Course Title: Manage budgets and forecasts

Part A: Course Overview

Program: C5390 Diploma of Accounting

Course Title: Manage budgets and forecasts

Portfolio: BUS Portfolio Office

Nominal Hours: 40

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.


Course Code




Learning Mode

Teaching Period(s)


City Campus


650T Vocational Business Education

Face-to-Face or Internet

Term1 2019,
Term2 2019,
Term1 2020,
Term2 2020,
Term1 2021,
Term2 2021

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Course Description

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.

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

Pre-requisite Courses and Assumed Knowledge and Capabilities


National Competency Codes and Titles

National Element Code & Title:

FNSACC513 Manage budgets and forecasts


1. Prepare budget

2. Forecast estimates

3. Document budget

4. Monitor budget outcomes

Learning Outcomes

Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • prepare, document and present budgets and forecasting estimates that comply with:
  • industry-standard accounting principles and practices
  • organisational policies and procedures
  • legal and ethical requirements
  • 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.


Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • 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, including:
  • how implementation affects budgeting and the monitoring of budget outcomes
  • Key principles and practices of:
  • corporate governance
  • statistical analysis and measures of variance


Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • office equipment, technology, software and consumables required to manage budgets and forecasts, including:
  • access to the internet
  • digital technologies to access, extract and share required information.


Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.