Management-prepared forecasts and projections, collectively referred to as prospective financial information (PFI), serve as the critical foundation for discounted cash flow methods. A recently issued document, "Application of the Mandatory Performance Framework (MPF)," provides suggested guidance for valuation professionals regarding the evaluation and use of PFI. David Dufendach will address key aspects of the new guidance that impact PFI, including the following concepts: professional skepticism, reasonably objective basis, and discount rate derivation.