Caught out by the FNS Training Package Update?

Find out about the huge changes that have been implemented in the Latest FNS Training Package Updates and how they impact your RTO.
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Caught out by the FNS Training Package Update?

If you are not already aware, the 2015 release of the Accounting and Bookkeeping qualifications superseded on the 12th of February 2018. We have received a lot of queries about this change as very little information or consultation was conducted/released by Price Waterhouse Coopers (the SSO) on the draft units or the endorsement of the new qualifications/units. For this reason, I have done some basic analysis to bring industry up to speed on the major changes in the training package and how they impact your RTO.

This training package update was to address the skill areas identified in the Industry Skills Forecast and Proposed Schedule of Work (known previously as the FNS Four Year Work Plan). To save you a lot of time, I have summarised the major changes below and also taken a deeper look at two of the more popular qualifications impacted. If you are up for a bit of bedtime reading the full case for endorsement can be found here https://www.skillsforaustralia.com/project-page/financial-services/

For the summary of changes, read on:

Five FNS Qualifications Superseded:

These sweeping changes impact 5 old qualifications listed below. These old qualifications have been superseded and are not equivalent to the new qualifications.

FNS30315Certificate III in Accounts AdministrationSuperseded
FNS40215Certificate IV in BookkeepingSuperseded
FNS40615Certificate IV in AccountingSuperseded
FNS50215Diploma of AccountingSuperseded
FNS60215Advanced Diploma of AccountingSuperseded

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This effectively means that  RTOs are left with redundant courses and will need to:

  • Re-apply to add the “New” qualifications to scope
  • Update Training and Assessment Strategies
  • Either redevelop training resources or purchase new ones (old resources won’t map to new unit requirements)
  • Potentially get new electives units to meet new qualification packaging rules
This offers a massive opportunity for those RTOs who are first to add this new qual to scope!

Five Qualifications Updated or Added:

There are now two new qualifications.

  • FNS50417 addresses new skill payroll requirements identified by industry
  • The old FNS40215 and FNS40615 have been merged into one new qualification FNS40217 – Certificate IV in Accounting and Bookkeeping

The remaining three qualifications have been updated existing qualifications have been updated (listed below).

FNS50417Diploma of Payroll ServicesNew
FNS40217Certificate IV in Accounting and BookkeepingReplaces FNS40215 and FNS 40615
FNS30317Certificate III in Accounts AdministrationReplaces FNS30315
FNS50217Diploma of AccountingReplaces FNS50215
FNS60217Advanced Diploma of AccountingReplaces FNS60215
If you are like most other RTOs and need resources for these new qualifications, we have developed a complete set of Training Resources and Assessment Tools to assist you in your transition. These resources have been written to the NEW units and validated to ensure compliance. Click Here to View Our FNS Learning Resources
Beware of using any resources that have just had code changes and have not been validated against the new qualification and unit requirements. The superseded and new units are NOT the same and will create critical non-compliances.

Even though they may be listed as equivalent for RPL purposes, the new units have changed PCs, PCs, KEs, Foundation Skills and Assessment Conditions making the old assessment tools obsolete. Read on for further detail on unit changes. Click Here to find new FNS resources.

28 Units Updated, Added or Deleted:

A total of 28 FNS units of competency were either updated, added or deleted (18 updated; 8 new; 2 deleted).

New CODENew/Updated Unit NameStatus
FNSPAY501Process salary packaging arrangements and additional allowances in payrollNew
FNSPAY502Process superannuation payments in payrollNew
FNSPAY503Process complex employee terminations in payrollNew
FNSPAY504Interpret and apply knowledge of industrial regulations relevant to payrollNew
FNSPAY505Interpret and apply knowledge of taxation systems relevant to payrollNew
FNSACC304Conduct business activities using a computerised accounting systemNew
FNSINC503Identify situations requiring complex ethical decision makingNew
FNSINC504Apply ethical frameworks and principles to make and act upon decisionsNew
FNSTPB402Establish and maintain payroll systemsReplaces FNSBKG405
FNSTPB401Complete business activity and instalment activity statementsReplaces FNSBKG404
FNSACC311Process financial transactions and extract interim reportsReplaces FNSACC301
FNSACC312Administer subsidiary accounts and ledgersReplaces FNSACC302
FNSACC313Perform financial calculationsReplaces FNSACC303
FNSACC411Process business tax requirementsReplaces FNSACC401
FNSACC412Prepare operational budgetsReplaces FNSACC402
FNSACC413Make decisions in a legal contextReplaces FNSACC403
FNSACC414Prepare financial statements for non-reporting entitiesReplaces FNSACC404
FNSACC416Set up and operate a computerised accounting systemReplaces FNSACC406
FNSACC511Provide financial and business performance informationReplaces FNSACC501
FNSACC512Prepare tax documentation for individualsReplaces FNSACC502
FNSACC513Manage budgets and forecastsReplaces FNSACC503
FNSACC514Prepare financial reports for corporate entitiesReplaces FNSACC504
FNSACC516Implement and maintain internal control proceduresReplaces FNSACC506
FNSACC517Provide management accounting informationReplaces FNSACC507
FNSACC624Monitor corporate governance activitiesReplaces FNSACC604
FNSACC408Develop and implement policies and procedures relevant to bookkeeping activities

