Mark L. Zyla

Fair Value Measurement

Practical Guidance and Implementation

• Gebundenes Buch

Produktbeschreibung

Get up to date on the latest FASB, SEC, and AICPA guidelines and best practices

Fair Value Measurement provides hands-on guidance and the latest best practices for measuring fair value in financial reporting. The Financial Accounting Standards Board (FASB), the U.S. Securities and Exchange Commission (SEC), and the American Institute of CPAs (AICPA) have all updated their guidelines for practitioners, and this book details the changes from a practical perspective. This new third edition includes a discussion on Private Company Council accounting alternatives for business combinations and impairment testing, with a detailed example of the Market Participant Acquisition Premium (MPAP), including European and Asian examples and expanded discussion of IFRS.

Fair value measurement guidelines continue to evolve, and this comprehensive reference provides a valuable, up-to-date resource for preparers, auditors, and valuation specialists.
_ Adopt the best practices for implementing the FASB's Topic 820
_ Learn the latest reporting requirements for fair value measurements
_ Understand accounting alternatives for business combinations
_ Examine the details of MPAP in Europe and Asia

Applying fair value measurements to financial statements requires a move away from rules-based standards and toward application of professional judgment. This controversial shift has led to a reliance on valuation specialists, who face their own challenges in applying Topic 820 amidst an economic downturn and recovery, leading to an ever evolving set of best practices. Practitioners must stay up to date, and be aware of the changes as they occur. Fair Value Measurement provides the most recent information and a practical approach to this area of financial reporting.

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Produktdetails

• Wiley Corporate F&A
• Verlag: Wiley / Wiley & Sons
• Artikelnr. des Verlages: 1W119191230
• 3. Aufl.
• Seitenzahl: 512
• Erscheinungstermin: 2. Januar 2020
• Englisch
• Abmessung: 261mm x 184mm x 45mm
• Gewicht: 1073g
• ISBN-13: 9781119191230
• ISBN-10: 1119191238
• Artikelnr.: 48917221

Autorenporträt

MARK L. ZYLA is a Managing Director of Zyla Valuation Advisors, LLC. an Atlanta, Georgia based valuation and litigation consultancy firm. He is a Certified Public Accountant, Accredited in Business Valuation (CPA/ABV), Certified in Financial Forensics (CFF) by the American Institute of Certified Public Accountants (AICPA), a Chartered Financial Analyst (CFA), and an Accredited Senior Appraiser with the American Society of Appraisers certified in Business Valuation (ASA). Mark is the Chairman of the Standards Review Board of the International Valuation Standards Council (IVSC) and has served on the AICPA's Forensic and Valuation Services Executive Committee. Mark was inducted into the AICPA Business Valuation Hall of Fame in 2013.

Inhaltsangabe

Preface xiii

Acknowledgments xix

Chapter 1: The History and Evolution of Fair Value Accounting 1

Why the Trend Toward Fair Value Accounting? 2

History and Evolution of Fair Value 5

Fair Value Accounting and the Economic Crisis 12

The FASB and IASB Convergence Project 17

The Future of Fair Value Measurement 23

Fair Value Quality Initiative for Valuation Specialists 24

Conclusion 26

Notes 26

Appendix 1A: The Mandatory Performance Framework 31

Performance Requirements 31

Conclusion 33

Notes 46

Chapter 2: Fair Value Measurement Standards and Concepts 47

FASB ASC 820, Fair Value Measurement 48

Disclosures 67

Fair Value Option 70

Standards in the Valuation Profession and Fair Value Measurements 77

Conclusion 79

Notes 80

Appendix 2A: Taxes and Fair Value Measurements 81

Summary of Changes under 2017 TCJA 81

Chapter 3: Business Combinations 85

Mergers and Acquisitions 86

Accounting Standards for Business Combinations--A Brief History 88

ASC 805, Business Combinations 90

Other Business Combination Highlights 95

Subsequent Accounting for Goodwill and Other Intangible Assets 99

Conclusion 100

Notes 101

Chapter 4: The Nature of Goodwill and Intangible Assets 103

History of Intangible Assets 104

Intellectual Property 105

Economic Basis of Intangible Assets 106

Identification of Intangible Assets 106

Useful Life of an Intangible Asset 111

Intangible Assets and Economic Risk 112

Goodwill 112

Economic Balance Sheet 114

Conclusion 116

Notes 117

Chapter 5: Impairment 119

Evolution of Impairment Testing 120

Applicable FASB Guidance for Impairment Testing 122

Accounting for the Impairment of Long-Lived Assets 123

Goodwill Impairment Testing--Public Companies 125

Goodwill Impairment--One-Step Impairment Loss 138

Testing Other Indefinite-Lived Intangible Assets for Impairment 139

Amortization of Goodwill 139

Conclusion 140

Notes 140

Appendix 5A: Example of a Qualitative Impairment Analysis--PlanTrust, Inc. 143

Financial Accounting Standards Board ASC 350, Intangibles--Goodwill and Other 143

PlanTrust, Inc. 144

Notes 159

Chapter 6: The Cost Approach 161

The Cost Approach under FASB ASC 820, Fair Value Measurement 162

Economic Foundation for the Cost Approach 164

Cost versus Price versus Fair Value 164

The Role of Expected Economic Benefits in the Cost Approach 166

Reproduction Cost versus Replacement Cost 167

Components of Cost 168

Obsolescence 169

The Relationships Among Cost, Obsolescence, and Value 170

Physical Deterioration 171

Functional (Technological) Obsolescence 172

Economic (External) Obsolescence 173

Applying the Cost Approach 174

Taxes Under the Cost Approach 178

Limitations of the Cost Approach 179

Conclusion 179

Notes 180

Chapter 7: The Market Approach 183

Applying the Market Approach When Measuring the Fair Value of an Entity or a Reporting Unit of an Entity 184

Conclusion 213

Notes 213

Chapter 8: The Income Approach 215

Introduction 215

Discounted Cash Flow Method 216

Multiperiod Excess Earnings Metho