Unit of competency Outline
Date retreived
21/07/2026 11:19 PM AWST
21/07/2026 11:19 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Develop a budget
Develop a budget
Unit of competency
National Code
FNSICORG501B
FNSICORG501B
State Code
C9760
C9760
TGA Status
Deleted
Deleted
DTWD Status
Deleted
Deleted
State Implementation and Classification
Approved Date
17/10/2013
Field of Education
080101 - Accounting
Original Release Date
17/10/2013
Nominal Hours
60
Description
This unit covers the planning for and development of a budget for a small organisation or for a section of a large organisation.This unit covers the planning for and development of a budget for a small organisation or for a section of a large organisation.
Notes
Elements and Performance Criteria
1 Plan for and collect information for a budget
- 1.1 Areas for which the budget is being prepared are determined and confirmed with appropriate personnel
- 1.2 Data required for development of the budget is identified, accessed and analysed
- 1.3 Budget parameters are determined with estimates based on research, consultation and negotiating with appropriate personnel
- 1.4 Relevant colleagues are provided with the opportunity to contribute to the budget planning process
2 Develop budget
- 2.1 Budget is drafted based on analysis of all available information in accordance with organisation policy
- 2.2 Income and expenditure estimates are identified and supported by reliable information
- 2.3 Draft budget is circulated for comment
3 Finalise budget
- 3.1 Modifications are agreed and incorporated as required
- 3.2 Final budget is provided to the appropriate personnel
- 3.3 Personnel affected by the budget are informed and its application to the area in which they work in terms of limits and goals, financial management and reporting responsibilities clarified
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.
The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Areas may include:
an entire organisation, section of an organisation or a particular project or other activity
Data will include, but is not restricted to, information relating to:
sales and marketing plans
business plans
human resource plans
historical data
Budget parameters include:
timelines, availability of finance, organisation policy/directives, sales forecasts
Relevant colleagues include:
all stakeholders who may be expected to need to approve the budget and key stakeholders who will be required to implement the budget
The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Areas may include:
an entire organisation, section of an organisation or a particular project or other activity
Data will include, but is not restricted to, information relating to:
sales and marketing plans
business plans
human resource plans
historical data
Budget parameters include:
timelines, availability of finance, organisation policy/directives, sales forecasts
Relevant colleagues include:
all stakeholders who may be expected to need to approve the budget and key stakeholders who will be required to implement the budget
EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
the ability to collect and interpret relevant data, develop a budget, and consult and negotiate with others
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Access to a computer and accounting software may be helpful, but not essential.
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
the ability to collect and interpret relevant data, develop a budget, and consult and negotiate with others
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Access to a computer and accounting software may be helpful, but not essential.
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4262 | FNSORG501A | Develop and manage a budget | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D362 | CUS50309 | Diploma of Music Business | Qualification |