Any financial information about the future is considered to be prospective financial information.  Prospective financial statements are prospective financial information that presents financial position results of operations, and cash flows.  They are either financial forecasts or financial projections including the summaries of significant assumptions and accounting polices

Prospective financial statements that present to the best of the responsible party's knowledge and belief an entity's expected financial position, results of operation and cash flows.  A financial forecast is based on the responsible party's assumptions reflecting conditions it expects to exist and the course of action it expects to take.

Financial projection

Prospective financial statements that present to the best of the responsible party's knowledge and belief, given one or more hypothetical assumptions, an entity's expected financial position results of operations, and cash flows.  A financial projection is sometimes prepared to present one or more hypothetical courses of action for evaluation, as in response to a question that begins for instance, " What would happen if _____?" A financial projection is based on the responsible party's assumptions reflecting conditions it expects would exist and the course of action it expects would be taken given one or more hypothetical assumptions.