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Unit of competency details

FNSACC412 - Prepare operational budgets (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC402 - Prepare operational budgets 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 13/Feb/2018

Companion volumes:

Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080905 Practical Computing Skills  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080905 Practical Computing Skills  13/Feb/2018 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to prepare and document operational budgets for a variety of organisations.

It applies to individuals who use specialised knowledge and systematic approaches to undertake strategic financial activity for an organisation.

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

1.2 Define cash, expenditure and revenue items and ensure they are relevant to budget

1.3 Discuss and clarify identified budget information with stakeholders according to organisational procedures

2. Set budget timeframe

2.1 Identify, confirm and include milestones and performance indicators in budget

2.2 Break down annual budgets into seasonal periods according to organisational operating procedures

3. Document budget

3.1 Present data in a clear format appropriate to budget reporting

3.2 Complete and distribute reports for specified periods and projects within agreed timeframes

3.3 Monitor budget variance and seek direction from client or designated person to address variance as required

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill 

Description 

Reading

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

Writing

  • Records financial information accurately
  • Uses clear language and logical structure in preparing reports and presentations to convey information

Oral communication

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

Numeracy

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

Interact with others

  • Builds rapport during discussions, collaborations and negotiations

Get the work done

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

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC412 Prepare operational budgets (Release 1)

FNSACC402 Prepare operational budgets (Release 1)

Edits to performance criteria to clarify intent of unit. Added performance criterion to Element 3.

Equivalent unit.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

  • establish and confirm budgetary milestones and performance indicators
  • collect financial data and prepare operational budgets for a range of organisations
  • identify budget variances and report variances to designated stakeholders
  • record and document budget reports.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Key principles of budgetary control
  • Range of forecasting techniques used when preparing operational budgets
  • Key principles of statistical analysis and measures of variance in the context of financial data analysis and operational budgets
  • Key features of organisational policies and procedures for financial administration as they relate to budgeting

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • office equipment, technology, software and consumables required to prepare operational budgets, including:
  • digital systems and programs to assist in budget preparation and reporting
  • templates for presenting financial data.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe