Introduction to Financial Management

1. Introduction to Financial Management Li, Jialong 2011-2-26

2. Purpose On completion of this unit students will have the skills and knowledge required to report on finances related to international business activity. Specifically, learners should be able to: • demonstration of the collation and analysis of financial data for the international business operations of an organisation in compliance with Australian, international and overseas financial regulations. • financial report on the organisation's international business operations containing recommendations for improvements in both compliance and the efficiency of the organisation's international business operations. • knowledge of relevant Australian, international and local legislation and conventions.

3. ASSESSMENT OVERVIEW • No Text is prescribed with this learning guide. Readings, Exercises and Student Notes have been provided with this Unit Guide. • Reporting of assessment outcomes Your result will be recorded and reported to you as Competent or Not yet Competent. • Students will be required to complete exercises and read the handouts and complete all assessments competently

4. Competency/Performance Criteria 1. Compile financial information 1.1 Identify financial information related to international business activity and separate from domestic business activity for reporting and compliance purposes 1.2 Collect relevant current financial data, convert to currency used in report, and evaluate and code to ensure consistency, quality and accuracy in accordance with organisational requirements 1.3 Use conversion and consolidation procedures to compile analysis in accordance with organisational requirements 1.4 Make, record and disclose asset and liability valuations, in accordance with organisational requirements 1.5 Identify, resolve or refer discrepancies, unusual features or queries to the appropriate authority.

5. Competency/Performance Criteria 2. Ensure compliance with relevant international finance regulations 2.1 Identify financial compliance requirements associated with international business activity for relevant international finance regulations 2.2 Access processes to ensure compliance with financial compliance requirements for relevant international finance regulations, from workplace policies and procedures, and relevant information sources 2.3 Record income and expenditure to ensure compliance with statutory requirements 2.4 Calculate liabilities for tax in accordance with relevant legislation 2.5 Identify relevant receipts, revenue documentation and payments correctly 2.6 Ensure statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements 2.7 Submit statutory requirement reports to appropriate authorities within stated deadlines

6. Competency/Performance Criteria 3. Provide financial business recommendations 3.1 Derive recommendations logically and support with evidence in report 3.2 Ensure recommendations propose constructive actions to enhance the effectiveness and efficacy of functions and services related to international business activity 3.3 Ensure recommendations are concise and facilitate direction and control of organisation's international operations 3.4 Identify and prioritise significant issues in statements, including comparative financial performances, for review and decision making 3.5 Ensure structure and format of reports are clear and conform to organisational and statutory requirements

7. Assessment Methods

8. Assessment 1 – In-class Response • The learners will be required to be present in class, respond in nominated order according to their activeness in putting up their hands, and present their completion of exercises. The learner will be assessed in 3 ways: 1. Presence in class (according to roll-calling); 2. Responding answer with loud and clear voice, in proper English with correct pronunciation and intonation. (20 times is the best for whole semester). 3. The learner in group or individual should hand in the electronic paper of answers to exercises, and is required to give a 3-5 minute speech on their completion of exercises (for each group, the oral speech required at least 3 times for a whole semester). The student will be assessed in 5 dimensions for his/their oral speech.

9. Assessment 2 – Class Test Due Date: Week 7Weight: 15% • Class Test consisting of a practical activities and short answer questions based on the exercises from Lessons 1-5. • Refer to Assessment tasks for BSBFIA501A Report on finances related to international business – Assessment 1

10. Assessment 3 – Class Test Due Date: Week 13Weight: 15% • Class Test consisting of a practical activities and short answer questions based on the exercises from Lessons 1-13. • Refer to Assessment tasks for BSBFIA501A Report on finances related to international business – Assessment 2

11. Assessment 4 – Report Due Date: Week 17Weight: 35% • Prepare a report based on the knowledge learnt in lessons Week 1-14 • Refer to Assessment tasks for BSBFIA501A Report on finances related to international business – Assessment 3

12. ASSESSMENT POLICYLATE AND ABSENT EVIDENCE COLLECTION/ASSESSMENT Students must submit work required by assessment events such as projects and attend scheduled assessment events such as class tests on the required date. Under extreme circumstances students may negotiate an extension of time otherwise a penalty is applied. If a student is late handing in an assessment event, the following penalties may apply: • 6.2.1 Penalty A - if the assessment event is up to 7 days late the total mark achieved by the student is reduced by 15% OR the grade is reduced by one level, for example, reducing a Distinction to a Credit OR the submission may be eligible for a Pass grade only. Please Note: In Pass/Fail subjects Penalty A will not apply. • 6.2.2 Penalty B - if the assessment event is more than 7 days late the mark is reduced to a zero OR the grade is reduced to a Fail for this event. • 6.3 No Penalty will apply if the student has an acceptable reason and negotiates a new date with the teacher before the original due date or, if this is not possible, at the first attendance after the event or within 7 days (whichever is the sooner). • 6.4 When an assessment is late with evidence (i.e. medical certificate) the assessment MUST be submitted on the very next day after the evidence expires. For example, if your medical certificate covers you for Tuesday and Wednesday, your assessment must be submitted on the Thursday, regardless of other classes you may or may not have at TAFE on that day. SOURCE:SUPPLEMENT TO TAFE COMMISSION GAZETTE No. 37 of 2002

13. The End of Introduction