Business valuation plays a key role in transactional matters and financial reporting and is crucial in situations involving arbitration or litigation, particularly shareholder disputes or an assessment of damages where valuation principles are often called upon. This book explores all the key aspects of business valuation for transactions, including the concept of valuation and its principles, context, definitions, process, approaches, terminologies and issues. In addition, the authors explain how purchase price allocation works, how acquired intangible assets are valued in a business combination and how an impairment test for goodwill acquired in a business combination is performed. The definition of fair value and the key concepts of fair value measurement framework required by financial reporting standards are also discussed. Essentially, Business Valuation provides readers with an appropriate framework and knowledge base to understand and learn how business valuation is carried out in a practical sense, and to perform a professional valuation analysis that is theoretically acceptable and legally defensible.
1. Valuation: What, Why and How
2. Valuation: Standards, Communication, and Responsibilities
3. The Market Approach to Valuation
4. The Income Approach to Valuation
5. The Asset-Based Approach to Valuation
6. Issues and Challenges in Valuation
7. Fair Value Accounting and Financial Reporting Standards
8. Purchase Price Allocation and Intangible Assets
9. Impairment Testing for Goodwill
Appendix A International Glossary of Business Valuation Terms
Appendix B State of Play
Index
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Eric Khee Hwee Teo
Eric KH Teo is an Adjunct Associate Professor at the Nanyang Business School, Nanyang Technological University and School of Business & Governance, Murdoch University. He is the Founding and Present Chairman of the Institute of Valuers and Appraisers of Singapore (IVAS) Council and the Present Chairman of the International Valuation Standards Council (IVSC) Membership and Standards Recognition Board. He also sits on the board of the Intellectual Property Office of Singapore (IPOS) and is a member of the IP ValueLab (subsidiary of IPOS) Advisory Panel. Mr. Teo was the Executive Director of Ernst & Young (EY) Solutions LLP and served as the Asia Pacific Leader for the EY Valuation & Business Modelling Technical Standards Group. His professional experience includes providing corporate advice in various fields related to strategic finance, business valuation, litigation support, mergers and acquisitions and so on. Mr. Teo is a Chartered Valuer and Appraiser (CVA) and currently a Fellow of the ISCA, CPA Australia, RICS and is a Senior Fellow of Finsia.
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Buen Sin Low
Buen Sin Low is the Associate Dean and the Associate Professor of Finance at the Nanyang Business School, Nanyang Technological University. He has been a regular contributor to finance literature in journals such as the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Futures Markets and the Journal of Business Finance and Accounting. Professor Low has also been the recipient of numerous awards for outstanding teaching, including the NTU Best Teacher Award for the Banking and Finance Division. His areas of expertise include valuation, derivatives and structured products and financial risk management. Professor Low is actively involved in industry consultation and conducts training for major organizations across different countries. He is also presently the council member for the Institute of Valuers and Appraisers of Singapore, and a member of the Learning and Assessment Committee—Professional Programme, Singapore Accountancy Commission. He is a Chartered Valuer and Appraiser (CVA), Chartered Financial Analyst (CFA) and Chartered Accountant of Singapore.
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Jason Thuan Hai Doan
Jason Doan Thuan Hai is a Director at a Big 4 accounting firm in Singapore and has more than 14 years of working experience in various financial advisory and valuation work. Mr. Doan has conducted valuations of companies, businesses, equity interests, shares, options as well as intangible assets in Singapore, USA and in the region. He specialises in valuation for business strategy, transactions, tax, statutory and financial reporting purposes and has been involved in a number of complex valuations for dispute resolution or litigation support with regard to assessment of damages. Previously, Mr. Doan worked with a regional law firm and assisted in the setting-up of the office as well as business development in an ASEAN country. He is a Chartered Valuer and Appraiser (CVA) and currently a Chartered Accountant of Singapore.
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Provides a clear explanation of the valuation process and explores all key aspects of business valuation including concepts, terminologies and various valuation approaches.
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Covers business valuation for transactions and the fair valuation for financial reporting (based on IFRS).
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Includes several examples that can be applied to real-life scenarios.
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Discusses and follows the IVSC's valuation standards.
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Addresses the common errors in business valuation.
-
Provides a clear explanation of the valuation process and explores all key aspects of business valuation including concepts, terminologies and various valuation approaches.
-
Covers business valuation for transactions and the fair valuation for financial reporting (based on IFRS).
-
Includes several examples that can be applied to real-life scenarios.
-
Discusses and follows the IVSC's valuation standards.
-
Addresses the common errors in business valuation.
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