Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

AHCBUS508 Mapping and Delivery Guide
Prepare and monitor budgets and financial reports

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency AHCBUS508 - Prepare and monitor budgets and financial reports
Description
Employability Skills
Learning Outcomes and Application This unit of competency describes the skills and knowledge required to prepare and monitor budgets and financial reports.All work must be carried out to comply with organisational requirements, work health and safety legislation and codes and in consultation with the management team.This unit applies to individuals who take personal responsibility and exercise autonomy in undertaking complex work. They must analyse information and exercise judgement to complete a range of advanced skilled activities.No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Competency is to be assessed in the workplace or simulated environment that accurately reflects performance in a real workplace setting.

Assessors must satisfy current standards for RTOs.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Prepare a budget
  • Obtain information on past receipts and payments and compare to current prices and cost trends
  • Prepare gross margin projections for each production enterprise of the business
  • Identify projected non-enterprise income and overhead costs for the business
  • Identify projected capital-based income and costs for the business
  • Prepare a plan for a period which allows for expected income and expenditure, using the 'most likely' prices and costs
  • Ensure the plan allows the business to meet financial reporting requirements
       
Element: Implement and monitor a budget
  • Monitor receipts and payments and reconcile against the original budget
  • Allocate funds in accordance with budget objectives and parameters
  • Identify variances against the original plan and calculate the impact on overall profit and loss and cash flow
  • Make adjustments to the original plan for the remainder of the budget period where necessary to respond to unacceptable variations
  • Renegotiate and restructure budgets and plans to optimise enterprise performance
       
Element: Prepare financial report
  • Maintain records of financial performance
  • Assemble information with source documents according to the requirements of the report recipient
  • Prepare financial reports to meet both management and legislative requirements
  • Forward documentation in a timely and efficient manner
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

Element

Performance criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Prepare a budget

1.1 Obtain information on past receipts and payments and compare to current prices and cost trends

1.2 Prepare gross margin projections for each production enterprise of the business

1.3 Identify projected non-enterprise income and overhead costs for the business

1.4 Identify projected capital-based income and costs for the business

1.5 Prepare a plan for a period which allows for expected income and expenditure, using the 'most likely' prices and costs

1.6 Ensure the plan allows the business to meet financial reporting requirements

2. Implement and monitor a budget

2.1 Monitor receipts and payments and reconcile against the original budget

2.2 Allocate funds in accordance with budget objectives and parameters

2.3 Identify variances against the original plan and calculate the impact on overall profit and loss and cash flow

2.4 Make adjustments to the original plan for the remainder of the budget period where necessary to respond to unacceptable variations

2.5 Renegotiate and restructure budgets and plans to optimise enterprise performance

3. Prepare financial report

3.1 Maintain records of financial performance

3.2 Assemble information with source documents according to the requirements of the report recipient

3.3 Prepare financial reports to meet both management and legislative requirements

3.4 Forward documentation in a timely and efficient manner

The candidate must be assessed on their ability to integrate and apply the performance requirements of this unit in a workplace setting. Performance must be demonstrated consistently over time and in a suitable range of contexts.

The candidate must provide evidence that they can:

develop a budget

prepare financial reports to meet industry standards

monitor receipts and payments

negotiate and restructure budgets

implement and monitor a budget.

The candidate must demonstrate knowledge of:

budget formulation

financial information systems

budget analysis and reporting processes

standards for organisational recordkeeping and audit requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Element

Performance criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Prepare a budget

1.1 Obtain information on past receipts and payments and compare to current prices and cost trends

1.2 Prepare gross margin projections for each production enterprise of the business

1.3 Identify projected non-enterprise income and overhead costs for the business

1.4 Identify projected capital-based income and costs for the business

1.5 Prepare a plan for a period which allows for expected income and expenditure, using the 'most likely' prices and costs

1.6 Ensure the plan allows the business to meet financial reporting requirements

2. Implement and monitor a budget

2.1 Monitor receipts and payments and reconcile against the original budget

2.2 Allocate funds in accordance with budget objectives and parameters

2.3 Identify variances against the original plan and calculate the impact on overall profit and loss and cash flow

2.4 Make adjustments to the original plan for the remainder of the budget period where necessary to respond to unacceptable variations

2.5 Renegotiate and restructure budgets and plans to optimise enterprise performance

3. Prepare financial report

3.1 Maintain records of financial performance

3.2 Assemble information with source documents according to the requirements of the report recipient

3.3 Prepare financial reports to meet both management and legislative requirements

3.4 Forward documentation in a timely and efficient manner

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Obtain information on past receipts and payments and compare to current prices and cost trends 
Prepare gross margin projections for each production enterprise of the business 
Identify projected non-enterprise income and overhead costs for the business 
Identify projected capital-based income and costs for the business 
Prepare a plan for a period which allows for expected income and expenditure, using the 'most likely' prices and costs 
Ensure the plan allows the business to meet financial reporting requirements 
Monitor receipts and payments and reconcile against the original budget 
Allocate funds in accordance with budget objectives and parameters 
Identify variances against the original plan and calculate the impact on overall profit and loss and cash flow 
Make adjustments to the original plan for the remainder of the budget period where necessary to respond to unacceptable variations 
Renegotiate and restructure budgets and plans to optimise enterprise performance 
Maintain records of financial performance 
Assemble information with source documents according to the requirements of the report recipient 
Prepare financial reports to meet both management and legislative requirements 
Forward documentation in a timely and efficient manner 

Forms

Assessment Cover Sheet

AHCBUS508 - Prepare and monitor budgets and financial reports
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

AHCBUS508 - Prepare and monitor budgets and financial reports

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: