The book argues that accountants overemphasise cost and liquidation value, ignore cashflow and value to a going concern; that they would 'rather be precisely wrong than roughly right'. They therefore distort the values of many tangible and intangible assets, and overstate goodwill, with serious distorting effect. The book supports these arguments, illustrates the harm they do, and discusses how values, and their impact, vary - depending on the party banker, shareholder and situation.
The book argues that accountants overemphasise cost and liquidation value, ignore cashflow and value to a going concern; that they would 'rather be precisely wrong than roughly right'. They therefore distort the values of many tangible and intangible assets, and overstate goodwill, with serious distorting effect. The book supports these arguments, illustrates the harm they do, and discusses how values, and their impact, vary - depending on the party banker, shareholder and situation.
INTRODUCTION - Changes in the Traditional Approach - Need Acceptable View Useful to All - Differences in Background and Use of Accounts - Not All Intangibles the Same - General Principles Which Apply to All? - GOODWILL - Traditional Definition - Accounts Understate Assets, Overstate Goodwill - Value vs. Sale Price - Valuation Without Sale - Amortise Goodwill, Depreciate Tangibles - Summary - BRAND NAMES AND PRODUCTS - Three Criteria for Value - Asset Intangible, Earnings Tangible? - Intangible Asset, Tangible Sale Price? - Replacement Cost - Converting Economic Value to Accounting Value - Doubts About Valuation Techniques - Conservative Yes, Deny No - Weakness is in Valuation even handed! - Obsessed with Cost not Value - CAPITALISED EXPENSES - Genuinely Intangible: Pure Accounting Fabrication - Cost: But Not Asset - Value Reflects Earning Power - Distorts and Conceals - Misguided not Deliberately Misleading - The Place for Accountants to Tighten - USES AND SITUATIONS - Introduction - Accounting Aside - Goodwill - Patents - Brand Names - Ratios and Covenants - Values in Insolvency - Does the Difference Matter? - CONCLUSION - In Stage of Liquidation Analysis - Failure to Adapt to Inflation - Banks Move Forward - Investors and Others - The Need to Focus on Value - Index
INTRODUCTION - Changes in the Traditional Approach - Need Acceptable View Useful to All - Differences in Background and Use of Accounts - Not All Intangibles the Same - General Principles Which Apply to All? - GOODWILL - Traditional Definition - Accounts Understate Assets, Overstate Goodwill - Value vs. Sale Price - Valuation Without Sale - Amortise Goodwill, Depreciate Tangibles - Summary - BRAND NAMES AND PRODUCTS - Three Criteria for Value - Asset Intangible, Earnings Tangible? - Intangible Asset, Tangible Sale Price? - Replacement Cost - Converting Economic Value to Accounting Value - Doubts About Valuation Techniques - Conservative Yes, Deny No - Weakness is in Valuation even handed! - Obsessed with Cost not Value - CAPITALISED EXPENSES - Genuinely Intangible: Pure Accounting Fabrication - Cost: But Not Asset - Value Reflects Earning Power - Distorts and Conceals - Misguided not Deliberately Misleading - The Place for Accountants to Tighten - USES AND SITUATIONS - Introduction - Accounting Aside - Goodwill - Patents - Brand Names - Ratios and Covenants - Values in Insolvency - Does the Difference Matter? - CONCLUSION - In Stage of Liquidation Analysis - Failure to Adapt to Inflation - Banks Move Forward - Investors and Others - The Need to Focus on Value - Index
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