FNSACC523 - Manage budgets and forecasts

Unit code: FNSACC523 | Study level: TAFE
Nominal hours:
40
Location
Footscray Nicholson
Prerequisites
N/A
Overview
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Overview

This unit describes the skills and knowledge required to prepare, document, and manage budgets and forecasts. It involves forecasting estimates and monitoring budgeted outcomes.The unit applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & 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 and manage at least two different budgets and forecasts for at least two different clients.
    In the course of the above, the candidate must:
  • document and present each budget and forecasting estimate according to:
  • industry-standard accounting principles and practices
  • organisational policies and procedures
  • legal and ethical requirements
  • establish processes to monitor the budget outcome, analyse variances and their possible causes, and make required changes in response.

Students will also be expected to demonstrate the following knowledge:

  • purpose and objectives of budgets and forecasts, including relevance of milestones and key performance indicators
  • 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
  • organisational policies and procedures relating to budgeting and forecasting
  • principles of accrual accounting and double-entry bookkeeping
  • impact of implementation on budgeting and the monitoring of budget outcomes
  • key principles and practices of:
  • corporate governance
  • statistical analysis and measures of variance.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Diploma of Accounting
FNS50222 | Diploma | Duration:

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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