BV192-WEB - The Finer Points of Projecting Cash Flows

Registration

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*ASA member-benefit only*

Registration is not available to non-ASA members

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.

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.