Product Description

Essential procedures for the measurement and reporting of fair value in Financial statements

Trusted specialists Michael Mard, James Hitchner, and Steven Hyden present reliable and thorough guidelines, case studies, implementation aids, and sample reports for managers, auditors, and valuators who must comply with the Financial Accounting Standards Board Statement of Financial Accounting Standards Nos. 141, Business Combinations; 142, Goodwill and Other Intangible Assets; 144, Accounting for the Impairment or Disposal of Long-Lived Assets; and the new 157, Fair Value Measurements.

This important guide:
*

Explains the new valuation aspects now required by SFAS No. 157
*

Presents the new definition of fair value and certain empirical research
*

Distinguishes fair value from fair market value
*

Provides a case study that measures the fair values of intangible assets and goodwill under SFAS Nos. 141 and 157
*

Includes a detailed case study that tests the impairment of goodwill and long-lived assets and measures the financial impact of such impairment under SFAS Nos. 142 and 144
*

Cross-references and reconciles the valuation industry's reporting standards among all of the valuation organizations
*

Includes two sample valuation reports, one of which is a new USPAP- compliant PowerPoint? presentation format
*

Includes implementation aids for controlling the gathering of data necessary for analyses and for guiding the valuation work program

Product Details

• Amazon Sales Rank: #213602 in Books
• Published on: 2007-09-28
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 240 pages

From the Inside Flap
Fair Value Measurements and Reporting, Intangible Assets, Goodwill, and Impairment
Second Edition

Financial reporting of intangible assets and goodwill now requires a focus. Company management, auditors, and valuation analysts must determine fair value of all assets acquired in accordance with SFAS No. 141, Business Combinations; SFAS No. 142, Goodwill and Other Intangible Assets; SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets; and the new SFAS No. 157, Fair Value Measurements. This book is an essential guide that explains how to identify the characteristics of goodwill and intangible assets, determine if impairment has occurred, and employ specific methods to assess the financial statement impact of such impairment.

This Second Edition of Valuation for Financial Reporting provides practical implementation guidance to practition-ers, auditors, and their clients in the private and public sectors. This must-have guide explains the new valuation aspects now required by SFAS No. 157. The Second Edition:

• Presents the new definition of fair value and certain empirical research

• Explains the hierarchy requirements of SFAS No. 157

• Distinguishes fair value from fair market value

• Discusses best practices for the valuation of in-process research and development

• Presents detailed case studies and examples of applying and implementing SFAS Nos. 141, 142, 144, and 157

• Presents the SFAS Nos. 141 and 157 case study in a standard narrative valuation report and in a new USPAP-compliant PowerPoint® presentation format

• Examines the valuation industry's reporting standards with cross-referencing and reconciliation among all of the valuation organizations

From the Back Cover

Essential procedures for the measurement and reporting of fair value in Financial statements

Trusted specialists Michael Mard, James Hitchner, and Steven Hyden present reliable and thorough guidelines, case studies, implementation aids, and sample reports for managers, auditors, and valuators who must comply with the Financial Accounting Standards Board Statement of Financial Accounting Standards Nos. 141, Business Combinations; 142, Goodwill and Other Intangible Assets; 144, Accounting for the Impairment or Disposal of Long-Lived Assets; and the new 157, Fair Value Measurements.

This important guide:

• Explains the new valuation aspects now required by SFAS No. 157

• Presents the new definition of fair value and certain empirical research

• Distinguishes fair value from fair market value

• Provides a case study that measures the fair values of intangible assets and goodwill under SFAS Nos. 141 and 157

• Includes a detailed case study that tests the impairment of goodwill and long-lived assets and measures the financial impact of such impairment under SFAS Nos. 142 and 144

• Cross-references and reconciles the valuation industry's reporting standards among all of the valuation organizations

• Includes two sample valuation reports, one of which is a new USPAP- compliant PowerPoint® presentation format

• Includes implementation aids for controlling the gathering of data necessary for analyses and for guiding the valuation work program

About the Author

Michael J. Mard, CPA/ABV, ASA, served the Valuation Resource Group of the Financial Accounting Standards Board (FASB). Mard has testified in court extensively on intellectual property and intangible asset matters. He is the coauthor of seven books (all published by Wiley) and numerous articles and presentations.

James R. Hitchner, CPA/ABV, ASA, is the Editor of Financial Valuation: Applications and Models, Second Edition and coauthor of Financial Valuation Workbook, Second Edition (both published by Wiley). He has written courses, published articles, and has made over seventy conference presentations. Both Mard and Hitchner were ad hoc advisors to the FASB in its deliberations concerning SFAS Nos. 141 and 142.

Steven D. Hyden, CPA/ABV, ASA, CM & AA, is coauthor of Financial Valuation: Applications and Models, Second Edition (Wiley). His expertise includes family limited partnerships, mergers and acquisitions, and intangible assets. He is a frequent speaker and instructor.

Customer Reviews

Praise for Valuation for Financial Reporting
As a graduate accounting student, I read this book for an Accounting Information Systems seminar course. I found the book to be not only full of useful information, but also very reader-friendly. The authors' organization of the book, which is broken into three main sections: 1) Introduction and History, 2) FAS 141 and, 3) FAS 142 was very clear and easy to follow. Additionally, and perhaps the most important feature of the book were the in-depth examples of how to value various intangible assets given in following the explanation of FAS 141. Then, the author continued with the same examples when discussing application of impairment testing found in FAS 142.

For many accounting students, myself included, the idea of auditing the values placed on intangible assets is rather daunting; however, the authors' did an excellent job giving valuers a jumping point from which to begin their analysis. The book also provided a timeline of FASB statements and pronouncements dealing with valuation of mergers and acquisitions. Particularly interesting was the discussion of the need for new guidance as the numbers of mergers and acquisitions increased heavily over the last decade.

The only criticism of the book was the lack of future-looking information regarding upcoming changes to the current practices. Additionally, the issues of valuing existing at-will workforces, as well as the future of R&D costs were only touched on, and further information would have been appreciated. Finally, I might have included some analysis of the differences between the FASB's requirements for merger and acquisition accounting compared to the International Standards available on the issues. Other than these small issues, however, I found the book invaluably useful.

I would sincerely recommend this book to any person interested in understanding the implications and application of FAS 141 and 142.

A must read on SFAS 141 and 142
If you need to comply with SFAS 141 and 142, you will want to read this book. The authors understand these standards inside and out. The book's coverage is practical, thorough and written in easy to understand language (which is important because the changes outlined in SFAS 141 and 142 are far reaching and complex.) The best part of this book is that in addition to providing compliance guidance for SFAS 141 & 142, it also shows you how to apply the standards. This is key! I also found the book helpful on showing me how to identify and value intagible assests which is still a somewhatnew area for me.

Great coverage of new SFAS 141 and 142
This is timely and excellent coverage of SFAS 141 and 142. The authors' explanation are clear and complete. I would recommend this book to everyone involved in valuation.