Statements of Position



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The Executive Committee of the Management Advisory Services Division created a task force in 1973 to develop standards for the preparation of financial forecasts. This report represents the results of a study made by the members of that task force. The purpose of this report is to delineate standards which would provide guidance to the preparers of financial forecasts and to the developers of forecasting systems and give increased confidence to the public and the users of forecasts where the standards have been followed. The preparation of a financial forecast is the responsibility of the management of an entity. Management may acquire the assistance and counsel of outside professionals in meeting this responsibility. CPAs may assist management in the preparation of financial forecasts and in the development of forecasting systems. This report does not address standards for reporting or disclosure requirements of financial forecasts or third party attestation by CPAs on financial forecasts. These standards are applicable to the preparation of financial forecasts developed on a recurring basis as the output of a forecasting system. Standards for the preparation of one-time forecasts and for the preparation of feasibility studies are currently under development.

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Finance -- Forecasting -- Accounting -- Standards -- United States; Business forecasting


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Standards for systems for the preparation of financial forecasts; Exposure draft (American Institute of Certified Public Accountants), 1974, March 28



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