Assessment Requirements for FNSACC503 Manage budgets and forecasts

Release: 1

Assessment Requirements for FNSACC503 Manage budgets and forecasts

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

prepare, document and present budgets and forecasting estimates that:

accurately apply accounting principles and practices

follow organisational policy and procedures

monitor budget outcomes periodically.

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

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators

discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities

describe types and sources of data and information required for budgeting and forecasting

outline a range of expenditure and revenue items relevant to budgeting and forecasting

compare and contrast forecasting techniques

identify the key features of organisational procedures and policy relevant to budgeting and forecasting

identify and explain the key principles and practices of:

accrual accounting

budgetary control

corporate governance

double-entry bookkeeping

statistical analysis and measures of variance.

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:

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion volumes available from the IBSA website: http://www.ibsa.org.au/companion_volumes - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe