Course Title: Provide financial and business performance information

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5378C

Course Title: Provide financial and business performance information

School: 650T Vocational Business Education

Campus: City Campus

Program: C5347 - Diploma of Accounting

Course Contact : Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email:ben.sethia@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Angelo Sellan

Email: angelo.sellan@rmit.edu.au

Phone: 9925 5460

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC501 Provide financial and business performance information

Element:

3. Prepare advice

Performance Criteria:

3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options
3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client
3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations
3.4 Advise client on new or alternative sources and features of short-term and long-term finance
 

Element:

1. Assess client needs

Performance Criteria:

1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals
1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business
1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals
1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client
1.5 Monitor client objectives to identify changes in client needs
1.6 Regularly obtain, analyse and incorporate feedback on client services
1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them
 

Element:

2. Analyse data

Performance Criteria:

2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures
2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives
2.4 Analyse all data and reports in accordance with standard financial analysis techniques
|2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability
2.6 Ensure analysis is consistent with client’s business and personal objectives
2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations
 


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.


The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
 


Teaching Schedule

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course is as follows but please note that it is subject to change.

     Week Week CommencingTopics                                                             Assessment   
 1 08/02/16Ergonomic principles
Time Plan: incorporating review dates (pitstop assessments) Setting milestones. Establish criteria for gauging progress e.g. number of meetings, minimum attendance, meeting agreed dates.
Organising meeting times for review and feedback to/from client.
TASK 1TL: Time plan to be submitted to facilitator in class by second class of the week for facilitator approval. You will receive feedback on this assessment in class at the time you meet the assessor for the approval of the plan. The plan will need to be uploaded into Blackboard by end of week. If the plan was not approved in class, you will receive feedback via Blackboard (gradebook) in week 3.
 2 15/02/16 Absolute Vs Relative cell referencing. Model Building using budget exercise as illustration.
Simple model building using PMT CUMPIT and PV functions
 
 3 22/02/16 Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement and Balance Sheet only. 
 4 29/02/16 Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement, Balance Sheet and Cashflow Statement 
 5 07/03/16 Quantitative forecasting using excel linear time series. Determining a forecast growth rate.
Qualitative forecasting: Environmental Analysis. Adjusting the quantitative outcome
Macros
Assessment consultation and feedback.
 Pit stop review of Major Assignment Part A
 6 14/03/16 Business Plan related compliance matters; incorporating GST in the financial model.
Ratios: Profitability / Efficiency / Stability
Assessment consultation and feedback.
 Pit stop review of Major Assignment Part A
 7a 21/03/16 Assessment task consultation and feedback Pit stop review of Major Assignment Part A
  24/03/16 - 30/03/2016 - Mid Semester Break 
 7b 28/03/16 Assessment task consultation and feedback Pit stop review of Major Assignment Part A
 804/04/16 Assessment task consultation and feedback. Pit stop review of Major Assignment Part A
ONLINE TEST 1. IN CLASS SUPERVISED TEST
 911/04/16 Concept of Gearing / Leverage
Sources of Finance
 Submission of Major Assignment Part A: Both business plan document and spreadsheet model need to be uploaded into Blackboard gradebook by COB Monday of this week. Feedback will be provided over the weeks 10, 11 & 12, resubmission will need to occur by end of week 14
1018/04/16 Assessment consultation and feedback. Pit stop review of Major Assignment Part B
 1125/04/16 Assessment consultation and feedback. Pit stop review of Major Assignment Part B
 1202/05/16 Assessment consultation and feedback. Pit stop review of Major Assignment Part B
 1309/05/16 Assessment consultation and feedback. Submission of Major Assignment Part B: Both the Report document and the Spreadsheet financials need to be submitted onto the Blackboard gradebook by COB Friday of this week. Feedback will be provided by week 14, resubmission will need to occur by end of week 15.
 1416/05/16 Assessment consultation and feedback. RESIT ONLINE TEST 1. Re-submission (if applicable) of Major Assignment Part A: Both business plan document and spreadsheet model need to be uploaded into Blackboard gradebook by COB Friday of this week
CHECK YOUR "MY GRADES" ROUTINELY FOR FEEDBACK AND RESUBMISSION REQUIREMENTS
1523/05/16 Assessment consultation and feedback. Re-Submission of Major Assignment Part A: Both the Report document and the Spreadsheet financials need to be submitted onto the Blackboard gradebook by COB Friday of this week.
CHECK YOUR "MY GRADES" ROUTINELY FOR FEEDBACK AND RESUBMISSION REQUIREMENTS
 1630/05/16 Relevant facets of financial services legislation. Ethics. Materials provided online (Blackboard)
Deferred and resubmitted assessments
 ONLINE TEST 2: unsupervised with unlimited attempts. Must be completed by COB Friday of this week.
CHECK YOUR "MY GRADES" ROUTINELY FOR FEEDBACK AND RESUBMISSION REQUIREMENTS

