FNSACC503 - Manage budgets and forecasts

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each competency unit's learning outcomes and performance criteria requirements, including the setting of project and work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - prepare, document and present budgets and forecasting estimates that: - accurately apply accounting principles and practices; - follow organisational policy and procedures, and; - monitor budget outcomes periodically. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators; - discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities; - describe types and sources of data and information required for budgeting and forecasting; - outline a range of expenditure and revenue items relevant to budgeting and forecasting; - compare and contrast forecasting techniques; - identify the key features of organisational procedures and policy relevant to budgeting and forecasting; - identify and explain the key principles and practices of: - accrual accounting; - budgetary control; - corporate governance; - double-entry bookkeeping, and; - statistical analysis and measures of variance.