AGREED-UPON PROCEDURES (a) Scope of Service (b) Procedures (c) Reports in Visual Studio .NET

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401 TYPES OF PROSPECTIVE FINANCIAL STATEMENTS
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(a) DEFINITIONS Prospective nancial information is future-oriented; that is, nancial information about the future Prospective nancial statements are future-oriented presentations that present, at a minimum, certain speci c nancial information The American Institute of Certi ed Public Accountants (AICPA) Guide for Prospective Financial Information (2002) de nes prospective nancial statements as presentations of an entity s nancial position, results of operations, and cash ows for the future In addition to the AICPA Guide, there is also a Statement on Standards for Attestation Engagements No 10, Attestation Standards: Revision and Recodi cation: 3, Financial Forecasts and Projections (AT 301), which establishes standards for accountants services Entity means an individual, organization, enterprise, or other unit for which nancial statements could be prepared in conformity with generally accepted accounting practices (GAAP) It is not necessary for the entity to have been formed at the time the prospective nancial statements are prepared prospective nancial statements may be prepared for entities that may be formed in the future In fact, before committing capital to proposed entities, prospective investors or lenders often insist on seeing prospective nancial statements covering the early years of proposed operations Although the AICPA Guide de nes prospective nancial statements as presentations of future nancial position, results of operations, and cash ows, three full nancial statements are not always required Prospective nancial statements may be presented in summarized or condensed form A presentation of future nancial data would be considered to be a prospective nancial statement if it disclosed at least the following nine items, to the extent they apply to the entity and would be presented in the entity s historical nancial statements for the period covered: Sales or gross revenue Gross pro t or cost of sales Unusual or infrequently occurring items Provision for income taxes Discontinued operations or extraordinary items Income from continuing operations Net income Basic and diluted earnings per share (required only when disclosure is also required for the entity s historical nancial statements) 9 Signi cant changes in nancial position (ie, signi cant balance sheet changes not otherwise disclosed in the presentation) 1 2 3 4 5 6 7 8
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401 TYPES OF PROSPECTIVE FINANCIAL STATEMENTS
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The de nition of prospective nancial statements does not specify the length of the future period For a presentation to be prospective, however, some of the period covered must be in the future even though a part of the period may have expired Thus, a calendar 20X1 presentation done on December 30, 20X1, would still, in theory, be a prospective presentation since there would still be an unexpired day in the period Determining the period to be covered by prospective nancial statements is discussed in more detail in Subsection 403(c)(ii) There are two kinds of prospective nancial statements: nancial forecasts and nancial projections In practice, though, prospective nancial statements are often given other names, such as budgets, business plans, and studies Although the terms forecast and projections are sometimes used interchangeably in popular usage, in the technical accounting literature, forecasts and projections differ in what they purport to represent Forecasts represent expectations, whereas projections are hypothetical analyses (i) Financial Forecasts Financial forecasts are de ned as prospective nancial statements that present, to the best of management s knowledge and belief, an entity s expected nancial position, results of operations, and cash ows based on management s assumptions re ecting conditions it expects to exist and the course of action it expects to take In some cases forecasts can be prepared by persons other than current management, such as a potential acquirer of the entity, but usually the person (or persons) who take responsibility for the assumptions is someone who expects to be in a position to in uence the entity s operations during the forecast period The AICPA Guide refers to the person who takes responsibility for the assumptions as the responsible party Despite the inherent uncertainty of future events and the softness of prospective data, a forecast cannot be prepared without a reasonably objective basis That is, suf ciently objective assumptions must be capable of being developed to present a forecast Without a reasonably objective basis, management has no grounds for any expectations; all it would have is guesses The determination of whether a reasonably objective basis for a forecast exists is primarily an exercise in judgment The key question is whether assumptions, based on the entity s plans, made by persons who are informed about the industry in which the entity operates would generally fall within a relatively narrow range If so, there may be a reasonably objective basis for the forecast On the other hand, if there is so much uncertainty regarding signi cant assumptions that consensus would be unlikely to be reached, there may not be a reasonably objective basis, precluding preparation of a forecast (although a projection could be developed) For example, there would be no reasonably objective basis to forecast the winnings of a thoroughbred being reared to race If prospective nancial data are necessary, but no reasonably objective basis exists to present a forecast, management might hypothesize the assumption that is not subject to reasonable estimation and call the presentation a projection or quantify only those assumptions that have a reasonably objective basis and prepare a partial presentation However, both of these alternatives are limited in their usefulness [see Subsections 402(a) (d) for a further discussion] Exhibit 401 presents factors to consider in determining whether there is a reasonably objective basis to present a forecast Occasionally, an entity may need to present a forecast but cannot do so because of an uncertainty about the actions the users of the forecast may take For example, an assumption may relate to passage of a referendum when the forecast is to be used by voters deciding on the referendum In those cases, despite the high level of uncertainty, management may select one of the four alternatives as its assumption and then call the presentation a forecast if: 1 2 3 4 The assumption is subject to only two possible outcomes (an either/or situation) The outcome of that assumption is dependent on the actions of the users of the presentation The alternative selected is not unreasonable on its face The presentation discloses that the forecast represents management s expectations only if the prospective action of users takes place
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