BSBFIN601 Manage organisational finances

Session 1
Purpose of this presentation
At the end of this session, you should know how
to:
 Establish the key principals of accounting
 Comply with the legislative requirements
established by the AASB and ASIC and the
Privacy Act
 Explain the role of probity in financial
management
 Evaluate financial management software
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Financial management
 Financial management
 Accounting principals
 Probity/Ethics Statutory
requirements
 Statutory/internal
Budgeting and
Organisational
requirements financial
management
requirements

 Financial management
systems
Financial Financial Financial
 Financial vs. management
role
Management
Framework
management
software
management
accounting

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Accounting principals
 Matching Principal
 Matches expenses with related revenues
 Account Groups
 Assets, Liabilities, Owners Equity, Revenue and
Expenses
 Time Period
 Regular and sequential accounting periods

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Financial probity
 Principles
 Integrity
 Objectivity
 Confidentiality
 Competence
 Professional associations
 Codes of conduct

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Statutory requirements
Corporations
Taxation Privacy
law
• GST • Obligations • Records
• PAYG • Collecting compliance
• BAS and • Financial
• Reporting disclosing records
periods information • Statutory
returns

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Organisational requirements
 Policies and procedures
 Objectives
 Standard documents
 Financial delegations
Financial
Safeguard
statement
Responsible  Organisational chart
assets stewardship
conformity
 Internal controls

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Financial vs. Management Accounting
 Financial Accounting
 To produce financial statements for external
stakeholders

 Management Accounting
 To inform managers and aid decision making

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Software
• Computer information systems Effective
 CIS general controls
 Accounting information systems Efficient
 Spreadsheets Confidential
Valid
Available
Compliant

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The next step
You should now:
 Establish the key principals of accounting
 Comply with the legislative requirements
established by the AASB and ASIC and the
Privacy Act
 Explain the role of probity in financial
management
 Evaluate financial management software

© Innovation & Business Industry Skills Council Ltd