Course Title: Implement an insolvency program
Part B: Course Detail
Teaching Period: Term2 2019
Course Code: ACCT5391C
Course Title: Implement an insolvency program
School: 650T Vocational Business Education
Campus: City Campus
Program: C6163 - Advanced Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Bruce Phillips
Ph: 9925 5735; 80.5.30
Nominal Hours: 70
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 evaluate options, establish timelines and objectives, and monitor progress and plans for business insolvency.
It applies to individuals who use specialised knowledge and skills to analyse complex financial situations and implement recommended options.
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: |
FNSACC611 Implement an insolvency program |
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Element: |
1. Evaluate options for insolvency |
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Performance Criteria: |
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Element: |
2. Establish timelines and objectives |
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Performance Criteria: |
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Element: |
3. Monitor progress |
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Performance Criteria: |
3.1 Identify, acquire and validate data relevant to insolvency program 3.2 Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct 3.3 Support day-to-day administration of program through liaison and regular reporting 3.4 Assess delays in implementation and develop and negotiate solutions 3.5 Ensure recommendations to clients are clear, concrete and based on reasoned examination of data |
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 through various technology platforms and include your contribution to videos, role plays, documentation filling, 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
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may not only include scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Canvas
- Overview of assessment requirements
- Pre-Training Review including:
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- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency 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 |
Topics |
Assessment |
1 |
Intro to insolvency, role of AFSA and ASIC |
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2 |
Intro to bankruptcy: history, purposes, voluntary & involuntary, timing & dates |
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3 |
Intro to bankruptcy: history, purposes, voluntary & involuntary, timing & dates |
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4 |
Going bankrupt |
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5 |
Impact of bankruptcy |
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6 |
Administration of bankruptcy |
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7 |
Presentations, quiz, work on case study 1 |
Presentation 1 |
8 |
This week has been set aside for the "Practical placement" |
Case study part 1 due |
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Mid semester break (1 week) |
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9 |
Liquidations: Intro-compulsory winding up, grounds, commencement, ASIC, courts, Creditors, liquidators |
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10 |
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11 |
Provisional liquidation |
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12 |
The effect of winding up |
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13 |
Assets available to the liquidator |
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14 |
Final quiz, work on the case study part 2, presentations |
case study part 2 due |
15 |
Presentations |
Presentation 2 |
16 |
Resits, feedback, resubmissions |
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Learning Resources
Prescribed Texts
References
Other Resources
Resources will be placed on the canvas from time to time. These replace the need for a textbook.
Overview of Assessment
Performance Evidence
Evidence of the ability to:
- analyse relevant financial data and evaluate potential insolvency options that comply with statutory requirements
- establish timelines and objectives for an insolvency plan
- monitor progress and adjust plan as required.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- explain the key features of comprehensive practices and principles of insolvency administration
- identify and describe depreciation methods allowed by tax authorities
- outline the key duties and responsibilities of insolvency administrators and liquidators
- identify and discuss the key ethical considerations for the handling of financial insolvency such as:
- conflict of interest
- confidentiality
- disclosure requirements
- identify and describe the forms and functions of employee records
- identify and explain the key features of legislation relating to insolvency management, covering the following:
- corporations
- taxation assessment
- workplace relations
- privacy
- consumer and competition
- identify and explain the key principles and practices of double-entry bookkeeping and accrual accounting in budgetary control
- explain the valuation and processes for asset disposal.
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:
- common office equipment, technology, software and consumables
- an integrated financial software system and data.
Assessors must satisfy NVR/AQTF assessor requirements.
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
You are required to complete 2 tasks. You must successfully complete both tasks (Task 1 and Task 2) to be deemed competent in this course.
The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity.
TASK 1 Individual assignment (due dates: 2 instalments 26 August, and final submission 14 Oct). This assignment will have a personal insolvency case, and involve a selected corporate insolvency. As it is a competency based assessment then a satisfactory standard must be achieved. You must pass the assignment to be competent.It will be made available in week 4 and week 10 respectively. Feedback for this assessment will be provided the following week.
TASK 2 Consists of two (2) presentations. The first presentation is on a topic chosen by your teacher. The second presentation is on an aspect of your assignment (part 2). Talks are of 4 minutes duration. Students present on their own. Satisfactory performance will be heavily undermined for reading from notes or PowerPoints. Other students are expected to give feedback to the student presenting the talk. You must be satisfactory in the presentation to be competent. Feedback for this assessment will be provided the following week.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission requirements:
Assessment tasks will be submitted to your teacher in class and the assignment/case study should include a signed cover sheet.
You should ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for special consideration.
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 include 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 is available from the Student forms website.
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:
Julie Maccas s3245467, task 2, OHS2345C Ensure safe workplace, Page 1 of 10
Late submission Procedures
Ensure assignments are completed by the due dates. If you are prevented from submitting an assessment 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 7 calendar days. For more information: http://www.rmit.edu.au/students/student-essentials/assessment-and exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for special consideration, submitted no later than 2 working days after the assessment task deadline or scheduled exam/test.
More information: http://www.rmit.edu.au/ (unresolved)students/student-essentials/assessment-and-exams/assessment/special-consideration
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a particular Course Assessment Task ( or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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 will 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: http://rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment
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.
Course Overview: Access Course Overview