The Professional's Guide to Fair Value: The Future of Financial Reporting
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The Professional's Guide to Fair Value The Future of Financial Reporting

By James P. Catty
John Wiley & Sons January 2012

Specifications

ISBN-13
9781118004388
Publisher
John Wiley & Sons
Publication
January 2012
Format
Hardback , 256 pages
Jurisdiction
International or US ? Countri(es) for reference only

Details

An all-encompassing guide to the elements and basics of fair value

With the important role fair value is playing in the creation of a converged set of global accounting standards, demand for products in this category is growing spectacularly. The elements and basics of fair value are covered, including risk, dealing with the SEC, and details on legal responsibility. In addition, sample financial statements are included, along with tables, recommended applicable techniques, and management checklists for those who are responsible for preparing and approving of financial statements.

  • Written by the Chairman and co-CEO of the International Association of Consultants, Valuators and Analysts (IACVA)
  • Includes sample financial statements of both U.S. and foreign companies

Appropriate for anyone involved professionally with finance—managers, accountants, investors, bankers, instructors, and students—The Professional's Guide to Fair Value is a reliable reference on the ins and outs of fair value financial disclosure.

Table of Contents

Preface

Acknowledgments

Chapter 1: Significance of Value

Business Uses for Valuation

Mergers and Acquisitions

Financial Reporting

Investment Bankers versus Valuators

Valuation Requirements

Litigation Risks

Ten Commandments of Valuation

Chapter 2: Fair Value Concept

Relevant Pronouncements

Definitions

Market Participants

Fair Value Accounting

Revaluation under IFRS

Other Types of Value

Valuation Principles

Reporting and Cash-generating Units

Chapter 3: Fair Value Framework

Stage 1: Determine the Unit of Account

Stage 2: Evaluate the Premise of Value

Stage 3: Assess the Principal Market

Stage 4: Establish the Most Advantageous Market

Stage 5: Select Appropriate Valuation Methods

Stage 6: Estimate Fair Value Conclusions

Chapter 4: Taming the Future

Definitions

Effect of Market Participants Assumptions

Scenario Analysis

Scenario Implications

Chapter 5: Projecting What is to Come

Base the Future on the Past

The Truth is in the Parts

Avoid Unnecessary Risks

Garbage in Garbage Out

Believable and Likely Conclusions

Quality of Earnings

Conclusion

Chapter 6: The Market Approach to Fair Value

Nature of Markets

Classifying Assets

Comparable Transactions

Guideline Entities

Guideline Entities Example

Comparable Transactions Example

Conclusion

Chapter 7: The Cost Approach to Fair Value

Current Replacement Cost

Deductions

Functional Deterioration

Technological Obsolescence

Documenting Obsolescence

Physical Decline

Economic Deprivation

Integrating the Factors

Residual Value

Useful Lives

Valuing Intangible Assets by the Cost Approach

Conclusion

Chapter 8: The Income Approach to Fair Value

Capitalization Methods

Income Approach – Discounting

Terminal Amounts

Application to Intangible Assets

Chapter 9: Sources of Value – Profits

Structure of Businesses

Innovation

Dupont Analyses

Chapter 10: Sources of Value – Risks

Reducing Risks

Continual Monitoring and Testing

Dealing with Biases

Risk Rate Component Model

Intellectual Capital Value Drivers

Conclusion

Chapter 11: Valuing Liabilities

Liabilities Transferred Not Settled

Asset Retirement Obligations

Contingent Liabilities

Chapter 12: Business Combinations

Do Mergers Pay Off?

Why Merge?

Determination of Synergies

Intrinsic and Investment Values

Quantification of Synergies

Chapter 13: Purchase Price Allocation

Stage 1: Determine the Acquirer

Stage 2: Establish the Consideration's Fair Value

Knowledge of the Industry

Stage 3: Identify All the Items Involved

Stage 4: Select Appropriate Valuation Techniques

Stage 5: Estimate Fair Values and Reconcile Rates of Return

Conclusion

Chapter 14: Impairment

Reporting Units

Cash Generating Units

Goodwill

Allocations

GAAP Long-Lived Assets Impairment Test

IFRS Impairment Test

GAAP Goodwill Impairment Test

Chapter 15: The Auditor's Blessing

Auditing Fair Values

Conclusion

About the Author

Index

About the Author

James P. Catty has been engaged in business valuations around the world for more than fifty years and has undertaken speaking engagements in China, Germany, Romania, Taiwan, Turkey, the U.K., and the U.S. He is Chairman of the International Association of Consultants, Valuators and Analysts (IACVA); President of Corporate Valuation Services Limited (CVS), Toronto; and of counsel to Hanlin Moss, PS in Seattle, Washington, and Xi'an, China. Catty is the author of the Wiley Guide to Fair Value under IFRS.

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