BV192-WEB - The Finer Points of Projecting Cash Flows
Category: Business Valuation
Continuing Education: 1
Registration
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Webinar Course Description
The importance of developing thoughtful and supportable
cash flows cannot be overstated. This webinar will address the necessary factors
to consider when projecting cash flows. The different categories of
normalization adjustments will be discussed, with examples. The discussion will
address the review of historical trends and what they mean for the future. We
will also explore the importance of projecting a balance sheet in conjunction
with an income statement. Different projection methods will be discussed, as
well as how to handle projections from management that may lack credibility. The special circumstances of a stub period valuation also be part of the discussion.
Course Audience
Valuation practitioners of fundamental and intermediate skill levels
NASBA and Continuing Professional Education (CPE) Credit
The American Society of Appraisers is registered with the National
Association of State Boards of Accountancy (NASBA) as a sponsor of continuing
professional education on the National Registry of CPE Sponsors. State boards of
accountancy have the final authority on the acceptance of individual courses for
CPE credit. Complaints regarding registered sponsors may be submitted to the
National Registry of CPE Sponsors through its website www.learningmarket.org.
CPE Credit: One (1) Hours in Specialized Knowledge
Program Level:
Fundamental
Delivery Method: Group-internet based courses are approved for
CPE
Prerequisites: None
Advanced Preparation: None
Policies: ASA's
Refund and Cancellation Policy and ASA's Complaint Resolution Policy
Instructor Information
Russell T. Glazer , ASA | Gettry Marcus CPA, P.C.
Russell Glazer, CPA/ABV, MCBA, ABAR, ASA, CVA, MBA, is a Partner with Gettry
Marcus CPA, P.C. and is a member of the firm’s Business Valuation &
Litigation Services Group. Russ has lectured on a variety of business
valuation topics nationally, and is a multiple recipient of IBA’s Instructor of
Great Distinction Award and NACVA’s Instructor of Exceptional Distinction Award.
He has authored several articles in peer-reviewed business valuation
publications, and is a contributing author for business valuation courses. He
has developed and delivered a number of presentations to CPA Societies and
business valuation professionals across the country. He twice received
the Jeffrey R. Salins Report Writing Award from NACVA in acknowledgement
of superior work in preparing a business valuation report. He also serves
as a member of the Business Valuation Education Sub-Committee of the American
Society of Appraisers, and is on the ASA's Board of Examiners.
No prerequisites for this course.
Agenda
The following topics are covered in this course:
- Importance of cash flow projections;
- Normalizing adjustments;
- Analyzing historical financials;
- Importance of projecting the balance sheets;
- How to handle projections by management that are not deemed credible;
- External and internal considerations and limitations on growth; and
- Special considerations for valuation dates other than
year-end.
Learning Outcomes
Upon completion of this course,students will be able to:
- Review historical financial statements for clues that
can be used in projecting cash flow;
- Understand the different categories of normalizing adjustments and their
impact on projections;
- Critically assess the reasonableness of projections prepared by
management;
- Explain and support the projections relied upon as the foundation for the
valuation conclusion; and
- Identify and successfully navigate the special considerations surrounding
a stub period valuation date.