requirements
§ Provide information on learning activities and assessment tasks to be completed
§ List resources to provide further reading and learning opportunities
This unit also incorporates Foundation Skills that are embedded within the competency elements.
2. Unit Overview
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. The unit can apply to a variety of financial services industry sectors and has application to job roles such as accountant and financial planner.
On successful completion of this unit, the student/trainee will be able to;
§ Assess client needs
§ Analyse data
§ Prepare advice
As well as demonstrating the performance criteria, to be assessed as competent, the student must demonstrate their ability to apply the required knowledge and skills in a range of situations. These are summarised in the Competency Standards section below.
Appropriate credit(s) may be granted to eligible students against each unit of competency on presentation of evidence of successful completion of the same unit in an equivalent or higher qualification. Under the Australian Qualifications Framework, this qualification recognises competencies achieved as part of a Nationally Recognised Qualification from other institutes or universities.
Learner may also apply for Recognition of Prior Learning (RPL) by providing evidence that they have the required skills and knowledge in the specific areas of competency through work/industry experience and/or completed eligible assessments in equivalent or higher qualification.
Please refer to college’s RPL/Credit Transfer Policy for more information and applicable procedures. The policy is available either through the faculty coordinator or college’s website.
3. Competency Standards
This unit is derived from the Financial Services training package, FNS (2015) for the qualification FNS50215 Diploma of Accounting.
Competency standards for this unit are made up of unit descriptor (As provided in the Unit Overview), performance criteria, required skills, required knowledge, embedded employability skills components, assessment requirements and evidence guide.
The students must familiarise themselves with all the competency requirements for this unit of competency and ensure that they have received all the relevant information and support from the trainer and assessor that might be detrimental to their academic performance and outcomes.
Evidence of the ability to:
§ Access clients’ needs and analyse their financial data
§ Prepare and document appropriate advice for clients that:
o Complies with financial legislation and accounting standards, practices and principles o Assesses taxation, compliance and business viability issues faced by clients
o Assesses risk management options and practices
§ To complete the unit requirements safely and effectively, the individual must:
§ Explain the key requirements of taxation legislation relating to deductions, allowances and charges
§ List the key areas that can cause significant taxation issues
§ Compare and contrast forecasting techniques
§ Identify and explain the key features of government financial policy and secretary’s financial management instructions
§ Explain the key requirements of relevant corporations and consumer legislation
§ Describe a range of methods for presenting and formatting financial data
§ Identify and explain the key principles of cash flow and budgetary control
§ Identify and categorise sources of information on financial products and markets
§ Outline a range of risks and contingencies and risk management options relating to financial and business performance
§ Outline client rights and responsibilities
4. Delivery Plan
Delivery is in the form of instructor‐led, classroom‐based tutorial sessions and instructor‐supervised learning/project sessions. Within the class room environment, learning is supported by classroom‐based tutorial/learning sessions and structured lessons and activities. Strategies for classroom based learning would focus on interaction, discussion, practice, reading and practical examples of the theory.
This unit is delivered in a face‐to‐face classroom based environment using a variety of methods including interactive lectures, presentations, case studies, group discussion and projects. The unit forms a part of college’s training/qualification program and delivered in accordance with nominated unit hours and RTO’s delivery schedule. Delivery schedule may vary from semester to semester and students should refer to course timetables for more information. Delivery mode of this unit is determined as per the confirmation of enrolment and may include part or full online learning, if opted.
Tutorial/Learning sessions will include group/collaborative activities and tasks that impinge upon required skills and knowledge in this unit. The emphasis of learning will be on linking theoretical concepts and models with real‐life situations to provide the students with an opportunity to gain an insight into key technological processes, professional environment and workplace practices.
Where possible, a project‐based approach to training will be adopted. The concept of enabling competency through project based delivery learning provides opportunities for students to apply skills and knowledge in an integrated format that represents a realistic workplace practice. With the added dimension of close support by the trainer(s), the students will be able to apply their knowledge in a simulated environment and learn by making mistakes. This environment improves the transition between institutional and workplace learning in the development of professional competence, as expected at this level.
§ On commencement, the students should review and understand all the course related information including course structure, prerequisites and competency requirements for each unit of competency.
