Unit of competency Outline

Date retreived
22/07/2026 8:33 AM AWST

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Manage budgets and forecasts

Manage budgets and forecasts

Unit of competency
National Code
FNSACC513
State Code
BBH96
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
080101 - Accounting
Original Release Date
09/05/2018
Nominal Hours
50
Description
This unit describes the skills and knowledge required to prepare, document, and manage budgets and forecasts. It 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 Establish budget objectives and confirm their consistency with organisational policies and procedures
  • 1.2 Define cash, expenditure and revenue items and ensure items are relevant to budget
  • 1.3 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods according to operating trends
2. Forecast estimates
  • 2.1 Identify required data for forecasts and anticipate changes in circumstances
  • 2.2 Establish assumptions and parameters and review for accuracy, relevance, and compliance with organisational policies and procedures
  • 2.3 Provide realistic estimates of future cash flow, costs and revenues in line with ethical and organisational requirements, and support with verifiable evidence and source documentation
  • 2.4 Identify financial risks and propose protection strategies according to organisational policies and procedures
3. Document budget
  • 3.1 Present data in a clear format appropriate to budget reporting
  • 3.2 Complete reports for specified periods and projects within agreed timeframes
  • 3.3 Identify feasibility of forecasts by comparing projections with market growth and development
  • 3.4 Distribute budget report to required personnel
4. Monitor budget outcomes
  • 4.1 Analyse budget variances according to organisational procedures, and make recommendations to address variances to client or designated person
  • 4.2 Review budget processes and implement process changes as required
No information
No information
Replaces
State Code National Code Title Type
AUQ12 FNSACC503 Manage budgets and forecasts Unit of competency
Replaced By
State Code National Code Title Type
OED03 FNSACC523 Manage budgets and forecasts Unit of competency
State Code National Code Title Type
BDP8 FNS50217 Diploma of Accounting Qualification
AD752 FNSSS00015 Advanced Accounting Principles Skill Set Skill set