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3. 2021 Extension Risk Management Education National Conference

Developing & Interpreting Financial Statements & Measures

Curtis Mahnken, Rachel Purdy, and Pauline Van Nurden

Summary

Understanding and utilizing farm records is one of the most critical activities that a producer can undertake. Farm records are the result of every decision that the producer made. Putting them together in organized financial statements helps the producer know where to look to identify issues. But, you have to understand HOW to put these statements together and HOW to interpret them to utilize the information the farm generates to the farm’s advantage. Interpreting Financial Statements and Measures (IFSaM) has helped thousands of producers, educators, lenders and other ag professionals understand the information that comes out of their records. The Center for Farm Financial Management (CFFM) team recently completed an update of IFSaM, which includes a new component – Developing Financial Statements and Measures. This new course will help individuals understand what records to collect, how to organize them into financial statements, and how to calculate the ratios utilized in farming operations and interpreted in IFSaM. IFSaM incorporates videos and hands-on examples to help producers, educators, lenders, and others understand how to put these financial statements together and interpret them to put them to use on the farm. In this presentation, the CFFM team will showcase the new course and how you can utilize IFSaM in your programming.

Details

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