There is no doubt that an accurate and reliable projection greatly aids a valuation for any purpose. Yet questions about management projections and forecasts have long posed challenges for appraisers: How can an appraiser verify the projections validity and accuracy? What is the best use for a projection or forecast once it's in hand? How can an appraiser best obtain projections? And most importantly, what do you do when a projection or forecast is unreliable or nonexistent?

On May 5 expert Christine Baker and attorney Cynthia B. Rubin join BVR for the "Advanced Workshop on Management Forecasts and Projections," an intensive three-hour event focusing on all aspects of projections, forecasts, and their uses in the valuation process. Through BVR's exclusive interactive web-workshop format Baker will lead attendees through case-studies, live examples, and tutorials live from ParenteBeard's Manhattan offices as attendees participate from anywhere via the internet.

• Common circumstances in which projections of business profitability are utilized
• AICPA rules regarding a CPAs responsibility regarding preparation of financial projections
  • General CPA role – attesting to representations of management
  • CPA "expert" role – presenting an opinion regarding the matter about which we're testifying
• Scenario 1: No management projections exist or are only for a limited period of time
  • Remedies
  • What is the expert's degree of responsibility?
• Scenario 2: Expert is asked to develop projections
  • What about lost profit and/or loss of value cases where the financial expert is asked to develop projections?
• Scenario 3: Projections received from management.
  • Was this prepared "in the ordinary course of business," or was it prepared specifically for this litigation/transaction?
  • How does one test reasonableness?
  • Timing as to when the projections were developed?
  • What is the expert's degree of responsibility?
• Testing reasonableness of management projections.

• Clarify the use of management projections through a wide variety of business valuation scenarios
• Learn how, regardless of a CPA's role, management projections should be treated in all circumstances
• Learn what to do when management projections are incomplete or nonexistent and when, if ever, a CPA should step in to complete or create these projections
• Understand how other parties, such as auditors, attorneys, and courts view management projections and how this understanding can aid the CPA's role
• Learn which sources of data are best or most practical when working with management projections