Course Title: Apply legal principles in corporations and trust law
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: BAFI5223C
Course Title: Apply legal principles in corporations and trust law
School: 650T Vocational Business Education
Campus: City Campus
Program: C6148 - Advanced 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
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 research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients.
It applies to individuals who work with corporations and trust laws in the workplace as determined by the job role, legislation, rules, regulations and codes of practice relevant to different jurisdictions.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). 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: |
FNSTPB504 Apply legal principles in corporations and trust law |
Element: |
1. Research legal aspects of corporations and trust law relevant to client's circumstances |
Performance Criteria: |
1.1 Identify client circumstances that require advice on corporation and trust law matters 1.2 Research corporations and trust law and related legislation, regulation and practice 1.3 Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose 1.4 Identify legal principles applying to corporation and trust matters that are relevant to client circumstances |
Element: |
2. Analyse issues and risks associated with operation of a business |
Performance Criteria: |
2.1 Identify areas of risk in application of law in corporation and trust matters 2.2 Analyse how legal issues impact on different types of legal entities 2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities 2.4 Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities |
Element: |
3. Apply knowledge of law to business structures |
Performance Criteria: |
3.1 Collect and collate client's business information for analysis 3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements 3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information 3.4 Provide advice to client based on identified facts and relevant laws |
Element: |
4. Maintain legal knowledge |
Performance Criteria: |
4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary 4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law 4.3 Review relevant legal sources regularly and apply any changes in daily work |
Learning Outcomes
Details of Learning Activities
In this clustered/co-delivered, holistic course comprising two units and using the textbooks and other materials, students will be progressively introduced to skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. They will also develop skills and knowledge required to apply legal priniples in corporations and trusts law matters. With respect to the full-time students, in-class activities will account for some of the nominal hours allocated to this course and will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises and work, tests, team presentation and a comprehensive assignments in which parts involve a simulated/real workplace environment.
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.
The hours of self-directed/self-paced learning by students will be taken up with reading, research, set work on exercises and the completion of the assignment outside scheduled class time. Please note that the format of the classes will in total, three hours per week. The learning activities described above will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities..
Teaching Schedule
Please note that this course is clustered/co-delivered holistically as a group of two courses those being, ACCT 5386C - Monitor Corporate Governance Activities and BAFI5223C Apply legal principles in corporations and trusts law. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.
The teaching schedule for this course is as follows:
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
Week |
Week Commencing |
Topics & Activities |
Assessment |
1 |
4 July 2016 |
Introduction: • Program overview and requirements Corporate Governance Introduction Definition of Corporate Governance Need for Good Corporate Governance Corporate Collapses Corporate Governance Regulators Good Corporate Governance Standards |
|
2 |
11 July 2016 |
Corporate Ethics Definition Importance of Ethics Company Code of Conduct |
|
3 |
18 July 2016 |
Internal Controls, Risk & Compliance Internal Control Systems Definition Risk Management |
|
4 |
25 July 2016 |
ASX Guidelines for Listed Companies The role of the ASX ASX Corporate Governance Council Corporate Governance Principles and Recommendations |
|
5 |
1 August 2016 |
Choosing a Business Structure Types of Business Structures
|
Complete and submit on-line test 1
|
6 |
8 August 2016 |
The Company The Corporations Act 2001 Separate Legal Entity |
Final Assignment available to students |
7 |
15 August 2016 |
Management
Types of Directors How Directors are appointed Resignation and removal from Office Remuneration of Directors Membership |
|
8 |
22 August 2016 |
Directors’ Duties
|
|
|
29 August – 2 September 2016 |
MID SEMESTER BREAK |
|
9 |
5 September 2016 |
Share Capital & Fundraising
Classes of Shares Issuing Shares Retention of Capital Going Public |
|
10 |
12 August 2016 |
External Administration of Companies
|
|
11 |
19 August 2016 |
Associations Incorporated Associations Eligibility Not-for-Profit Advantages and Disadvantages of Incorporation |
|
12 |
26 September 2016 |
|
Legislation / Compliance Team Presentations Assessment |
13 |
3 October 2016 |
Trusts Elements of a Trust Continuity of Existence Winding up Trusts |
|
14 |
10 October 2016 |
Accounts, Reporting & Auditing Corporate Reporting Record-keeping Financial Reporting Directors’ Report Continuous Disclosure |
|
15 |
17 October 2016 |
Environmentally Sustainable Work Practices Sustainability |
On-Line submission of Final Assignment |
16 |
24 October 2016 |
Resubmissions |
|
Learning Resources
Prescribed Texts
Monitor Corporate Governance Activities - Mathew Fawcett |
|
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
◾research changes to, or new, legislative requirements in relation to corporations and trust law relevant to the client’s circumstances and business structure requirements
◾apply current statute, common law and equitable principles in relation to corporations and trust law relevant to the client’s circumstances
◾present a recommendation on suitable business structures or legal entities to the client after considering the client’s circumstances
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
◾describe the operation of the Australian legal systems and processes relevant to corporations and trust law including:
- basic principles, current statute, common law and equitable principles
- roles and responsibilities of key organisations
- constitutional considerations
- separation of powers
- basic principles of the law of torts, particularly relating to negligence and negligent misstatement
- courts and regulatory bodies
◾outline how laws are enacted and their underlying policy aims
◾explain how those laws may be interpreted by existing common law and equitable rules and applied to corporations and trusts
◾analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:
- sole traders
- partnerships
- corporations
- trusts
- agencies
- joint ventures
- incorporated associations
◾examine legal aspects of superannuation with reference to:
- ways in which superannuation can be accumulated and taken
- who can provide superannuation products and how those providers and their products are prudentially licensed and regulated
- duties of superannuation trustees
- how superannuation interests are protected and litigated
- current and future developments in superannuation law and policy
◾identify and reference the key features of Australian corporations law and requirements to analyse issues and risks relating to:
- nature of a company
- company registration
- promoters and pre-registration contracts
- company constitution and replaceable rules
- contracting with others
- fundraising
- share capital
- member meetings
- corporate management
- directors’ duties
- member remedies
- bankruptcy and insolvency
◾examine legal concepts and scope of law covering trusts with particular reference to:
- structure of a trust
- trust deed
- common law duty
- role and responsibilities of a trustee
- types of trusts
- member meetings
- corporate management
- member remediation
- bankruptcy and insolvency
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields of work and include access to:
- office equipment, technology, software and consumables
- relevant legislation, regulations and codes of practice
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
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities. |
Assessment Tasks |
Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two courses those being, ACCT 5316C - Monitor Corporate Governance Activities and BAFI5205C Apply legal principles in corporations and trusts law. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information. Critical aspects of assessment: Evidence of the following is essential:
Assessment Tasks: You are required to complete the following: 1. Presentation (40%) A practical case study will be provided to students. In teams of 2 , the students will be allocated a legislation topic for them to research and identify compliance shortcomings in the case study. The teams will present their recommendations and research to the class. A hard copy of the presentation (Powerpoint) will need to be handed to your instructor and a copy to be submitted online via Blackboard. To be successful in this unit of competency a student must be able to demonstrate competency in the required task. The test will incorporate multiple choice and true/false questions covering Corporate Governance. It will be an on-line test (available in Blackboard) scheduled in week 5 . This test will be a competency based assessment with a Competent (CA) grade required. Students will have multiple attempts to achieve a CA grade. However more than one attempt will limit the student to a CA-Ent grade only.
|
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, Colin Byron, 324567, Task 2,
OHTH5844C Ensure safe workplace, Page 1 of 10.
Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.
Please refer to the Final Grades table below.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:
1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
We are looking for a high level of ability to complete all tasks independently as well as demonstrating a high level of initiative while proccessing transactions and extracting reports.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required in processing financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for techniques to be used in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports. You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self management & work organization resulting in timely submission of all required assessment tasks
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant discussions. In addition you should demonstrate a range of well-developed interpersonal skills appropriate to each task
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.
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.
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:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31Resubmissions (VET Programs):
Course Overview: Access Course Overview