chap9,Valuation of intangible assets无形资产评估.pdf

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1、Valuation of intangible assets姜涛 山东财经大学姜涛 山东财经大学2 2Real Property ValuationIntroductionScopeDefinitionsRelationship to accounting standardsGuidance NotesEffective date姜涛 山东财经大学姜涛 山东财经大学3 31.0 Introduction1.4 Care should be taken by valuers and users of valuation services to distinguish between the va

2、lue of individual,identifiable intangible assets and going concerns.姜涛 山东财经大学姜涛 山东财经大学4 42.0 Scope姜涛 山东财经大学姜涛 山东财经大学5 53.0 Definitions3.1 Bookvalue3.1.1 with respect to assets,the capitalised cost of an asset less accumulated depreciation,depletion,or amortisation as it appears on the account books

3、of the business.3.1.2 with respect to a business entity,the difference between total assets and total liabilities of a business as they appear on the balance sheet.In this case,book value is synonymous with net book value,net worth,and shareholders equity.姜涛 山东财经大学姜涛 山东财经大学6 63.0 Definitions3.3 capi

4、talisationAt a given date,the conversion into the equivalent capital value of net income or a series of net receipts,actual or estimated,over a period.3.4 capitalisation factor3.5 capitalisation rate姜涛 山东财经大学姜涛 山东财经大学7 73.0 Definitions3.6 Cash flow3.6.1 Gross Cash Flow,net income after taxes,plus no

5、n-cash items such as depreciation and amortisation.3.6.2 Net Cash Flow,during an operating period,that amount of cash that remains after all cash needs of the business have been satisfied.3.6.3 Equity net cash flow,net income after taxes,plus depreciation and other non-cash charges,less increases in

6、 working capital,less capital expenditures,less decreases in invested capital debt principal,plus increases in invested capital debt principal.姜涛 山东财经大学姜涛 山东财经大学8 83.0 DefinitionsGoing concernAn operating business.An entity is normally viewed as a going concern,that is,as continuing in operation for

7、 the forseeable future.It is assumed that the entity has neither the intention nor the necessity of liquidation or curtailing materially the scale of its operations.姜涛 山东财经大学姜涛 山东财经大学9 93.0 Definitions3.12 GoodwillFuture economic benefits arising from assets that are not capable of being individuall

8、y identified and separately recognised.姜涛 山东财经大学姜涛 山东财经大学10103.0 Definitions3.14 Intangible assetsassets that manifest themselves by their economic properties.They do not have physical substance;they grant rights and privileges to their owner and usually generate income for their owner.Intangible as

9、sets can be categorised as arising from Rights,relationships,grouped intangibles,or intellectual property.资产评估准则资产评估准则-无形资产指出，无形资产是批特定主体所控制的，不具有实物形态，对生产经营无形资产指出，无形资产是批特定主体所控制的，不具有实物形态，对生产经营长期发挥作用且能带来发挥作用且能带来经济利益的资源。的资源。姜涛 山东财经大学姜涛 山东财经大学11113.14.1 rightsRights exist according to the terms of a contr

10、act,written or unwritten,that is of economic benefit to the parties.姜涛 山东财经大学姜涛 山东财经大学12123.14.2 relationshipsRelationships between parties are normally non-contractual,can be short lived,and can have great value to the parties.姜涛 山东财经大学姜涛 山东财经大学13133.14.3 grouped intangiblesGrouped intangibles are

11、the residual intangible asset value left after all identifiable intangible assets have been valued and deducted from total intangible asset value.Grouped intangibles are often called goodwill.姜涛 山东财经大学姜涛 山东财经大学14143.14.4 intellectual propertyIntellectual property is a special classification of intan

12、gible assets because it is usually protected by law form unauthorised use by others.姜涛 山东财经大学姜涛 山东财经大学1515Identification of intangibles姜涛 山东财经大学姜涛 山东财经大学16163.0 Definitions3.14.5 the accounting profession limits the recognition of individual intangible assets to those that are commonly recognisable,

13、have a statutory or contractual remaining life,and must be individually transferable and separable from the business.姜涛 山东财经大学姜涛 山东财经大学17173.0 Definitions3.27 value in useThis value type focuses on the value that specific property contributes to the entity of which it is a part without regard to the

14、 propertys highest and best use or the monetary amount that might be realized upon its sale,value in use is the value specific property has for a specific use to a specific user and is,therefore,non-market related.姜涛 山东财经大学姜涛 山东财经大学18184.0 Relationship to accounting standards姜涛 山东财经大学姜涛 山东财经大学19195.

15、0 Guidance 5.7 factors to be considered by the intangible asset valuer include:5.7.1 the rights,privileges,or conditions that attach to the ownership interest.5.7.2 remaining economic life 5.7.3 the earnings capacity 5.7.4 the nature and history of the intangible assets 5.7.5 the economic outlook 5.

16、7.6 the outlook of the specific industry 5.7.7 goodwill 5.7.8 prior transactions姜涛 山东财经大学姜涛 山东财经大学20205.8 Intangible asset valuation approachesSales comparisonIncome capitalisationDirec capitalisation of incomeDiscounted cash flow analysisThe cost approach姜涛 山东财经大学姜涛 山东财经大学21215.9 reconciliation pro

17、cess5.9.2.2 the valuer must use judgment when determining the relative weight to be given to each of the value indicationsderived during application of the valuation process.The valuer should provide the rationale and justification for the valuation methods used and for the weighting of the methods relied on in reaching the reconciled value conclusion.