Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Prepare budget

1.1 Confirm budget objectives are consistent with organisational aims, projects and forecasts

1.2 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.3 Conduct discussions and negotiations with stakeholders that budget applies to in manner that promotes goodwill and ongoing cooperation

2. Set budget timeframe

2.1 Identify and include milestones and performance indicators in budget

2.2 Break down annual budgets into seasonal periods in accordance with operating trends

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete and distribute reports within timelines for specified periods and projects

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2

• Analyses potentially complex information from a range of sources and relates specific aspects of information to requirements

Writing

1.1, 1.3, 3.1

• Accurately records financial information and uses clear language and logical structure in preparing reports and presentations to convey information

Oral Communication

1.3

• Participates in verbal exchanges using active listening and questioning to elicit the views and opinions of others and to confirm requirements

Numeracy

1.1-1.3

• Performs mathematical calculations and uses estimating and forecasting techniques to consolidate and analyse financial data

Interact with others

1.3

• Recognises the importance of building rapport during discussions, collaborations and negotiations

Get the work done

1.1, 2.1, 2.2, 3.1, 3.2

• Develops plans to manage and report on routine and non-routine tasks with logically sequenced steps
• Uses analytical processes to identify appropriate process milestones and performance indicators
• Uses digital systems and programs to assist with planning, implementing, monitoring and reporting

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC402 Prepare operational budgets

FNSACC402A Prepare operational budgets

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.