Unit of competency Outline

Date retreived
22/07/2026 11:30 AM AWST

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Prepare and monitor budgets and financial reports

Prepare and monitor budgets and financial reports

Unit of competency
National Code
AHCBUS508
State Code
BAO59
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
27/06/2016
View on TGA
State Implementation and Classification
Approved Date
12/01/2017
Field of Education
080101 - Accounting
Original Release Date
12/01/2017
Nominal Hours
60
Description
This unit of competency describes the skills and knowledge required to prepare and monitor budgets and financial reports.All work must be carried out to comply with organisational requirements, work health and safety legislation and codes and in consultation with the management team.This unit applies to individuals who take personal responsibility and exercise autonomy in undertaking complex work. They must analyse information and exercise judgement to complete a range of advanced skilled activities.No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare a budget
  • 1.1 Obtain information on past receipts and payments and compare to current prices and cost trends
  • 1.2 Prepare gross margin projections for each production enterprise of the business
  • 1.3 Identify projected non-enterprise income and overhead costs for the business
  • 1.4 Identify projected capital-based income and costs for the business
  • 1.5 Prepare a plan for a period which allows for expected income and expenditure, using the 'most likely' prices and costs
  • 1.6 Ensure the plan allows the business to meet financial reporting requirements
2. Implement and monitor a budget
  • 2.1 Monitor receipts and payments and reconcile against the original budget
  • 2.2 Allocate funds in accordance with budget objectives and parameters
  • 2.3 Identify variances against the original plan and calculate the impact on overall profit and loss and cash flow
  • 2.4 Make adjustments to the original plan for the remainder of the budget period where necessary to respond to unacceptable variations
  • 2.5 Renegotiate and restructure budgets and plans to optimise enterprise performance
3. Prepare financial report
  • 3.1 Maintain records of financial performance
  • 3.2 Assemble information with source documents according to the requirements of the report recipient
  • 3.3 Prepare financial reports to meet both management and legislative requirements
  • 3.4 Forward documentation in a timely and efficient manner
No information
No information
Replaces
State Code National Code Title Type
D6746 AHCBUS508A Prepare and monitor budgets and financial reports Unit of competency
Replaced By
State Code National Code Title Type
OBK26 AHCBUS518 Prepare and monitor budgets and financial reports Unit of competency