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.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC513

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of 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, and; - monitor budget outcomes periodically, analyse budget variances and their possible causes, and make required changes in response. 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: - key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators; - principal ethical requirements associated with budgetary forecasting and projections within the context of the strength of assumptions and forecast reliabilities; - types and sources of data and information required for budgeting and forecasting; - budget forecasting techniques; - key features of organisational policies and procedures relating to budgeting and forecasting; - key principles of accrual accounting and double-entry bookkeeping, and; - key principles and practices of: corporate governance; statistical analysis and measures of variance.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

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