Unit Reference: M/507/1584 – Financial Awareness

Unit Aims

The overriding aim of the unit is to provide the learner with the necessary knowledge to be able to critically evaluate the financial systems, processes and procedures in their own organisations. Learners will gain understanding of accounting conventions, appreciate measurement for efficiency, profitability and solvency, and the different demands made by different stakeholders. Learners will gain understanding of financial commentary.

Learning Outcomes and Assessment Criteria

Learning Outcomes

When awarded credit for this unit, a learner will:

Assessment Criteria

Assessment of this learning outcome will require a learner to demonstrate that they can:

1. Explore the nature and use of financial information.

1.1 Discuss the need for financial information, its purpose, limitations and the main stakeholders interested in the information.

1.2 Identify accounting arrangements and conventions used by organisations.

1. Explore the nature and use of financial information.

2.1 Explain how accounting frameworks and regulation influence accounting and financial arrangements.

1.2 Explain the uses of published financial information.

2.3 Explain how an organisation uses management accounting practices.

2. Investigate the principles and standards used to produce accounting and financial information.

3.1 Explain the main items commented on and explain their importance.

3.2. Identify trends in published accounting information.

Teaching and Learning Strategy

This unit will involve the student engaging in a process of research on an independent and group basis into the subject matter. The unit tutors will provide initial support sessions in a workshop and will be available for subsequent support.