Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to prepare, document and manage budgets and forecasts, and encompasses forecasting estimates and monitoring budgeted outcomes.
It applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Accounting
Elements and Performance Criteria
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 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget 1.2 Ensure budget objectives are clear and consistent with organisational aims and projects 1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation 1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends |
2. Forecast estimates |
2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation 2.2 Identify relevant data for forecasts and anticipate changes in circumstances 2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy 2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy |
3. Document budget |
3.1 Present data in format that is easily understood and appropriate to budget reporting 3.2 Complete reports within timelines and distribute for specified periods and projects 3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis 3.4 Identify feasibility by comparing projections with market growth and development |
4. Monitor budget outcomes |
4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person 4.2 Review budget processes and implement as required |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.2, 2.2, 2.3, 3.3, 3.4, 4.1, 4.2 |
|
Writing |
2.1, 2.3, 3.1-3.3, 4.1 |
|
Oral Communication |
1.3, 3.1, 4.1 |
|
Numeracy |
1.1, 1.2, 1.4, 2.1-2.4, 3.1-3.4, 4.1 |
|
Navigate the world of work |
1.2, 2.3, 2.4, 4.1 |
|
Interact with others |
1.2, 2.3, 2.4, 4.1 |
|
Get the work done |
1.1, 1.2, 1.4, 2.1-2.4, 3.2-3.4, 4.1, 4.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC503 Manage budgets and forecasts |
FNSACC503A Manage budgets and forecasts |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe