Release 

Comments 

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

This version first released with FNS Financial Services Training Package Version 3.1.

Update to pre-requisite unit code

FNSACC527

Provide management accounting information

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 Establish systems to generate operating and cost data, and determine cost and operating standards

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 to identify cost behaviour characteristics

2.2 Assign costs to specified cost objects, 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 objectives

3. Prepare cost reports and budgets

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

3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements

4. Analyse cost reports and budgets, and review costing system integrity

4.1 Calculate variances against budget and standards, and prioritise for review and decision making

4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation

4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards

4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions

4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions

4.6 Use comprehensive variance analysis to review effectiveness of cost assignment processes

Skill 

Performance Criteria 

Description 

Reading

1.2, 2.1, 3.1-3.3, 4.2-4.4

• Critically analyses complex information to identify, classify and compare key aspects required for reports and recommendations
• Proofreads and checks for accuracy and completeness of data and information

Writing

1.1, 1.2, 3.1, 3.2, 4.2-4.6

• Prepares logically structured and sequenced reports that use clear language, concepts and terminology, and justify proposed recommendations

Oral Communication

3.1, 4.2

• Participates in verbal exchanges using active listening and questioning to elicit, convey and clarify information with a range of personnel

Numeracy

1.1, 1.2, 2.1-2.3, 4.1-4.6

• Performs mathematical calculations and uses a range of mathematical analysis techniques to consolidate and compare financial data

Navigate the world of work

1.2, 2.2, 2.3, 3.2, 4.4

• Recognises and follows relevant organisational policy, procedures and objectives

Interact with others

3.1, 4.2-4.5

• Selects and uses appropriate conventions and protocols when communicating with colleagues
• Uses collaborative techniques to liaise with others and elicit and share information

Get the work done

1.1, 1.2, 2.1-2.3, 3.1-3.2, 4.1-4.6

• Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes
• Plans and implements new systems and processes with strategic implications for the organisation
• Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria
• Evaluates effectiveness of systems and processes to inform decisions on whether improvements are required
• Uses digital technologies to access, organise and analyse complex data

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC613 Prepare and analyse management accounting information

FNSACC613A Prepare and analyse management accounting information

Updated to meet Standards for Training Packages

Rewritten and ordered performance criteria to clarify intent of elements

Equivalent unit

Release 

Comments 

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

This version first released with FNS Financial Services Training Package Version 3.1.

Update to pre-requisite unit code