Unit of competency Outline

Date retreived
22/07/2026 1:25 PM AWST

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Prepare financial forecasts and projections

Prepare financial forecasts and projections

Unit of competency
National Code
FNSORG506
State Code
AUS37
TGA Status
Current
DTWD Status
Approved
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
081101 - Banking And Finance
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to plan a financial forecast or projection, identify assumptions and parameters, collect, consolidate and analyse data, make forecasts or projections, document results and obtain approval.It applies to experienced individuals who use a range of specialist and managerial techniques to plan and carry out their work, and provide direction to others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Plan preparation timetable
  • 1.1 Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes
  • 1.2 Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts
2. Identify assumptions and parameters
  • 2.1 Review business plans and exception reports to identify and resolve conflicts in assumptions
  • 2.2 Review assumptions and parameters to ensure compliance with organisational policy and procedures
  • 2.3 Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview
3. Issue instructions and relevant aids for preparation of forecasts and projections
  • 3.1 Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation
  • 3.2 Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models
4. Collect, consolidate, model and analyse data
  • 4.1 Review data to ensure consistency with model used and document analysis results clearly
  • 4.2 Collect reliable, valid, complete and comprehensive data
  • 4.3 Process and consolidate data in logical structured format that enables ready analysis according to established timetable
5. Document results and obtain approval
  • 5.1 Document results clearly in suitable format that meets needs of target users
  • 5.2 Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable
No information
No information
Replaces
State Code National Code Title Type
D4267 FNSORG506A Prepare financial forecasts and projections Unit of competency