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Please note, it is anticipated that two collaboration sessions will be provided during the course for flexed students. The weeks in which these will occur will be announced on Blackboard during the course of the semester. It is the responsibility of the student to have the required technical hardware necessary to participate in these sessions.


Learning Resources

Prescribed Texts


References


Other Resources

No Text has been prescribed for this cluster. All materials will be supplied through Blackboard. PLEASE NOTE: ALL materials for this cluster should be accessed via the PROGRAM shell for Diploma of Accounting under the "Financial Management" handle.
 

FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVA INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • access clients’ needs and analyse their financial data
  • prepare and document appropriate 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

Knowledge Evidence

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

Assessment Conditions

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

  • a range of common office equipment, technology, software and consumables

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 


Assessment Tasks

Overview of Assessment

This course is co-delivered and co-assessed as a cluster of units. This cluster of units is called the FINANCIAL MANAGEMENT cluster. The competencies within this cluster include; 

ACCT5378C Provide Financial & Business Performance Information

ACCT5383C Prepare Financial Forecasts and Projections

COSC6185C Develop and Use Complex Spread Sheets

The assessments for this course have been designed to allow participants  apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.

TASK 1 TIME LINE (Due Date: 19/02/16)

 

A group task, 2 members per group same group members as Major Assignment Part A (below).
When you work in the financial services industry you will be required to complete work within a deadline. In this task learners are required to prepare an action plan related to the Major Assignment Parts A and B assessment tasks (see below) The learner will need to prepare a schedule outlining proposed key dates covering task stage completion and task final completion / submission and report to client. Proposed team and client meeting dates, these will be your pit stops (see below) must also be included in the time plan. The time line will need to allow for contingencies and review of work. This time plan will be used to monitor the learners progress towards completion of the above tasks.
The Pit Stops together with the Time Line prepared by the learner (see above) will be used to formally monitor the learners progress throughout the semester. They will also serve as proxy meetings between service provider (learner) and client (facilitator) These meetings will be used to establish clarification and or modification of relevant client objectives. They will also be used to assess progress vis a vis time plan. Learners are expected to discuss various financial options / processes open to the client, and briefly outline relevant local state and federal regulations particularly salient to the client business.

Part A of the Major Assignment will have two (2) pit stop reviews
Part B of the Major Assignment will have one (1) pit stop review.
To be deemed competent in this task you must do the following:
With due regard to firm policies and client requirements organise a time plan showing the following:
a. Meeting dates (client and team member) are clearly indicated in the time plan
b. Actions / processes along with stage and final completion / submission dates are shown in the time plan
c. Time plan incorporates scheduled review of tasks.
d. The time plan is to be completed using an excel spread sheet
Where required a time plan is adjusted during the semester to cater for client requirement or other contingencies.

