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Prospective Financial Information Guide

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Ready to fast track your knowledge of issues related to prospective financial information? This guide provides you with information on engagements to compile, examine, or perform agreed upon procedures on prospective financial information, updated with conforming changes as of March 1, 2009.

The guide summarizes applicable requirements and practices, and delivers "how-to" advice for handling issues common with prospective financial information. It describes presentation guidelines and includes discussion of other relevant financial statement considerations. The guide includes information for entities that prepare prospective financial information, as well as practitioners who compile, examine and perform other agreed upon procedures on prospective financial information. Illustrative engagement letters, representation letters and sample reports are also included. The appendixes include excerpts from the SEC rules regarding financial projections and IRS regulations regarding tax shelter opinions.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

Table of Contents

  • Part 1 - General Guidance Regarding Prospective Financial Information
    • Chapter 1 - Introduction
      • Structure of the Guide
      • Relationship to Other Literature
      • Effective Date
    • Chapter 2 - Scope
      • Presentations
      • Practitioners' Services
    • Chapter 3 - Definitions
    • Chapter 4 - Types of Prospective Financial Information and Their Uses
    • Chapter 5 - Responsibility for Prospective Financial Information
  • Part 2 - Guidance for Entities That Issue Prospective Financial Statements
    • Chapter 6 - Preparation Guidelines
    • Chapter 7 - Reasonably Objective Basis
    • Chapter 8 - Presentation Guidelines
      • Uses of a Financial Forecast
      • Responsibility for Financial Forecasts
      • Title
      • Format
      • Date
      • Accounting Principles and Policies
      • Materiality
      • Presentation of Amounts
      • Assumptions
      • Period to Be Covered
        • Disclosures at the End of the Forecast Period
        • Disclosures About Periods Beyond the Forecast Period
      • Distinguishing From Historical Financial Statements
      • Correction and Updating of a Financial Forecast
    • Chapter 9 - Illustrative Prospective Financial Statements
  • Part 3 - Guidance for Practitioners Who Provide Services on Prospective Financial Statements
    • Chapter 10 - Types of Practitioners' Services
      • Reporting Considerations
      • Reasonably Objective Basis for Presentation
      • Change in Engagement to a Lower Level of Service
      • A Practitioner's Responsibility for a Financial Forecast That Contains Disclosures About Periods Beyond the Forecast Period
      • A Practitioner's Responsibility If a Financial Forecast Is Included in a Document Containing Historical Financial Statements
        • Practitioner-Submitted Documents
        • Client-Prepared Documents
      • Other Information in a Client-Prepared Document Containing a Financial Forecast
      • Materiality
    • Chapter 11 - Tax Shelter Opinions
    • Chapter 12 - Compilation Procedures
      • Materiality
      • Training and Proficiency
      • Planning a Compilation Engagement
      • Compilation Procedures
      • Documentation
    • Chapter 13 - Illustrative Engagement and Representation Letters for a Compilation
      • Engagement Letter
      • Representation Letter
    • Chapter 14 - The Practitioner's Compilation Report
      • Modifications of the Standard Compilation Report
        • Presentation Deficiencies or Omitted Disclosures
        • Reporting on Information Accompanying a Financial Forecast in a Practitioner-Submitted Document
      • Other Reporting Examples
        • Reporting on a Financial Forecast That Includes a Projected Sale of an Entity's Real Estate Investment at the End of the Forecast Period
        • Reporting If the Financial Forecast Includes Disclosures About Periods Beyond the Forecast Period
    • Chapter 15 - Examination Procedures
      • Materiality
      • Training and Proficiency
      • Planning an Examination Engagement
      • Examination Procedures
        • The Responsible Party's Experience in Preparing Financial Forecasts
        • Prospective Period
        • Process by Which the Responsible Party Develops Its Financial Forecasts
        • Procedures to Evaluate Assumptions
