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  3. Aston University, Birmingham (Aston)
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  5. FINANCIAL ACCOUNTING

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Summary Prospective Financial Statements and its types
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In this documents you can learn more about the prospective financial statements its types and how it works

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  • February 25, 2023
  • 1
  • 2016/2017
  • Summary

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Prospective Financial Statements: Financial
Forecast Vs. Projection.
Financial forecast and financial projection both term are very. They sound
very similar and they both look at the future, which is prospective
financial statements. usually as accountant. We always prepare financial
statements based on past data not prospective data, so that 's why it 's
important to differentiate between the two. financial forecast is looking at
past data to predict to forecast. The future now bear in mind that
financial forecast again. I 'm not going to go into the audit concept that
maybe you happen to stumble upon the studying for audit it 's for
general use' financial forecast are of limited use. In other words, you can
not publish them to the public.. financial forecasts are informally
prepared and are for general use so understanding the argument for and
against would help you understand what a forecast is. forecasts could be
misleading as and wrong as you. are predicting the future and it 's risky
to predict the futures and that's why CPa a lot of CPa firms stay away
from forecasts..

Financial forecasts are covered under the AiCPa. They issued a statement
on standard for accounting services on prospective financial information.
the CPa avoid this because could be misleading and wrong. There could
be legal liability and action for incorrect forecast, so if you make a
forecast okay and that forecast was incorrect you could be subject to
litigation. remind you again to go to forehead lectures. com work MCqs
through false that 's going to help you do better in your classes. Your
accounting education is important invest in yourself. Good luck study
hard and of course stay safe. remember to go back to the page. You
came from

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