Fair Value Measurement Practical Guidance and Implementation

ISBN-10: 111822907X
ISBN-13: 9781118229071
Edition: 2nd 2013
Authors: Mark L. Zyla
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Description: Fair Value Measurements, Second Edition: Practical Guidance and Implementation is a hands-on guide for implementing the FASB's Topic 820 (formerly SFAS 157), and provides the latest information about the best practices for measuring fair value in  More...

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Book details

List price: $75.00
Edition: 2nd
Copyright year: 2013
Publisher: John Wiley & Sons, Limited
Publication date: 12/11/2012
Binding: Hardcover
Pages: 592
Size: 6.50" wide x 10.00" long x 1.75" tall
Weight: 1.848
Language: English

Fair Value Measurements, Second Edition: Practical Guidance and Implementation is a hands-on guide for implementing the FASB's Topic 820 (formerly SFAS 157), and provides the latest information about the best practices for measuring fair value in financial reporting. The book includes detailed examples of the cost, market and income approaches for measuring the fair value of certain assets and liabilities. It covers fair value measurements in a business combination, measuring contingent consideration, and how to subsequently test the value of acquired assets for impairment. The book also assists financial statement preparers, valuation specialists and auditors in improving their understanding of measure fair value.

Preface
Acknowledgments
The History and Evolution of Fair Value Accounting
Why the Trend toward Fair Value Accounting?
History and Evolution of Fair Value
Fair Value Accounting and the Economic Crisis
The FASB and IASB Convergence Project
The Future of Fair Value Measurement
Conclusion
Notes
Fair Value Measurement Standards and Concepts
FASB ASC 820, Fair Value Measurement
Disclosures
Fair Value Option
Conclusion
Notes
Business Combinations
Mergers and Acquisitions
Accounting Standards for Business Combinations-A Brief History
ASC 805, Business Combinations
Other Business Combination Highlights
Subsequent Accounting for Goodwill and Other Intangible Assets
Conclusion
Notes
The Nature of Goodwill and Intangible Assets
History of Intangible Assets
Intellectual Property
Economic Basis of Intangible Assets
Identification of Intangible Assets
Useful Life of an Intangible Asset
Intangible Assets and Economic Risk
Goodwill
Economic Balance Sheet
Conclusion
Notes
Impairment
Evolution of Impairment Testing
Applicable FASB Guidance for Impairment Testing
Accounting for the Impairment of Long-Lived Assets
Goodwill Impairment Testing
Testing Other Indefinite-Lived Intangible Assets for Impairment
Conclusion
Notes
Example of a Qualitative Impairment Analysis-PlanTrust, Inc
Financial Accounting Standards Board ASC 350, Intangibles-Goodwill and Other
PlanTrust, Inc
Notes
The Cost Approach
The Cost Approach under FASB ASC 820, Fair Value Measurement
Economic Foundation for the Cost Approach
Cost versus Price versus Fair Value
The Role of Expected Economic Benefits in the Cost Approach
Reproduction Cost versus Replacement Cost
Components of Cost
Obsolescence
The Relationships among Cost, Obsolescence, and Value
Physical Deterioration
Functional (Technological) Obsolescence
Economic (External) Obsolescence
Applying the Cost Approach
Taxes under the Cost Approach
Limitations of the Cost Approach
Conclusion
Notes
The Market Approach
Measuring the Fair Value of an Entity Using a Market Approach
Conclusion
Notes
Using the Guideline Transaction Method to Measure the Fair Value of a Privately Held (or Thinly Traded) Debt Security
The Income Approach
Discounted Cash Flow Method
Multiperiod Excess Earnings Method
FASB Concepts Statement 7
Rates of Return under the Income Approach
The Income Increment/Cost Decrement Method
Profit Split Method
Build-Out Method, or "Greenfield Method" (With and Without)
Weighted Average Cost of Capital Calculation
Conclusion
Notes
Advanced Valuation Methods for Measuring the Fair Value of Intangible Assets
Limitations of Traditional Valuation Methods
Real Options
Using Option-Pricing Methodologies to Value Intangible Assets
Black-Scholes Option Pricing Model
Binomial or Lattice Models
Monte Carlo Simulation
Decision Tree Analysis
Conclusion
Notes
The Remaining Useful Life of Intangible Assets
FASB Guidance on Determining the Remaining Useful Life
Considerations in Measuring Useful Lives of Intangible Assets
Guideline Useful Lives
Conclusion
Notes
Fair Value Measurement for Alternative Investments
Investments in Certain Entities That Calculated;Net Asset Value per Share
AICPA Technical Practice Aid
AlCPA Guidance for Determining the Fair Value of Investment
U.S. Private Equity Valuation Guidelines
Fair Value Measurement for Alternative Investment Funds
Conclusion
Notes
Contingent Consideration
Contingent Consideration: Earn-Outs in Business Combinations
Accounting for Contingent Consideration
Conclusion
Notes
Measuring the Fair Value of a Loan Guarantee
The Jordan Lee Fund Guarantee of Townsend Farm Development, LLC
Notes
Auditing Fair Value Measurement
Auditing Standards
Audit Standards for Fair Value Measurements and Disclosures
The Audit Process
Auditing Estimates in Fair Value Measurements
AU 328, Auditing Fair Value Measurements and Disclosures
PCAOB Staff Audit Practice Alert No. 2
PCAOB Staff Audit Practice Alert No. 9
SEC Audit Guidance
AICPA Non-Authoritative Guidance
The Appraisal Foundation
Conclusion
Notes
Auditing a Business Combination or a Step 2 Impairment Test
General
Income Approach
Cost Approach
Market Approach
Auditing a Step 1 Goodwill Impairment Test
General
Income Approach
Market Approach
Survey of Fair Value Audit Deficiencies
Audit Deficiencies Increase in Difficult Economic Times
PCAOB Inspections
Methodology
Description of a Deficiency
Audit Deficiency Trends
FVM Deficiencies
Impairment Deficiencies
Conclusion
Notes
Fair Value Measurement Case Study
Learning Objectives
Business Background and Facts-Mobile Apps Source, Inc
Note
Suggested Case Study Solutions
Information Request-ASC 350
Information Request for Business Combination-ASC 805
Glossary of International Business Valuation Terms
Bibliography
About The Author
Index

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