关闭

关闭

关闭

封号提示

内容

首页 Financial Valuation Workbook-JAMES HITCHNER, MI…

Financial Valuation Workbook-JAMES HITCHNER, MICHAEL J. MARD.pdf

Financial Valuation Workbook-JA…

上传者: nwguru 2012-12-16 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Financial Valuation Workbook-JAMES HITCHNER, MICHAEL J. MARDpdf》,可适用于经济金融领域,主题内容包含FinancialvaluationworkbookStepbyStepExercisestoHelpYouMasterFinancialValua符等。

FinancialvaluationworkbookStepbyStepExercisestoHelpYouMasterFinancialValuationJAMESRHITCHNERandMICHAELJMARDJohnWileySons,IncTomymotherandfather,EarleandVirginiaHitchner,andmysister,DeborahHitchner,wholeftthisworldtooearlyformetogettoknowherToPam,Seph,JoeandShelley,LauraandJacob,andmymomanddad,GenevaandJoeMardAndtoDerick,wemissyouThisbookisprintedonacidfreepaper:CopyrightbyJohnWileySons,IncAllrightsreservedPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystemortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanningorotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,RosewoodDrive,Danvers,MA,,fax,oronthewebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,,fax,email:permcoordinatorwileycomLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservices,ortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat,outsidetheUnitedStatesatorfaxWileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentsthatappearsinprintmaynotbeavailableinelectronicbooksFormoreinformationaboutWileyproducts,visitourwebsiteatwwwwileycomISBNPrintedintheUnitedStatesofAmericaiiiabouttheauthorsJamesRHitchner,CPAABV,ASA,TheFinancialValuationGroup,FinancialConsultingGroup,LCJamesRHitchneristhemanagingdirectorofTheFinancialValuationGroup(FVG)inAtlanta,GeorgiaFVGisanationalfinancialadvisoryservicesfirmspecializinginvaluationandlitigationservicesandisafoundingmemberoftheFinancialConsultingGroup,LC(FCG)FCGisanationalassociationofprofessionalservicesfirmsdedicatedtoexcellenceinvaluation,financial,andlitigationconsultingMrHitchnerhasmorethanyearsofprofessionalexperience,includingyearsinvaluationservicesandtwoyearsinrealestatedevelopmentHespentsevenyearswithPhillipsHitchnerGroupandwaspartnerinchargeofvaluationservicesfortheSouthernRegionofCoopersLybrand(currentlyPricewaterhouseCoopers),wherehespentmorethannineyearsHewasalsoemployedasaseniorappraiserwiththenationalappraisalfirmAmericanAppraisalAssociates,inboththefinancialandindustrialvaluationgroupsHehasbeenrecognizedasaqualifiedexpertwitnessandhasprovidedtestimonyonvaluationsinFlorida,Georgia,Indiana,NewJersey,NorthCarolina,Ohio,Tennessee,andVirginiaInthevaluationareahehascoauthoredcourses,taughtovercourses,publishedoverarticles,andhasmadeoverconferencepresentationsMrHitchneriscoauthorofValuationforFinancialReporting:IntangibleAssets,Goodwill,andImpairmentAnalysisSFASandandeditorcoauthorofFinancialValuation:ApplicationsandModels,bothpublishedbyJohnWileySonsHeisalsocoauthoroftheAmericanInstituteofCertifiedPublicAccountants(AICPA)threepartselfstudyvideocourseseriesonSFASandonbusinesscombinations,intangibleassets,andgoodwillimpairmentHeisaninducteeintheAICPABusinessValuationHallofFameandcurrentmemberoftheAICPAtaskforceonBusinessValuationStandardsMrHitchnerispastchairmanoftheBusinessValuationCommitteeoftheGeorgiaSocietyofCPAsandtheABVexamreviewcoursecommitteepastmemberoftheAICPABusinessValuationSubcommitteeandtheAICPAABVexamcommitteeandcontributingeditorofAICPACPAExpertnewsletterHehasaBachelorofSciencedegreeinEngineeringfromtheUniversityofPittsburghandaMastersofBusinessAdministrationdegreefromRiderUniversityHeholdstheAICPAAccreditationinBusinessValuation(ABV)specialtydesignation,andisanAccreditedSeniorAppraiser(ASA)withtheAmericanSocietyofAppraisersivABOUTTHEAUTHORSMichaelJMard,CPAABV,ASA,TheFinancialValuationGroup,FinancialConsultingGroup,LCMichaelJMardisamanagingdirectorofTheFinancialValuationGroup(FVG)inTampa,FloridaFVGisanationalfinancialadvisoryfirmspecializinginvaluationandlitigationservicesMrMardwasfoundingpresidentoftheFinancialConsultingGroup,anationalassociationofprofessionalservicefirmsdedicatedtoexcellenceinvaluation,litigation,andfinancialconsultingMrMardhasbeenafulltimebusinessappraiserandexpertwitnessforoveryears,specializinginintangibleassets,specificallyintellectualpropertyHehasdevelopedanalysesthathavebeenreviewedandacceptedbytheSecuritiesandExchangeCommission(SEC),numerousaccountingfirms(includingtheBigFive),theInternalRevenueService(IRS),andthecourtsMrMardhasprovidedexperttestimonyinbothFederalandstatecourtsrelatedtointangibleassets,intellectualproperty,businessdamages,maritaldissolution,shareholderdisputes,andIRSmattersMrMardisleadcoauthorofValuationforFinancialReporting:IntangibleAssets,Goodwill,andImpairmentAnalysisSFASandandcoauthorofFinancialValuation:ApplicationsandModels,bothpublishedbyJohnWileySonsHeiscoauthoroftheAmericanInstituteofCertifiedPublicAccountants(AICPA)threepartselfstudyvideocourseseriesonSFASandonbusinesscombinations,intangibleassets,andgoodwillimpairmentHealsocoauthoredtheAICPAConsultingServicesPracticeAid:ValuingIntellectualPropertyandCalculatingInfringementDamagesMrMardhascoauthoredcoursesandpublishedoverarticlesHehasbeenapresenter,speaker,andinstructorovertimesMrMardisveryactiveatstateandnationallevelswithemphasisonbusinessvaluationstandardsandintellectualpropertyvaluationsHehasservedonnumerouscommitteesandtaskforcesoftheAICPA,FloridaInstituteofCertifiedPublicAccountants,AmericanSocietyofAppraisers,andtheFinancialAccountingStandardsBoard(FASB)MrMardcontinuestoserveontwoFASBtaskforces:DisclosureAboutIntangibleAssetsandBusinessCombinationPurchaseMethodProceduresHehasreceivedtheAICPABusinessValuationVolunteeroftheYearAwardandbeeninductedintotheAICPABusinessValuationHallofFameHehasbeenpublishedintheMarquisWho’sWhoinFinanceIndustryandtheInternationalWho’sWhoofProfessionalsHehasaBachelorofSciencedegreeinAccountingandaMastersofAccountingfromtheUniversityofSouthFloridaHeholdstheAICPAAccreditationinBusinessValuation(ABV)specialtydesignation,andisanAccreditedSeniorAppraiser(ASA)withtheAmericanSocietyofAppraisersvacknowledgmentsSeveralpeoplewereinstrumentalinpreparingthisbookThankyouFayeDangerandDeannaMurakiofTheFinancialValuationGroupinTampa,Florida,andTerriHoustonofPhillipsHitchnerinAtlanta,GeorgiaYouweregreatWewouldalsoliketothankJimAlerding,CPAABV,ASA,CVA,ofCliftonGundersoninIndianapolis,Indianaforhelpingwiththecasestudy,andalltheauthorsofFinancialValuation:ApplicationsandModelsforsubmittingtheValTipsinChapter:MelHAbraham,CPAABV,ASA,CVARJamesAlerding,CPAABV,ASA,CVATerryJacobyAllen,CPAABV,ASALarryRCook,CPAABV,CBAMichaelACrain,CPAABV,ASA,CFERobertEDuffy,CPAABV,ASA,CFAEdwardJDupke,CPAABVNancyJFannon,CPAABV,BVAL,MCBAJohnRGilbert,CPAABV,ASA,CVAThomasEHilton,CPAABV,CVAStevenDHyden,CPA,ASAGregorySKoonsman,CFAEvaMLang,CPA,ASAHaroldGMartin,Jr,CPAABV,ASA,CFEMichaelMattsonRaymondEMoran,ASACharlesMPhillips,CPAABV,CFEJamesSRigby,Jr,CPAABV,ASARonaldLSeigneur,CPAABV,CVARobinETaylor,CPAABV,CBA,CFE,CVALindaBTrugman,CPAABV,ASA,CBADonaldPWisehartCPAABV,CVAandMarkLZyla,CPAABV,ASA,CFAvicontentsPREFACEviiCHAPTERValuationCaseStudyExercisesAddendum:DiscountCaseStudyExercisesCHAPTERValuationCaseStudyExercises:SolutionsandExplanationsAddendum:DiscountCaseStudyExercisesCHAPTERValTipsCHAPTERIncomeApproachValuationProcessFlowchartCHAPTERChecklistsINDEXviiprefaceTheFinancialValuationWorkbook(FVW)containsbotheducationalexercisesthatguidethereaderthroughacompletebusinessvaluationandvaluationtoolsthatprofessionalscanuseinpreparingbusinessvaluationsItisstructuredtobeusedonastandalonebasisItisalsoacompaniontexttoFinancialValuation:ApplicationsandModels(FV)(JohnWileySons),wherethesubjectmattercontainedintheworkbookisexpandeduponThisworkbookcontainsbasic,intermediate,andadvancedtopicsonvaluingbusinessesconveyedinaseriesofeasilyunderstandableexerciseswithcomprehensiveanswersFVWistargetedtothefollowingprofessionalsandgroupswhoaretypicallyexposedtofinancialvaluationissues:AppraisersAppraisalAssociationsandSocietiesActuariesAttorneysBankersBusinessBrokersBusinessexecutivesincludingCEOs,CFOs,andtaxdirectorsBusinessownersCPAsEstateandGiftPlannersFinancialAnalystsGovernmentagenciesincludingtheIRS,SEC,andDOLInsuranceAgentsInvestmentAdvisorsInvestmentBankersJudgesPensionAdministratorsStockbrokersFVWcontainsfivechapters,eachwithadifferentpurposeChaptercontainsmorethanexercisesthathavebeenplacedthroughoutexcerptsofanactualbusinessvaluationreportpresentingnumerousvaluationtopics,includingratesofreturn,thecapitalizedcashflowmethodoftheincomeapproach,andtheguidelinecompanytransactionandguidelinepubliccompanymethodsofthemarketapproachChaptercontainscomprehensiveanswerstotheexercisesinChapterChapterincludesoverValTipsthatareextractedfromthecompanionbookFVThissummaryofValTipscanserveprofessionalsasaquickreferencesourceofimportantconcepts,applicationissues,andpitfallstoavoidChapterpresentsaValuationProcessFlowcharttoallowprofessionalstofollowamorestructuredprocessinapplyinganddocumentingtheincomeapproachChapterincludesovercheckliststhatcanbeusedbyprofessionalsindocumentingtheirvaluationsItcanalsobeusedbylessexperiencedprofessionalsasaguideinapplyingvaluationconcepts*******FinancialvaluationsareverymuchaffectedbyspecificfactsandcircumstancesAssuch,theviewsexpressedinthesewrittenmaterialsdonotnecessarilyreflecttheprofessionalopinionsorpositionsthattheauthorswouldtakeineverybusinessvaluationassignment,orinprovidingbusinessvaluationservicesinconnectionwithanactuallitigationmatterEverysituationisuniqueanddifferingfactsandcircumstancesmayresultinvariationsoftheappliedmethodologiesNothingcontainedinthesewrittenmaterialsshallbeconstruedtoconstitutetherenderingofvaluationadvicetherenderingofavaluationopiniontherenderingofanopinionastotheproprietyoftakingaparticularvaluationpositionortherenderingofanyotherprofessionalopinionorserviceBusinessvaluationservicesarenecessarilyfactsensitiveparticularlyinalitigationcontextTherefore,theauthorsurgereaderstoapplytheirexpertisetoparticularvaluationfactpatternsthattheyencounter,ortoseekcompetentprofessionalassistanceaswarrantedinthecircumstances*******DisclaimerExcludingAnyWarranties:Thisbookisdesignedtoprovideguidancetoanalysts,auditors,management,andotherprofessionals,butisnottobeusedasasubstituteforprofessionaljudgmentProceduresmustbealteredtofiteachassignmentThereadertakessoleresponsibilityforimplementationofmaterialfromthisbookTheimpliedwarrantiesofmerchantabilityandfitnessofpurposeandallotherwarranties,whetherexpressedorimplied,areexcludedfromthistransaction,andshallnotapplytothisbookNoneoftheauthors,editors,reviewers,orpublishershallbeliableforanyindirect,special,orconsequentialdamagesviiiPREFACECHAPTERValuationCaseStudyExercisesINTRODUCTIONThepurposeofthischapteristohighlightanddiscussimportantconceptsinvaluationthroughaseriesofexercisesTheseexerciseshavebeenintermittentlyplacedinexcerptsofavaluationreportYoushouldattempttocompletetheseexercisesasyoureadthereportwithreasoningandemphasisonanexplanationofyourconclusionTheauthors’solutionstotheseexercisescanbefoundinChapterThefollowingcasepresentsselectedexcerptsfromabusinessvaluationreportthat,initsentirety,wasinfullcompliancewiththeUniformStandardsofProfessionalAppraisalPracticeThisreportformatisoneofmanythatanalystscanuseinpresentingbusinessvaluationsAllscheduleshavebeenomittedastheyarenotnecessaryfortheexercisesSomeoftheterms,numbers,sources,andotherdatahavebeenchangedforeaseofpresentationTHEVALUATIONREPORTAugust,MrTomProfitLEGGOConstruction,IncBuildersDriveAnycity,AnystateDearMrProfit:TheobjectofthisvaluationreportistoestimatethefairmarketvalueofofthecommonstockinLEGGOConstruction,Inc(LEGGOortheCompany),onanonmarketable,controlinterestbasis,asofDecember,,formanagementpurposesandinternalplanningEXERCISE:ThepurposeofthevaluationofLEGGOistoassistmanagementininternalplanningWhatotherpurposesarethereEXERCISE:Whichofthefollowingisthe“asof”dateforvaluationaAnytimewithinoneyearb“Asof”asinglepointintimec“Asof”asinglepointintimeorsixmonthslaterdDatethatthereportissignedInouropinion,thefairmarketvalueofofthecommonstockinLEGGO,onanonmarketable,controlinterestbasis,asofDecember,,formanagementpurposes,is(rounded):FIVEMILLIONEIGHTHUNDREDTHOUSANDDOLLARS$,,EXERCISE:Valuationconclusionscanbepresentedas:aArangeofvaluesbAsinglevaluecAnestimateofvaluedAlloftheaboveEXERCISE:Thisvaluationisbeingdoneonanonmarketable,controlinterestbasisItisalsoonacontrolstandalonebasisNamethefourlevelsofvaluethatareconsideredinavaluationThestandardofvalueusedinthisappraisalreportisfairmarketvalueFairmarketvalueis:Theprice,expressedintermsofcashequivalents,atwhichpropertywouldchangehandsbetweenahypotheticalwillingandablebuyerandahypotheticalwillingandableseller,actingatarmslengthinanopenandunrestrictedmarket,whenneitherisundercompulsiontobuyorsellandwhenbothhavereasonableknowledgeoftherelevantfactsVALUATIONCASESTUDYEXERCISESInternationalGlossaryofBusinessValuationTerms(TheCLARENCEGlossaryProjectcomprisedofthefollowingprofessionalorganizations:AmericanInstituteofCertifiedPublicAccountants,AmericanSocietyofAppraisers,CanadianInstituteofCharteredBusinessValuators,NationalAssociationofCertifiedValuationAnalysts,andTheInstituteofBusinessAppraisers,)EXERCISE:WhichofthesearestandardsofvalueaFairmarketvalue,fairvaluefinancialreporting,investmentvaluebFairvalueinvestmentreporting,fairvaluestateactions,intrinsicvaluecInvestmentvalue,intrinsicvalue,equalvaluedFairmarketvalue,equalvalue,investmentvalueValuationisbasedonrelevantfacts,elementsofcommonsense,informedjudgment,andreasonablenessOurscopewasunrestrictedandourmethodologyandanalysiscompliedwiththeUniformStandardsofProfessionalAppraisalPracticeInaddition,thisvaluationreportandthevaluesdeterminedhereincannotbeutilizedorreliedonforanypurposeotherthanforinternalmanagementplanningTheenclosednarrativevaluationreport,aswellasalldocumentsandschedulesinourfiles,constitutethebasisonwhichouropinionoffairmarketvaluewasdeterminedStatementsoffactcontainedinthisvaluationreportare,tothebestofourknowledgeandbelief,trueandcorrectIntheeventthatfactsorotherrepresentationsreliedonintheattachedvaluationreportarerevisedorotherwisechanged,ouropinionastothefairmarketvalueofthecommonstockoftheCompanymayrequireupdatingHowever,ValkingLLPhasnoobligationtoupdateouropinionofthefairmarketvalueofthecommonstockoftheCompanyforinformationthatcomestoourattentionafterthedateofthisreportNopartneroremployeeofValkingLLPhasanycurrentorcontemplatedfutureinterestintheCompanyoranyotherinterestthatmighttendtopreventthemfrommakingafairandunbiasedopinionoffairmarketvalueCompensationtoValkingLLPisnotcontingentontheopinionsorconclusionsreachedinthisvaluationreportWewishtoexpressourappreciationtoyouandthemanagementoftheCompanyforyourcooperationinmakingavailabletousfinancialdataandotherpertinentinformationnecessaryforthepreparationofthereportVerytrulyyours,ValkingLLPValDude,CPAABV,ASA,CBA,CVAINTRODUCTIONDescriptionoftheAssignmentValkingLLPwasretainedbyMrTomProfittodeterminethefairmarketvalueofofthecommonstockinLEGGOConstruction,Inc(LEGGOortheCompany)onanonmarketable,controlinterestbasis,asofDecember,,formanagementpurposesIntroductionSummaryDescriptionandBriefHistoryoftheCompanyTheCompanywasincorporatedininthestateofAnystateTheCompanyisacloselyheldsubcontractorwhosereven

用户评论(0)

0/200

精彩专题

上传我的资料

每篇奖励 +2积分

资料评价:

/48
仅支持在线阅读

意见
反馈

立即扫码关注

爱问共享资料微信公众号

返回
顶部