Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to prepare and document operational budgets for a variety of organisations.

It applies to individuals who use specialised knowledge and systematic approaches to undertake strategic financial activity for an organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Accounting

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Prepare budget	1.1 Confirm budget objectives are consistent with organisational aims, projects and forecasts 1.2 Define cash, expenditure and revenue items and ensure they are relevant to budget 1.3 Discuss and clarify identified budget information with stakeholders according to organisational procedures
2. Set budget timeframe	2.1 Identify, confirm and include milestones and performance indicators in budget 2.2 Break down annual budgets into seasonal periods according to organisational operating procedures
3. Document budget	3.1 Present data in a clear format appropriate to budget reporting 3.2 Complete and distribute reports for specified periods and projects within agreed timeframes 3.3 Monitor budget variance and seek direction from client or designated person to address variance as required

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill	Description
Reading	Analyses potentially complex information from a range of sources and relates specific aspects of information to budget requirements
Writing	Records financial information accurately Uses clear language and logical structure in preparing reports and presentations to convey information
Oral communication	Participates in verbal exchanges using active listening and questioning to elicit the views and opinions of others and to confirm requirements
Numeracy	Performs mathematical calculations and uses estimating and forecasting techniques to consolidate and analyse financial data
Interact with others	Builds rapport during discussions, collaborations and negotiations
Get the work done	Develops plans to manage and report on routine and non-routine tasks with logically sequenced steps Uses analytical processes to identify process milestones and performance indicators Uses digital systems and programs to assist with planning, implementing, monitoring and reporting budgets

Code and title

current version

Code and title

previous version

Comments

Equivalence status

FNSACC412 Prepare operational budgets (Release 1)

FNSACC402 Prepare operational budgets (Release 1)

Edits to performance criteria to clarify intent of unit. Added performance criterion to Element 3.

Equivalent unit.