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What is the difference between forecasts and projections?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › What is the difference between forecasts and projections?

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by MikeLittle.
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  • November 11, 2013 at 4:17 pm #145415
    chez
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    Hi,

    I am doing BPP kit question 21 (Falcon), and requirement (a) asks us to distinguish between forecasts and projections, both sub-elements of prospective financial information. I checked the answer, but I am a bit confused by the wording. Could you possibly explain it in simple terms, and give some examples?

    Thanks in advance!

    November 11, 2013 at 7:40 pm #145459
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    How about this from wikipedia?

    “A prediction (Latin præ-, “before,” and dicere, “to say”) or forecast is a statement about the way things will happen in the future, often but not always based on experience or knowledge. While there is much overlap between prediction and forecast, a prediction may be a statement that some outcome is expected, while a forecast is more specific, and may cover a range of possible outcomes.”

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