TY  - BOOK
AU  - King,Alfred M.
TI  - Valuation: what assets are really worth 
SN  - 0471349836 :
AV  - HG4028.V3 K535 2002
PY  - 2002///
CY  - New York
PB  - J. Wiley
KW  - Valuation
KW  - United States
N1  - Includes bibliographical references and index; Cost, Value, and Price -- Accounting for Value, Not Cost: Financial Reporting at the Crossroads -- What Are the Information Needs of Businesspeople? -- Fair Market Value of Assets -- What If Value Information Were Disclosed -- Can Operating Results Be Kept Separate? -- Real-World Experience -- Will Value Information Be Disclosed in the Future? -- Proposed Solution -- Investing for Value: Buying and Selling Assets -- "To Whom and For What Purpose?" -- Premise of Value -- Alternative Investment Opportunities -- Assumptions Are the Key -- When the Lawyers Get Involved -- Special-Purpose Assets -- Adversarial Nature of Valuations: "Why Can't I Get A Higher (Lower) Answer?" -- Setting Up Joint Ventures -- Splitting Up Joint Ventures and Partnerships -- Divorce -- Buy and Sell Agreements -- Loans: Borrower Versus Lender -- Gifts and Estate Tax -- Summary: Can Adverse Parties Agree on Value? -- Cost Approach to Value -- Cost Approach -- Depreciation -- Indexing Costs -- Reproduction Cost Versus Replacement Cost -- Property Record Attributes -- Unique Assets: Land and Fine Art -- Income Approach to Value -- Mechanics of Applying the Income Approach -- Strengths and Weaknesses -- Investor Choices and Risk -- FASB and Expected Value -- Whose Projections to Use -- Cash-Flow Projections: Fixed Costs -- Cash-Flow Projections: Terminal Value -- Cash-Flow Projections: Income Tax -- Cash-Flow Projections: Weighted Average Cost of Capital -- Dealing with Subchapter S Contributions -- Market Comparable Approach to Value -- Is There a Market? -- Making Adjustments to Market Prices -- Real Estate -- Special-Purpose Property -- Environmental Problems -- Machinery and Equipment: Dealers and Auctions -- Publicly Traded Securities -- Control Premium -- Valuing a Minority Interest in a Closely Held Company -- Marketability Discount -- Correlating the Answers -- Can Value Information Be Objective and Independent? -- Professional Standards -- Differences in Appraisal Reports Between Appraisers -- Objectivity -- Resolving Differences -- Independence -- Litigation -- Divorce -- What Will Happen in the Future? Why Assumptions Are Critical in the Valuation Process -- Developing Assumptions about the Future -- Start-Up Businesses -- Time Horizon -- Terminal Value -- Economic Conditions and Outlook -- Industry Conditions and Outlook -- Hiring an Appraiser; Reading an Appraisal Report -- An Appraiser's Experience -- Interviewing the Appraiser -- Review Appraisals on Real Estate -- Expert Opinions -- IRS Requirements: Revenue Procedure 59-60 -- Reading an Appraisal Report -- Providing Value Information to Shareholders and Analysts -- Accounting Rules -- Role of Security Analysts -- Can Intangible Assets Be Valued? -- Would Companies Benefit by Disclosing Intangible Asset Values? -- Accounting for Goodwill and Intangible Assets -- Goodwill Impairment -- Recommendations -- Allocation of Purchase Price: Tangible Assets -- Amortization of Goodwill -- Goodwill Impairment -- Judgment Required in Allocation -- Allocation of Purchase Price: Intangible Assets -- Covenants Not to Compete -- Assembled Workforce -- Software -- Supplier Relationships -- Customer Relationships and Distribution Channels -- Brand Names and Trademarks -- Patents and Unpatented Technology -- Leasehold Interests -- Research and Development in Progress -- Subscription Lists and Databases -- Good Property Records Increase Value and Save Money -- Increased Return on Investment -- Assets Present but Not on the Books -- Fully Depreciated Assets -- Are Book Values Too High or Too Low? -- Secured Lending -- Reduced Insurance Expense -- Reduced Property Tax -- Better Product Pricing -- Control Over Maintenance Expense -- Reduced Capital Expenditures -- Physical Inventory of PP&E -- Minimum Capitalization Policy -- Asset Descriptions and Original Cost -- Carrying Forward Original Cost -- Setting Up a Property Control System -- Maintaining the System -- Component Depreciation -- Don't Overpay Property Taxes! -- Equalized Value Versus Assessed Value -- Cost Versus Value -- Equalized Value Versus Fair Market Value -- Appealing Property Tax Assessments -- Software -- Adopting SFAS 141 and SFAS 142 -- Initial Implementation -- Maximizing the Initial Write-off -- Minimizing the Initial Write-off -- Initial Implementation -- Testing for Impairment -- Purchase Accounting for New Mergers -- Identifiable Intangible Assets -- Marketing-Related Intangible Assets -- Customer-Related Intangible Assets -- Artistic-Related Intangible Assets -- Contract-Based Intangible Assets -- Technology-based Intangible Assets -- Testing Intangible Assets for Impairment -- Valuing a Start-up Firm: Cheap Stock Options -- Conflicting Views as to Value -- Business Enterprise Valuation Approaches -- Applying the Income Approach -- Valuing a Start-up Company -- Testing Answers Using the Market Comparable Approach
N2  - American businesses spend almost 1 billion annually to determine the value of all types of assets. In the current flood of mergers and acquisitions, financial managers should always be prepared to put a value on their entire company, a division, or even a department. With reliable, insider advice, this guide helps financial managers grasp the concepts of valuation and make informed decisions; This is not a do-it-yourself handbook on performing appraisal, since experience is, by far, the best teacher. Instead, it shows you how appraisers determine values in order to make you a well-informed buyer of appraisal services. It will teach you how to determine the quality of an appraisal report and decide whether or not to utilize it; There are no rules that guarantee a realistic valuation and, depending on the reason for the valuation, widely divergent valuations can be given. There is always risk in an appraisal, but knowledge is the most important way you can lower that risk. This book supplies that knowledge by explaining the key valuation concepts, the strengths and weaknesses, and the risks inherent in a valuation. It includes case studies, sample reports, and real-world valuation problems; Valuation will help you understand the important differences between cost, value, and price. It explains the critical assumptions employed in the valuation process and will help you determine whether or not to hire an appraiser and how to read an appraiser's report. It includes expert advice on negotiating valuations in adversarial relationships and achieving and determining objectivity and independence in a valuation; This is the only book on the market dedicated to helping corporate financial professionals determine what type of appraisal is necessary and what questions to ask. It will give any manager or business owner the necessary knowledge to approach the appraisal process realistically--and with total confidence
ER  -