Unit of competency Outline

Date retreived
24/07/2026 4:57 AM AWST

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Prepare and analyse management accounting information

Prepare and analyse management accounting information

Unit of competency
National Code
FNSACC613
State Code
AUX13
TGA Status
Current
DTWD Status
Approved
Current Release Number
3.00
Current Release Date
23/09/2022
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.It applies to individuals who use specialised knowledge and techniques to consolidate and report on complex information and make recommendations relating to strategic organisational activity.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Gather and record operating and cost data
  • 1.1 Establish systems to generate operating and cost data, and determine cost and operating standards
  • 1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
2. Analyse data and assign costs
  • 2.1 Analyse costs to identify cost behaviour characteristics
  • 2.2 Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures
  • 2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s objectives
3. Prepare cost reports and budgets
  • 3.1 Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets
  • 3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements
4. Analyse cost reports and budgets, and review costing system integrity
  • 4.1 Calculate variances against budget and standards, and prioritise for review and decision making
  • 4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation
  • 4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards
  • 4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions
  • 4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions
  • 4.6 Use comprehensive variance analysis to review effectiveness of cost assignment processes
No information
No information
Replaces
State Code National Code Title Type
D4058 FNSACC613A Prepare and analyse management accounting information Unit of competency
State Code National Code Title Type
BDQ1 FNS60217 Advanced Diploma of Accounting Qualification
AWD8 FNS60215 Advanced Diploma of Accounting Qualification
BHW9 FNS60222 Advanced Diploma of Accounting Qualification