Course Title: Prepare financial forecasts and projections
Part A: Course Overview
Program: C5347 Diploma of Accounting
Course Title: Prepare financial forecasts and projections
Portfolio: BUS Portfolio Office
Nominal Hours: 70
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 |
Campus |
Career |
School |
Learning Mode |
Teaching Period(s) |
ACCT5383C |
City Campus |
TAFE |
650T Vocational Business Education |
Face-to-Face or Internet |
Term1 2016, Term2 2016, Term1 2017 |
Course Contact: Ben Sethia
Course Contact Phone: +61 3 9925 5982
Course Contact Email: ben.sethia@rmit.edu.au
Course Description
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.
Pre-requisite Courses and Assumed Knowledge and Capabilities
None
National Competency Codes and Titles
National Element Code & Title: |
FNSORG506 Prepare financial forecasts and projections |
Elements: |
1. Plan preparation timetable 2. Identify assumptions and parameters 3. Issue instructions and relevant aids for preparation of forecasts and projections 4. Collect, consolidate, model and analyse data 5. Document results and obtain approval |
Learning Outcomes
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
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
Knowledge Evidence
To complete the unit requirements safely and effectively, you 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
Assessment Conditions
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
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
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.