§ This unit of competency must be completed within the prescribed duration at the beginning of this document. Due dates for the assessments will be set by respective assessors on commencement of the unit and must be adhered to by all the students.
§ The students have the responsibility to maintain the required attendance and participate in all the in‐ class activities and assessment/project tasks to be able to develop the required skills and knowledge.
§ The students must keep record of their activities, assessments and research and take an active interest in exploring new concepts and ideas
§ On expiry of the prescribed due dates for assessment, the students will not be able to attempt any assessments or the learning materials and must apply for a course extension. Students should also refer to other prevailing terms and conditions of delivery and assessment of this course and contact the administration for further information if required.
The following lesson plans are planned for this unit. According to session times, trainers may expand these lesson plans into their own session plans. Trainers must take a special note of the activities planned in the right‐hand column. These activities form part of “Formative Assessments”. The formative assessments are not marked (assessed) but they contribute towards learning that prepares them for summative tasks.
Ideally, before commencing a unit, trainers should take note of all summative tasks required to be completed and plan their delivery in a way that helps students complete their summative tasks in conjunction with the relevant learning sessions and formative tasks; e.g. the strategy of Learn, Practice, Apply, Evaluate.
These lesson plans are flexible and can be adjusted or improved by trainers according to their own delivery plan or method. Likewise, formative tasks can be modified; or new tasks added relevant to the topic being learned.
In general, at the beginning of the term, the trainers are expected to;
§ Plan their sessions/delivery over the duration of the unit
§ Provide an overview of the unit and competency requirements to the students
§ Outline the assessment plan/schedule and conditions, including repercussions for not completing/submitting works on time
§ Negotiate and agree upon assessment due dates and methods
§ Plan for in‐class project time and formative tasks
§ Initiate major project tasks or group/team formation/work, if needed
§ Report and organise special needs, if any
§ Ensure all the required resources are available
If the conditions for specific tasks are not likely to be met (e.g. inability to run group‐based projects due to lessor student numbers), Course Coordinator must be informed and alternative plans made based on the situation. Any variations to assessment tasks or conditions should be documents and reported to the Director of Studies.
Formative Assessment Activities
Formative assessment is predominantly used to provide formative feedback to students on their learning progress. Consequently, formative assessment happens during learning and is an integral part of learning and training.
Activities completed during learning sessions contribute towards formative assessment. Collective records of these activities and classroom tasks make up the portfolio. The portfolio does not require to be submitted as an evidence of competence as it is not assessed. However, students must be encouraged to maintain their portfolios with copies of all activities and task completed, including any handwritten notes or copies of reference documents as it forms part of their learning process. It also enables the trainers/assessors to identify learning needs.
5. Assessment Plan
Assessments for this unit have been developed by taking into account assessment guidelines as provided in the Training Package FNS (2015) and evidence requirements stipulated in this unit of competency. Assessment is an ongoing process of gathering evidence to determine what each student/student knows, understands and can do in order to inform teaching and support learning of the intended curriculum.
The purposes of this assessment are;
§ To collect evidences that demonstrate competency in the performance criteria of the unit and satisfy skill, knowledge and employability skills requirements
§ To provide feedback to the students/trainees indicating the areas of improvement and professional development
§ To measure the effectiveness of the delivery plan and evaluate the learning outcomes
Evidence guidelines are provided to assessors in the following sections of this guide. Assessors must ensure that all the required evidences have been collected through applicable assessment methods to achieve competency in this unit. The required assessment criteria are provided in each assessment task for student’s information.
Assessment in this unit is based on assessment and evidence guidelines provided in the unit of competency and the training package. The evidence is generated through summative assessment tasks. However, the role of Formative Tasks is crucial in developing the required skills and knowledge in completing the summative tasks. Formative tasks enable the trainers to evaluate their own delivery and adjust their facilitation based on the outcomes from these tasks. The role of formative assessments is to improve learning and adapt to student needs.
These tasks and activities usually take place throughout the unit and planned in accordance with the summative assessment plan/schedule. The formative tasks are generally referred to as “Portfolio” tasks. Portfolio is a collection of all the formative tasks completed during the learning sessions. The portfolio can be used by students as an evidence of participation or example of work completed as part of their learning.
Formative tasks are not assessed.
For summative tasks, the following assessment methods are available to collect the aforementioned evidence to demonstrate satisfactory performance in this unit;
§ Written Assessment Tasks
§ Practical/Analytical Tasks
§ Integrated Assessment
The Written Assessment Tasks and Tests have been developed to address various parts of Performance Criteria as well as Required Knowledge.
The Practical Tasks are developed to demonstrate competence in Required Skills. These assessment tasks and activities are mostly designed as in‐class assessments, enabling the trainers to observe the work being undertaken and completed (i.e. demonstration of a specific/required skill). Practical tasks may also include use
of online learning tools, equipment, activities, or use of software. Instructions for practical tasks are generally provided within the task description. However, trainers/assessor may set certain conditions for conducting and observing these tasks.
The Project (Individual or Group based) addresses various aspects of competency standard including Performance Criteria, Required Skills and Employability Skills. The role of the project in assessment strategy is to measure student/trainee competence as a form of Summative Assessment. It demonstrates the efficacy of instructions and learning in the prescribed delivery period by assessing the overall performance of the students/trainees for the purpose of grading/final results.
The Test/Exam is generally designed to test the Required Knowledge component of the unit of competency. It may also be used to reinforce learning and test specific aspects of other part of competency where knowledge of certain processes/procedures is required. A knowledge test may be verbal or written as specified in the task description. Examinations are conducted under set conditions.
Observation forms part of in‐class activities, participation in designated group processes, presentation and provides an option where specific skills need to be demonstrated to the assessor.
Some of the assessments in this course may be used as Integrated Assessments; i.e. to use evidence created in one unit/task to determine competency in another unit/task. The concept behind the design of the integrated assessment is to limit repetitive tasks that test the same or similar competency elements in different units of competency.
In addition to the above assessment instruments, the following methods can be used, if required, in the context of assessment for this unit of competence, especially in the circumstances where assessment involved components of online learning as well as actual workplace activities and/or performance.
§ Workplace Verification through RPL application
§ Competency Conversation at completion of the unit
To successfully complete this unit, students must demonstrate that they have the skills and knowledge needed as indicated in the Competency Standards (2).
Assessment can be both a formative and summative process. Formative assessment is used to provide feedback to students and teachers to promote further learning. Summative assessment contributes to the judgement of student learning for competency/award purposes.
Formative assessment is predominantly used to provide formative feedback to students on their learning progress. Consequently, formative assessment happens during learning and is an integral part of learning and training. It helps students to identify, for example:
§ How they are learning
§ Meeting the standards expected of them for intended learning outcomes
§ Any problems or issues they are having in meeting intended learning outcomes
§ Any ‘incorrect’ learning of knowledge or skills
In principle, formative assessment also includes assessment as learning, where students reflect on and monitor their own progress. The information gained guides teachers’ decisions in how to enhance training and learning. Formative assessment enables students to learn through the process of feedback and opportunities to practise and improve. As students reflect on and monitor their progress this process effectively becomes assessment as learning and contributes to students planning future learning goals.
Summative assessment has a very different purpose to formative assessment. Summative assessment is provided at the end of the learning experience or cycle in order to gain a measure of how well the student has performed against the standards of the intended learning outcome. Summative assessment is the grading of student learning. The goal of summative assessment is to measure the level of success or proficiency that has been obtained at the end of an instructional unit, by comparing it against the competency criteria of the unit of competency.
All the students are provided with a “Learner’s Guide” as part of their course that includes unit overview, tutorials, delivery and assessment schedule, competency requirements, assessment tasks and assessment/marking criteria. Where required, a workplace‐like scenario can be created through role‐play or setting up the necessary protocols to facilitate required assessments or project task (e.g. Role‐play interaction between a “Client” and “Marketing Team”).
To facilitate effective assessments for this unit to competency, the trainees will also be provided with all the learning and training materials and links to additional learning resources. Trainees must ensure that they have access to all the relevant resources (e.g. computer, required software, printing and internet connection) to complete their assessments.
General Rules of Assessment
§ There are only two assessment outcomes, “C” (Competent) and “NYC” (Not Yet Competent). At task level, the assessment determines a “Satisfactory” or “Not Satisfactory” level. Overall competency is determined only if all the summative task outcomes has been “Satisfactory”.
§ To successfully complete this unit of compe
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