Unit of competency Outline

Date retreived
23/07/2026 2:17 AM AWST

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Analyse financial reports and budgets

Analyse financial reports and budgets

Unit of competency
National Code
LGACOR011
State Code
ODA14
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
10/02/2021
View on TGA
State Implementation and Classification
Approved Date
02/07/2021
Field of Education
080101 - Accounting
Original Release Date
02/07/2021
Nominal Hours
45
Description
This unit describes the performance outcomes, skills and knowledge required to analyse financial reports and budgets.This unit applies to individuals working in local government or other organisations who undertake financial governance activities.The skills in this unit must be applied in accordance with Commonwealth and State or Territory legislation, Australian standards and industry codes of practice.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Review financial reports and budgets.
  • 1.1. Source and interpret revenue, expenditure, requests and predictions.
  • 1.2. Assess future organisational operations with reference to organisational plans.
  • 1.3. Interpret previous financial statements to provide baseline information.
  • 1.4. Review and discuss budget and cash flow using available information.
2. Monitor revenue and expenditure against budget.
  • 2.1. Discuss and agree on appropriate monitoring and reporting systems.
  • 2.2. Compare revenue and expenditure to budget and previous periods and identify and investigate discrepancies.
  • 2.3. Identify and examine achievement and variances in the budget.
  • 2.4. Review regular reports of operations to indicate fluctuations.
  • 2.5. Review and discuss financial statements and operational reports.
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