FNSACC511 - Provide Financial and Business Performance Information - Cash Flow and Budgetary Control Taxation Legislation - Formatting Financial Data - Finance Assessment Answer

FNSACC511: Provide Financial and Business Performance Information Finance Assessment Answer

Assessment Task:

Your task is to research the following topics then outline your findings. Use the questions below as a guide to your research:

1. Discuss the key requirements of the following legislation and policy:

a. Taxation legislation, as it relates to deductions, allowances, and charges

b. The government financial policy relating to financial and business performance advice

c. Corporations and consumer legislation relating to financial and business performance information

2. What are the key areas that can cause significant taxation issues? List at least four

3. Identify and discuss the techniques that are used to forecast financial and business performance

4. What are the industry-standard methods that are to be used when presenting and formatting financial data?

5. Outline the key principles of cash flow and budgetary control.

6. What suitable sources of information could you access and use on financial products and markets, relating to financial and business performance information? List at least five

7. Identify the risks, contingencies, and risk management options which commonly relate to financial and business performance

8. What are the rights and responsibilities that clients have in relation to obtaining financial and business performance information?

The following task 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:

· office equipment, technology, software and consumables required to provide financial and business performance information, including:

· Sources of information on client needs

· Access to the internet

· Digital technologies to access, extract and share information

For this task you are to complete the following activity to demonstrate your ability to provide financial and business performance information.

Undertake the following steps to assess the client needs:

1. Consult with the client to clarify and confirm their expectations, goals and objectives. Document the outcomes of this consultation.

2. Identity, and record, the client’s specific legal and financial requirements when establishing, structuring, and financing a business

3. Discuss with the client their financial options and processes, developing suitable plans for providing information and for achieving the client goals within the agreed timeframes. Provide the developed plans.

4. Regularly review the progress of the plans against the agreed criteria, clearly communicating the results to the client. Document/provide these reviews and results.

5. Monitor the client's objectives, responding appropriately to changes in client needs. Document the monitoring, changes in client needs, and responses to changes.

 

Complete the following steps to analyse the data:

6. Seek advice from relevant authorities and sources on the reliability and accuracy of data, according to organisational procedures. Record all advice sought, including the relevant authorities and sources it was sourced from.

7. Compile and reconcile the data, confirming that the statements are accurate and that they comply with organisational procedures, statutory requirements, and standard financial reporting principles. Provide evidence of the compiled and reconciled data.

8. Analyse the data and reports, in line with the standard financial analysis techniques and reflecting the client’s business and personal objectives, including assessing the taxation, compliance and business viability issues faced by the client, and risk management options and practices. Document this analysis.

9. Evaluate the information in relation to the financial profitability, efficiency, and stability of the business. Document this evaluation.

10. Evaluate the financial potential of the business, including its future funding requirements, and statutory obligations. Document this evaluation.

repare and provide financial and performance advice to client through completion of the following steps, in compliance with the financial legislation and accounting standards, practices and principles:

11. Formulate and accurately document financial and business performance advice for the client, using a suitable format, providing them with:

a. A realistic assessment and view of business financial performance and compliance

b. Assessment of the relevant significant taxation issues

c. A comparisons of suitable options

d. How risks, contingencies and future cash flows may be identified and quantified

e. Advice on options, rights and obligations related to risk management

f. New or alternative finance sources

g. The features of short-term and long-term finance

12. Using appropriate methods of presentation, provide the client with, and discuss, the financial and business performance advice.

The following questions may be answered verbally with your assessor or you may write down your answers. Please discuss this with your assessor before you commence. Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.

Your assessor will take down dot points as a minimum if you choose to answer them verbally.

Answer the following questions either verbally with your assessor or in writing.

1. What questions might you ask when clarifying and confirm client’s expectations, goals and objectives?

2. What specific legal and financial requirements you might identify for a client when establishing, structuring, and financing a business?

3. List and describe at least five of the financial options and processes you may need to discuss with your client, so that you can develop suitable plans

4. What types of agreed criteria could be used to regularly review the progress of plans? Discuss three

5. Why is it important for you to monitor a client’s objectives?

6. What is it essential for you to ensure compliance with when compiling and reconciling data to confirm that statements are accurate?

7. Briefly discuss the different methods that are suitable to use to analyse data and reports, in line with standard financial analysis techniques and client’s business and personal objectives

8. What techniques could be used to perform a financial statement analysis for a business, to evaluate information relating to the financial profitability, efficiency and stability of a business?

9. Explain the following:

a. Financial potential of a business

b. Future funding requirements

c. Business statutory obligations

10. What options could be compared for clients in advice providing a realistic view of business financial performance and compliance?

11. List four examples of the methods of presentation and formats you could use to convey information to a client.

12. What are five examples of the new, alternative, short and long term finance sources you might advise clients about?

 

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