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FINANCIAL FORECASTING Prepared by: Zhubikenov Adil Sultanbekov Taiman
A FINANCIAL FORECAST is an estimate of future financial outcomes for a company or country (for futures and currency markets). Using historical internal accounting and sales data, in addition to external market and economic indicators, a financial forecast is an economist's best guess of what will happen to a company in financial terms over a given time period—which is usually one year.
In a market economic system is also used indicative forecasting, that is planning recommendation: it carries information coordination role and has an indirect effect on the subjects of financial activity through economic regulators.
Forecasting in the financial planning associated with the strategy, the policies and business entities in the future.
The history of countries with different socio-economic level, systems confirms the active role of financial planning in economic development. Financial planning gets into the manufacturing process, where there are reserves (savings in material costs and labor at full capacity, reducing costs, accelerating the turnover of funds), as well as in accounting, management of the economy, the mechanism of income distribution, the promotion of the production and labor.
THE PURPOSE OF FINANCIAL FORECASTING evaluation of the proposed amount of financial resources to determine the most preferred embodiment, the financial support of public authorities and local government entities, the identification of possible deviations from accepted projections. Financial forecasting identifies expected in the long term picture of the financial resources and needs, the possibilities of the financial performance and is a prerequisite for financial planning.
THE OBJECTIVES OF FINANCIAL FORECASTING ARE: 1. definition and sources of financial resources of state and local self-governance, economic entities in the forecast period; 2. study uses of financial resources owls state authorities and local self, businesses over the forecast period based on analysis of the trends and dynamics of financial indicators of effects on their internal and external factors; 3. identification and assessment of the financial implications of the institutions of state power and local self-governance, economic entities making.
Financial forecasting is carried out through the development of different variants of the organization, a separate administrative unit, the country as a whole, analysis and study, to evaluate the degree of achievement of certain goals, depending on the nature of the actions of the subjects of planning.
This is achieved by two different methodological approaches: the first approach is prediction from the present into the future on the basis of established causeand-effect relationships, the second approach is to determine the prediction of future goals and guide the movement of the future to the present, when the roll-out and studied a chain of possible events and measures to be taken to achieve the desired result in the future based on the current level of development of the organization, administrative area and the country as a whole.
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