Unit of competency Outline

Date retreived
22/07/2026 8:00 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Manage budgets and forecasts

Manage budgets and forecasts

Unit of competency
National Code
FNSACC503
State Code
AUQ12
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to prepare, document and manage budgets and forecasts, and 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.
Notes
Elements and Performance Criteria
1. Prepare budget
  • 1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget
  • 1.2 Ensure budget objectives are clear and consistent with organisational aims and projects
  • 1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation
  • 1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends
2. Forecast estimates
  • 2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation
  • 2.2 Identify relevant data for forecasts and anticipate changes in circumstances
  • 2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy
  • 2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy
3. Document budget
  • 3.1 Present data in format that is easily understood and appropriate to budget reporting
  • 3.2 Complete reports within timelines and distribute for specified periods and projects
  • 3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis
  • 3.4 Identify feasibility by comparing projections with market growth and development
4. Monitor budget outcomes
  • 4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person
  • 4.2 Review budget processes and implement as required
No information
No information
Replaces
State Code National Code Title Type
D4041 FNSACC503A Manage budgets and forecasts Unit of competency
Replaced By
State Code National Code Title Type
BBH96 FNSACC513 Manage budgets and forecasts Unit of competency
State Code National Code Title Type
AVX7 FNS50215 Diploma of Accounting Qualification
J513 SIS50512 Diploma of Sport Coaching Qualification
J514 SIS50612 Diploma of Sport Development Qualification