        • Development of Assumptions
        • Support for Assumptions
        • Support for Tax Assumptions
        • Evaluating Preparation and Presentation
        • Using the Work of a Specialist
        • Assumptions Dependent on the Actions of Users
      • Documentation
      • Illustrative Examination Procedures
    • Chapter 16 - Illustrative Engagement and Representation Letters for an Examination
      • Engagement Letter
      • Representation Letter
    • Chapter 17 - The Practitioner's Examination Report
      • Modifications to the Practitioner's Opinion
      • Other Modifications to the Standard Examination Report
        • Reporting on a Financial Forecast That Includes a Projected Sale of an Entity's Real Estate Investment at the End of the Forecast Period
        • Reporting If the Financial Forecast Includes Disclosures About Periods Beyond the Forecast Period
        • Reporting on Information Accompanying a Financial Forecast in a Practitioner-Submitted Document
        • Reporting If the Examination Is Part of a Larger Engagement
        • Lack of Independence
    • Chapter 18 - Considerations for the Practitioner Reporting on an Examination of a Financial Forecast Contained in a Public Offering Statement
      • Procedures Between the Date of the Practitioner's Report and Effective Date in 1933 Act Filings
        • The Practitioner's Consent
        • Experts Section of 1933 Act Filings
        • Description of Additional Procedures and Comfort Letters
    • Chapter 19 - Application of Agreed-Upon Procedures
      • Engagement Letter
      • Procedures to Be Performed
      • Documentation
      • Representation Letter
      • Involvement of a Specialist
      • Adding Parties as Specified Parties (Nonparticipant Parties)
      • Change to an Agreed-Upon Procedures Engagement From Another Form of Engagement
    • Chapter 20 - Illustrative Engagement and Representation Letters for Agreed-Upon Procedures Engagements
      • Engagement Letter
      • Representation Letter
    • Chapter 21 - The Practitioner's Report on the Results of Applying Agreed-Upon Procedures
      • Findings
      • Explanatory Language
      • Dating of Report
      • Restrictions on the Performance of Procedures
      • Knowledge of Matters Outside Agreed-Upon Procedures
    • Chapter 22 - Guidance on the Practitioner's Services and Reports on Prospective Financial Statements for Internal Use Only
      • Procedures
      • Reporting
  • Part 4 Guidance for Practitioners Who Provide Services on Partial Presentations of Prospective Financial Information
    • Chapter 23 - Partial Presentations of Prospective Financial Information
      • Uses of Partial Presentations
      • Preparation and Presentation of Partial Presentations
      • Practitioner's Involvement With Partial Presentations
        • Compilation and Examination Procedures
        • Applying Agreed-Upon Procedures to Partial Presentations
        • Standard Practitioner's Compilation, Examination, and Agreed-Upon Procedures Reports
  • Appendixes
    • Appendix A - SEC Policy on Projections
    • Appendix B - SEC Safe Harbor Rule for Projections
    • Appendix C - IRS Regulations Regarding Tax Shelter Opinions (Circular 230)
    • Appendix D - Private Securities Litigation Reform Act of 1995
    • Appendix E - Schedule of Changes Made to the Text From the Previous Edition

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Excerpts

Preface

Purpose and Applicability

This AICPA Guide supersedes the AICPA Guide for Prospective Financial Statements, which was originally issued in 1986, and subsequent editions of that guide with conforming changes made by the AICPA staff.

Public Accounting Firms Registered With the PCAOB

Subject to the Securities and Exchange Commission (SEC) oversight, Section 103 of the Sarbanes-Oxley Act (act) authorizes the Public Company Accounting Oversight Board (PCAOB) to establish auditing and related attestation, quality control, ethics, and independence standards to be used by registered public accounting firms in the preparation and issuance of audit reports as required by the act or the rules of the SEC. Accordingly, public accounting firms registered with the PCAOB are required to adhere to all PCAOB standards in the audits of issuers, as defined by the act, and other entities when prescribed by the rules of the SEC.

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Paperback 2009
Product# 012729
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