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

FNSORG506 Mapping and Delivery Guide
Prepare financial forecasts and projections

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSORG506 - Prepare financial forecasts and projections
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to plan a financial forecast or projection, identify assumptions and parameters, collect, consolidate and analyse data, make forecasts or projections, document results and obtain approval.It applies to experienced individuals who use a range of specialist and managerial techniques to plan and carry out their work, and provide direction to others.No licensing, legislative or certification requirements 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.

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

office equipment, technology, software and consumables

an integrated financial software system and data

organisational policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.
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: Plan preparation timetable
  • Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes
  • Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts
       
Element: Identify assumptions and parameters
  • Review business plans and exception reports to identify and resolve conflicts in assumptions
  • Review assumptions and parameters to ensure compliance with organisational policy and procedures
  • Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview
       
Element: Issue instructions and relevant aids for preparation of forecasts and projections
  • Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation
  • Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models
       
Element: Collect, consolidate, model and analyse data
  • Review data to ensure consistency with model used and document analysis results clearly
  • Collect reliable, valid, complete and comprehensive data
  • Process and consolidate data in logical structured format that enables ready analysis according to established timetable
       
Element: Document results and obtain approval
  • Document results clearly in suitable format that meets needs of target users
  • Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable
       


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. Plan preparation timetable

1.1 Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes

1.2 Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts

2. Identify assumptions and parameters

2.1 Review business plans and exception reports to identify and resolve conflicts in assumptions

2.2 Review assumptions and parameters to ensure compliance with organisational policy and procedures

2.3 Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview

3. Issue instructions and relevant aids for preparation of forecasts and projections

3.1 Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation

3.2 Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models

4. Collect, consolidate, model and analyse data

4.1 Review data to ensure consistency with model used and document analysis results clearly

4.2 Collect reliable, valid, complete and comprehensive data

4.3 Process and consolidate data in logical structured format that enables ready analysis according to established timetable

5. Document results and obtain approval

5.1 Document results clearly in suitable format that meets needs of target users

5.2 Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable

Evidence of the ability to:

comply with organisational policy and procedures that relate to the preparation of financial forecasts and projections

apply standard accounting principles and techniques

accurately identify assumptions and parameters of forecasts

collect, consolidate, model and analyse data in a timely manner

document forecasts and projections, and obtain approval where required.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe relevant financial industry codes of practice

explain financial forecasting techniques, models and best practice

identify key users or audience for financial forecasts and projections

outline factors in the external environment that can impact on financial forecasts

outline the relevance of historical financial reports to forecasting

identify and interpret relevant organisational policy and procedures

explain key requirements of relevant legislation and regulations that influence the financial services industry.

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. Plan preparation timetable

1.1 Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes

1.2 Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts

2. Identify assumptions and parameters

2.1 Review business plans and exception reports to identify and resolve conflicts in assumptions

2.2 Review assumptions and parameters to ensure compliance with organisational policy and procedures

2.3 Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview

3. Issue instructions and relevant aids for preparation of forecasts and projections

3.1 Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation

3.2 Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models

4. Collect, consolidate, model and analyse data

4.1 Review data to ensure consistency with model used and document analysis results clearly

4.2 Collect reliable, valid, complete and comprehensive data

4.3 Process and consolidate data in logical structured format that enables ready analysis according to established timetable

5. Document results and obtain approval

5.1 Document results clearly in suitable format that meets needs of target users

5.2 Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable

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
Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes 
Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts 
Review business plans and exception reports to identify and resolve conflicts in assumptions 
Review assumptions and parameters to ensure compliance with organisational policy and procedures 
Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview 
Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation 
Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models 
Review data to ensure consistency with model used and document analysis results clearly 
Collect reliable, valid, complete and comprehensive data 
Process and consolidate data in logical structured format that enables ready analysis according to established timetable 
Document results clearly in suitable format that meets needs of target users 
Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable 

Forms

Assessment Cover Sheet

FNSORG506 - Prepare financial forecasts and projections
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

FNSORG506 - Prepare financial forecasts and projections

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: