RULES AND GUIDANCE IN PRESENTING ASSET VALUES in .NET framework

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413 RULES AND GUIDANCE IN PRESENTING ASSET VALUES
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(h) A REAL CHALLENGE IS VALUING A CLOSELY HELD BUSINESS Can a business with liabilities in excess of it assets have value Answer It all depends on the facts One business that had a negative net worth sold for approximately $4 million dollars due to the intangibles of a customer list and its established name The challenge is nding those assets Another company was worth more than it would appear due to its trained and in place work force If the person has a material investment in a closely held business that is conducted as a separate entity, the statement should disclose:
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The name of the company The person s percentage of ownership The nature of the business Summarized nancial information on the company s assets, liabilities, and results of opera-
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tions, based on the company s nancial statements for the most recent year
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The basis of presentation of the company s statements, such as GAAP, tax, or cash Any signi cant loss contingencies
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Determining the estimated current value of an investment in a closely held business, whether a proprietorship, partnership, joint venture, or corporation, is notoriously dif cult The objective is to approximate the amount at which the investment could be exchanged, on the date of the statement, between a well-informed and willing buyer and seller, neither of whom is compelled to buy or sell This value is presented as a single item in the statement of nancial condition, and a condensed balance sheet of the company should be presented in the notes SOP 82 1 recognizes several methods, or combinations of methods, for determining the estimated current value of a closely held business:
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Appraisals Multiple of earnings Liquidation value Reproduction value Discounted amounts of projected cash receipts Adjustments of book value Cost of the person s share of the equity of the business
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SOP 82 1 says that if there is an existing buy-sell agreement, specifying the amount that the person will receive when he/she withdraws, retires, or sells out, it should be considered, but that it does not necessarily determine estimated current value While all of the methods listed above are valid valuation methods, the dif culty is determining which method or methods are most appropriate for the particular business being valued It is also important to keep in mind that estimated current value is based on the accrual basis of accounting If the business being valued keeps it books on the cash or tax basis of accounting, the amounts utilized in determining the estimated current value should be adjusted to the accrual basis A question that SOP 82 1 does not address is whether an accountant preparing a personal nancial statement should try to value a closely held business at all Competence in valuing businesses requires a considerable degree of specialized knowledge, and often accountants litigation liability coverage excludes valuations In addition, the Professional Ethics Executive Committee (PEEC) of the AICPA has issued Interpretation 101 3 Performance of Nonattest Services This interpretation states that independence would be impaired if a member performs an appraisal or valuation service for an attest client where the results of the service, individually or in the aggregate, would be material to the statements, and the appraisal or valuation involves a signi cant degree of subjectivity Since valuations and appraisals generally involve a signi cant degree of subjectivity, independence would often be
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PERSONAL FINANCIAL STATEMENTS
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impaired if the valuation were performed by the accountant issuing a report on the statement For these reasons, the CPA may refrain from valuing the business interest himself or herself quali ed appraisers are often readily accessible to value the business There are various business valuation accrediting organizations Some of the best known are the ABA (Accreditation in Business Valuation, by the AICPA) the ASA (Accredited Senior Appraiser of the American Society of Appraisers) the CBA (Certi ed Business Appraiser, of the Institute of Business Appraisers) Such organizations generally set standards for objectivity and report preparation and require qualifying examinations and appraisal experience to receive the credential Additionally, to be an ABA, the candidate must be a CPA (i) REALTY (i) Location, Location, Location Estimated current values may be based on the following:
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Sales of similar properties in similar circumstances The discounted amounts of projected cash ows from the property Appraisals based on estimates of selling prices and selling costs obtained from independent
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