Replaces old title – Work effectively in the accounting and bookkeeping industry

Replaces FNSBKG401
FNSBKG402Establish and maintain a cash accounting systemDeleted
FNSBKG403Establish and maintain an accrual accounting systemDeleted

4 New Skill Sets

FNSSS00012Payroll Administrator Skill SetNew
FNSSS00013Business Ethics and Conduct Skill SetNew
FNSSS00014Accounting Principles Skill SetNew
FNSSS00015Advanced Accounting Principles Skill SetNew

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As you can see, the Training Package has undergone substantial updates and as mentioned earlier, RTOs will need to make additions to scope to add these new qualifications.

In the sections below, I have looked at two of the most popular qualifications impacted by these changes.

Read on to find out how these new qualifications have changed.

FNS40217 – Certificate IV in Accounting and Bookkeeping (Release 1)

Summary of Changes

This qualification has undergone massive changes and now replaces both the FNS40215 – Certificate IV in Bookkeeping and the FNS40615 – Certificate IV in Accounting.

Packaging

·         Now has 8 Core and 5 Elective Units

·         Substantial core unit changes (see Core Unit Change Summary below)

·         Substantial elective unit changes (see Elective Unit Change Summary below)

·         24 Electives to choose from

Core Unit Change Summary

There is a new core unit in this qualification that has come from the BSB training package. This unit is BSBSMB412 Introduce cloud computing into business operations. The previous Tax Practitioner Board licensed units (FNSBKG404 and FNSBKG405) have also had code changes (now FNSTPB401 and FNSTPB402 respectively) and undergone substantial changes with new elements and performance criteria. The knowledge requirements have also changed.

Despite many core unit having similar names, the core units have ALL changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all of these units. Although most of the old core units show equivalency in terms of credit transfer. Old assessment tools will not meet the new unit requirements due to so many changes in:

·         Performance Criteria

·         Knowledge Evidence

·         Performance Evidence

·         Assessment Conditions

·         Foundation Skills

Elective Unit Change Summary

New Elective Unit Options now available (increased to 24 electives). Despite having similar names, many of the elective units have changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all these new elective units. Old assessment tools for these changed elective units will not meet the new unit requirements due to so many changes in:

·         Performance Criteria

·         Knowledge Evidence

·         Performance Evidence

·         Assessment Conditions

·         Foundation Skills

Click Here get these updated FNS40217 Training Resources!

FNS50217 – Diploma of Accounting (Release 1)

Summary of Changes

·         Number of Core and Elective Units remain the same.

·         Substantial core unit changes (see Core Unit Change Summary below)

·         Substantial elective unit changes (see Elective Unit Change Summary below)

·         New Entry Requirements (see below)

Core Unit Change Summary

Despite having similar names, the core units have ALL changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all these units. Although most of the old core units show equivalency in terms of credit transfer, old assessment tools will not meet the new unit requirements due to so many changes in:

·         Performance Criteria

·         Knowledge Evidence

·         Performance Evidence

·         Assessment Conditions

·         Foundation Skills

Elective Unit Change Summary

New Elective Unit Options now available (increased from 15 elective choices to 22 electives). Despite having similar names, many of the elective units have changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all these new elective units. Old assessment tools for these changed elective units will not meet the new unit requirements due to so many changes in:

·         Performance Criteria

·         Knowledge Evidence

·         Performance Evidence

·         Assessment Conditions

·         Foundation Skills

NEW Entry Requirements

Completion of the following six units, or their equivalent, which constitute the requirements for the FNSSS00014 Accounting Principles Skill Set:

·         FNSACC311 Process financial transactions and extract interim reports

·         FNSACC312 Administer subsidiary accounts and ledgers

·         FNSACC408 Work effectively in the accounting and bookkeeping industry

·         FNSACC416 Set up and operate a computerised accounting system

·         FNSTPB401 Complete business activity and instalment activity statements

OR

·         FNSTPB402 Establish and maintain payroll systems;

OR

  • Completion of FNS40615 Certificate IV in Accounting or equivalent;

OR

  • Completion of FNS40215 Certificate IV in Bookkeeping or equivalent.

Click Here get these updated FNS50217 Training Resources!

 

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