| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Fundamentals of Financial Management |
| Unit ID: | BSMAN2005 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
This course embeds the unit of competency from the Advanced Diploma of Management: BSFIM601A: Manage Finances. It is the second of three financial courses in the Bachelor of Applied Management and builds on the knowledge and skills gained in BSMAN1002 Introduction to Budgets and Financial Planning. Its primary focus is the preparation, analysis and interpretation of budgets and other financial reports required for the effective financial management of the resources of a business unit or organisation. Students will also be required interpret relevant statutory legislation to ensure compliance with the requirements of bodies including the Australian Tax Office. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: No |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | | | | | | | Intermediate | | |  | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | Identify and interpret sources of financial data required for analysis of organizational financial performance |
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| K2. | Appraise business performance by comparing actual results with budgeted results |
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| K3. | Describe the budget development process/cycle including principles, practices and techniques |
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| K4. | Outline the major reports and systems required to minimize risks of incomplete or erroneous financial information |
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| K5. | Interpret relevant statutory requirements to ensure compliance in reporting |
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| Skills: |
| S1. | Identify, access and interpret data sources required for budget preparation |
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| S2. | Construct the Master and supporting budgets appropriate to the organizations requirements |
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| S3. | Identify, report on and respond to deviations of actual performance from budgeted performance. |
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| S4. | Evaluate the effectiveness of financial management processes and reports |
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| S5. | Review existing software and its suitability for financial management |
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| Application of knowledge and skills: |
| A1. | Coordinate the financial management, budgeting and reporting processes of a business unit or organisation |
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| Unit Content: |
Topics may include: 1. Financial statements: - Income Statement
- Cash flow Statement
2. Operational statements and reports 3. Financial analysis techniques 4. Internal control systems and procedures 5. Budget analysis 6. Budget preparation and resource allocation 7. Taxation requirements: - Goods & Services Tax (BAS reports)
- Fringe Benefits Tax
- Pay As You Go
- Payroll Tax
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| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, S3 | Development of recommendations based on the comparison of an organization or business units financial results with budget | Report/Presentation/Case Study | 20 - 30% | | 2. | K1, K3, S1, S2, S5 | The preparation of budget documentation for a business unit or organisation using appropriate software | Financial reports/ Portfolio/Project | 30 - 40% | | 3. | K1, K2, K3, K4, K5, S4, A1 | Examination to assess attainment of required learning outcomes | Examination | 40 - 50% |
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