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 plan a financial forecast or projection, identify assumptions and parameters, collect, consolidate and analyse data, make forecasts or projections, document results and obtain approval.
It applies to experienced individuals who use a range of specialist and managerial techniques to plan and carry out their work, and provide direction to others.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Organisational skills
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. Plan preparation timetable |
1.1 Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes 1.2 Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts |
2. Identify assumptions and parameters |
2.1 Review business plans and exception reports to identify and resolve conflicts in assumptions 2.2 Review assumptions and parameters to ensure compliance with organisational policy and procedures 2.3 Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview |
3. Issue instructions and relevant aids for preparation of forecasts and projections |
3.1 Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation 3.2 Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models |
4. Collect, consolidate, model and analyse data |
4.1 Review data to ensure consistency with model used and document analysis results clearly 4.2 Collect reliable, valid, complete and comprehensive data 4.3 Process and consolidate data in logical structured format that enables ready analysis according to established timetable |
5. Document results and obtain approval |
5.1 Document results clearly in suitable format that meets needs of target users 5.2 Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable |
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, 2.1-2.3, 4.1-4.3, 5.2 |
|
Writing |
2.1, 3.1, 3.2, 4.1-4.3, 5.1, 5.2 |
|
Oral Communication |
1.1, 1.2, 2.1, 2.2, 3.1, 3.2 |
|
Numeracy |
1.1, 2.1-2.3, 3.2, 4.1-4.3, 5.1 |
|
Navigate the world of work |
2.2, 2.3, 3.2, 5.2 |
|
Interact with others |
3.2 |
|
Get the work done |
1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1-4.3, 5.1, 5.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSORG506 Prepare financial forecasts and projections |
FNSORG506A Prepare financial forecasts and projections |
Updated to meet Standards for Training Packages. Minor edits to clarify intent of performance criteria. |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe