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, document, and manage budgets and forecasts. It 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 Establish budget objectives and confirm their consistency with organisational policies and procedures 1.2 Define cash, expenditure and revenue items and ensure items are relevant to budget 1.3 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods according to operating trends |
2. Forecast estimates |
2.1 Identify required data for forecasts and anticipate changes in circumstances 2.2 Establish assumptions and parameters and review for accuracy, relevance, and compliance with organisational policies and procedures 2.3 Provide realistic estimates of future cash flow, costs and revenues in line with ethical and organisational requirements, and support with verifiable evidence and source documentation 2.4 Identify financial risks and propose protection strategies according to organisational policies and procedures |
3. Document budget |
3.1 Present data in a clear format appropriate to budget reporting 3.2 Complete reports for specified periods and projects within agreed timeframes 3.3 Identify feasibility of forecasts by comparing projections with market growth and development 3.4 Distribute budget report to required personnel |
4. Monitor budget outcomes |
4.1 Analyse budget variances according to organisational procedures, and make recommendations to address variances to client or designated person 4.2 Review budget processes and implement process changes as required |
Foundation Skills
This section describes those language, literacy and numeracy and employment skills that are essential to performance.
Skill |
Description |
Reading |
|
Writing |
|
Oral communication |
|
Numeracy |
|
Navigate the world of work |
|
Interact with others |
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Get the work done |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC513 Manage budgets and forecasts (Release 1) |
FNSACC503 Manage budgets and forecasts (Release 1) |
Changes to performance criteria in Elements 1–3. Expanded performance evidence and knowledge evidence. |
Equivalent unit. |
Links
Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe