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[quote user="CMStPnP"] [quote user="Sam1"] How could a start-up company start with base year financial statements?  It does not have any financial statements. Everything is proforma at this stage of the game. As noted clearly, the name of the game is to have the proforma statements audited by an outside auditor to prevent abuse.  The purpose of the audit is to make sure that the sponsors are not gaming the statements, i.e. presenting fraudulent accounting statements.  Any accounting and financial statements can be manipulated. This is the reason why the financial statements of all public corporations and most private corporations are audited by outside auditors.  You don't appear to understand the difference between the financial statements for an on-going entity and the proforma statements (forecasts) for a proposed start-up. [/quote] Oh I understand fully, I still don't think you do. [/quote] <div class="full-post-container fiji-full-post-container evolution2-full-post-container"> <div class="full-post "> <div class="post-content user-defined-markup"> "Anyways, again......bad to use pro forma statements for a financial analysis.    That was in one of my first level college accounting courses as well.     Always use the fully stated audited statements."  This is your statement word for word, copied straight out of your post.  How would you get fully stated audited statements from a start-up company that is yet to begin operations?  It does not have any accounting records and, therefore, cannot generate any financial statements that can be audited.  It can only produce proforma statements.   I surely understand the difference between the financial statements of an on-going entity, which can be audited, and the proforma statements of a start-up company. A start-up entity does not have any financial statements. It can only produce proforma statements. </div> </div> </div> I am still waiting for the support for your statement that most DFW business persons fly out of DFW to Houston, as opposed to going on Southwest out of Love Field, so that they can presumably collect the frequent flyer points. Surely this is not another unsupported statement! What is your educational background?  Are you an accountant, financial analyst, auditor?  What certifications do you have?
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