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Task 2: Develop Budgets ASSESSMENT INSTRUCTIONS This task will require you to develop a Profit & Loss budget and a Cash Flow budget using the data gathered in Workplace Project Task 1, in compliance with statutory and organisational requirements. The budgets will be circulated later in Workplace Project Task 3. Use your workplace/organisation's template to complete this task. To complete this task, you must: Review the data and information gathered in Workplace Project Task 1. This includes: o Profit & Loss Statement of the workplace/organisation for the previous two financial years. Cash Flow Statement of the workplace/organisation for the previous two financial years. O Cash Flow Forecast for the current financial year. The workplace/organisation's business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year. Access and review the statutory requirements for financial management. Statutory requirements are legal compliance requirements that come from laws passed by the government that can be accessed from the websites of the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO), such as reporting periods and tax payment timings. Access and review your workplace/organisation's financial policies & procedures, which reflect the organisational compliance requirements for developing a budget. Organisational requirements may include legal and organisational policies and guidelines, reporting requirements, and standard financial analysis techniques. Identify all the initiatives planned for the current financial year from the business plan. Initiatives refer to financial bids by different parts of the organisation that are selected to help the organisation implement business strategies, ensuring that there are specific milestones to follow and goals to meet