TASK 2 MAJOR ASSIGNMENT part A and B (Due Date: Part A 15/04/16 Part B  13/05/16)

Part A
Part A requires students to work in groups of two (2) only.
Part A comprises the completion of a summarised Business Plan and Financials Spread Sheet Model
In the financial services industry you will frequently be approached by various clientele groups requesting information on a wide range of financial / business issues. You will need to provide the client with information which will meet the client’s needs; information which will assist the client in achieving a desired objective.
This task involves completing a Business Plan. Upside Down Ski Club (UDSC) an incorporated association (the client) will provide you, with detailed information of the UDSC ownership / management structure, objectives and operations, together with past financials and an outline of the market segments together with relevant strengths, weaknesses, opportunities and threats. You are to take this information and incorporate it into a business plan.
A significant section of any business plan is the financials. The financials include a forecast Income Statement, Cash Flow Statement and Balance Sheet. You will be creating a spreadsheet model which will generate the forecast financials, which will then be imported into the business plan.
The Business Plan will involve the following.
• Identifying client objectives and incorporate them into the business plan.
• Legislation / regulations local, state or federal applicable to the client / case is incorporated into the business plan.
• Accessing information from the relevant authorities (e.g. Client. Statutory bodies; ATO, ASIC. Financial Institutions; Banks) in order to verify reliability and accuracy of data and correct treatment of that data.
• Complete the financials section of the business plan. This will involve generating an Income Statement (monthly for the year), Balance Sheet, and Cash Flow Statement (monthly for the year) which needs to comply with standard generally accepted accounting principles, practice, and relevant legislative requirements.
• Forecast Income Statement, Balance Sheet, and Cash Flow Statements which comply with client reporting policies.
• Forecast Income Statement, Balance Sheet, and Cash Flow Statements comply with standard generally accepted accounting principles and practice.
• Ensure that where assumptions / parameters are provided by the client, you apply these assumptions to the forecast / financials
• Where no assumptions are provided, you must, on an item needs basis, provide an appropriate assumption to generate a forecast (output).
• Use the spreadsheet to conduct a quantitative trend analysis
• Build an appropriately designed excel spreadsheet model to generate the forecast financial statements for the club
• The spreadsheet must meet client requirements
• Apply the information provided from the client into the business plan and complete the business plan together with the spreadsheet model within the required time frame
 

Part B
To be completed individually.
Part B continues the dealings with the above client in Part A, and comprises the completion of a spread sheet model (finance plan) and a client report.
This task involves providing the management of UDSC with a plan to finance the proposed refurbishment / capital expansion. The management of UDSC has proposed a multi stage refurbishment of current facilities together with expansion of current building structure over the next five years. The details of the works together with the associated cost and planned stage of works and completion are provided. Given specific objectives you are required to provide the management with a tailored way of financing this venture. Where is the money coming from?
The finance plan and accompanying report will involve the following:
• Identify clearly the clients objectives
• Identify all relevant sources of finance available and limits on those finances
• Provide a recommended funding arrangement for the works which meets the client’s objectives
• Identify and inform on any legislative / contractual restrictions which may apply with relation to funding options
• Inform clients of any legislative / contractual obligations with regard to reporting any changes in funding arrangements to the relevant party / authority.
• Inform client of financing arrangements impact on entity financial stability and profitability.
• Development of a financial model to perform the relevant financial calculations.

 

TASK 3 Online Test One (Due Date: In week commencing 04/04/16)

The online test will cover the process of completing a workable spread sheet model which abides by best practice principles. The model will then be used to generate a complete set of Pro forma statements (Income Statement, Balance Sheet, and Cash Flow Statement) The model must be capable of utilising client offered objectives and assumptions. The model output will then be used to provide accurate and timely information to the client, this is demonstrated by selection of correct multiple choice option. This is a supervised test.

TASK 4. Online Test Two (Due Date: 30/05/16)

UDSC is an incorporated association but it could easily also have selected registering as a company limited by guarantee. This online multiple choice short answer test is required to be completed within a designated time through the Black Board, but may be accessed remotely.
The test will cover differences / similarities related to the two entity types, with regards to management; structure; role and duties, member’s liability, applicable legislation relevant overriding statutory authority (to whom is UDSC answerable) under what circumstance would either option be selected, and related obligations with emphasis on Corporations and Consumer Law.
 

 

You must successfully complete all assessment tasks to achieve competency.


Assessment Matrix

Other Information

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Late Submission Procedures


You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.


If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>


More Information: http://www.rmit.edu.au/students/assessment/extension


Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf


Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>
 

More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w


Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):


If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.


If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.


Adjustments to Assessment


In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.
 

Course Overview: Access Course Overview