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Valuation for Financial Reporting: Fair Value, Business Combinations, Intangible Assets, Goodwill and Impairment Analysis, 3rd Edition

ISBN: 978-0-470-93335-0
256 pages
November 2010
Valuation for Financial Reporting: Fair Value, Business Combinations, Intangible Assets, Goodwill and Impairment Analysis, 3rd Edition (0470933356) cover image

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Praise for Valuation for Financial Reporting, Third Edition

"Writing a book on financial reporting is a challenge in and of itself, let alone to focus on the shifting sands of valuation in financial reporting. Yet, Mard and company have done it again, and this time, it is even more user-friendly, easy to read, and topical. If you intend to wade into the swift currents of providing valuation services for financial reporting, you must have Valuation for Financial Reporting in your library or on your desk!" —Neil J. Beaton, CPA/ABV, CFA, ASA, National Partner in Charge of Valuation Services, Grant Thornton, LLP

"I really like the flowcharts. The authors take the complex world of fair value measurement for business combinations and convert it to easily understandable and usable flowcharts, worksheets, and checklists." —Gordon Goodman, Trading Control Officer, Occidental Petroleum, and member of the FASB Valuation Resource Group

"The comments on efficient markets and faithful representation in the first chapter were very (very) helpful and well written. Masterful! Great book and I look forward to adding it to the library!" —Robin E. Taylor, CPA/ABV, CFE, CVA, CBA, Dixon Hughes PLLC, and Chairman, AICPA Business Valuation Committee

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Table of Contents

Preface ix

Acknowledgments xi

About the Authors xiii

About the Website xvii

CHAPTER 1 Fair Value Measurements and Financial Reporting: Financial Reporting and the Current Environment 1

Fair Value Measurements 6

Mark-to-Market Accounting 18

Notes 20

Appendix 1.1: Fair Value Flowchart 22

CHAPTER 2 Business Combinations 29

Intangible Assets 29

Business Combinations 35

The Acquisition Method 36

Recognition and Measurement 41

Goodwill 53

Recording the Consideration Transferred 55

Disclosure 56

Notes 57

Appendix 2.1: Business Combination Flowchart 60

Appendix 2.2: Business Combination Overview 65

Appendix 2.3: Intellectual Property 66

CHAPTER 3 Case Study 1: Determining the Value of Goodwill and Other Intangible Assets in a Business Combination 71

Consideration and Calculation of the Total of Intangible Assets and Goodwill 72

Business Enterprise Analysis 81

Valuation of Tangible Assets 88

Valuation of Intangible Assets 91

Valuation of Goodwill 122

Weighted Average Return on Assets 123

Disclosure 124

Notes 128

CHAPTER 4 Noncontrolling Interests and Impairment 131

Noncontrolling Interests 131

Impairment 135

Notes 141

CHAPTER 5 Case Study 2: Impairment Analysis 143

Valuation of Tangible Assets 155

Valuation of Intangible Assets 158

Conclusion 185

Notes 185

CHAPTER 6 Implementation and Reference Aids 187

Business Valuation Reporting Standards 187

Reference Aids 197

Implementation Aids 235

Notes 267

Index 269

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Author Information

MICHAEL J. MARD, CPA/ABV, ASA, is author or coauthor of seven books, including Financial Valuation Workbook, Second Edition and Driving Your Company's Value, both published by Wiley, as well as books on SFASs 141, 142, and 157. He is President of The Financial Valuation Group of Florida, Inc., and has testified in court approximately 100 times.

JAMES R. HITCHNER, CPA/ABV, ASA, is author of Financial Valuation, Second Edition and coauthor of Financial Valuation Workbook, Second Edition, published by Wiley. He is Editor in Chief of Financial Valuation and Litigation Expert journal.

STEVEN D. HYDEN, CPA/ABV, ASA, is the coauthor of four books, including books on SFASs 141, 142, and 157.?He is Chief Operating Officer of The Financial Valuation Group of Florida, Inc., and has developed analyses that have been reviewed and accepted by the Securities and Exchange Commission, major accounting firms, the IRS, and the courts.

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