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. Gather and record operating and cost data

1.1 Identify and establish systems to generate operating and cost data

1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

2. Analyse data and assign costs

2.1 Analyse costs and identify cost behaviour characteristics

2.2 Assign costs to specified products, services and organisational units, and reconcile data to ensure calculations are accurate and comply with organisational procedures

2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s business performance objectives

3. Prepare cost reports and budgets

3.1 Obtain cost information advice from all sections of organisation when formulating cost reports and budgets

3.2 Ensure structure and format of budgets are clear and comply with management information requirements and organisational practices

4. Analyse variances and review costing system integrity

4.1 Calculate and analyse variances against budget

4.2 Ensure reports are accurate, comprehensive and comply with management information requirements and organisational practices

4.3 Use variance analysis to review effectiveness of cost assignment processes

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.3, 3.1, 4.2

• Researches and analyses complex system data and documentation to gather and derive reporting information
• Categorises and classifies information and accurately checks for errors and discrepancies

Writing

3.1, 3.2, 4.2

• Clearly structures and formats reports using correct language, terminology and conventions appropriate for purpose

Oral Communication

3.1

• Gathers and conveys information and data by consulting with staff, using questioning and active listening and tone and pace appropriate for the audience

Numeracy

1.1, 1.2, 2.1-2.3, 3.1, 4.1, 4.3

• Performs calculations using a range of mathematical problem-solving techniques to analyse and compare financial data

Navigate the world of work

1.2, 2.1-2.3, 3.2, 4.2

• Establishes systems and monitors and amends outputs to ensure compliance with organisational procedures and requirements

Get the work done

1.1, 1.2, 2.1-2.3, 3.1, 4.1-4.3

• Plans, organises and sequences complex workload and activities
• Applies systematic, analytical processes in making decisions and monitors the outcomes of decisions
• Uses problem-solving processes to identify and analyse issues with the potential to impact on organisational financial reporting, and to develop and implement options to resolve these issues
• Uses a range of digital technologies to access, extract and organise complex data

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC507 Provide management accounting information

FNSACC507A Provide management accounting information

Updated to meet Standards for Training Packages

Minor rewording and reordering of performance criteria to clarify intent of unit

Equivalent unit

Release 

Comments 

Release 1

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