The Experts below are selected from a list of 15150 Experts worldwide ranked by ideXlab platform
Lori Holderwebb - One of the best experts on this subject based on the ideXlab platform.
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auditing intangible assets and evaluating Fair Market Value the case of reacquired franchise rights
Issues in Accounting Education, 2009Co-Authors: Mark J Kohlbeck, Jeffrey R Cohen, Lori HolderwebbAbstract:ABSTRACT: The Roman Holiday Pizza Paradise case provides a setting that requires students to understand and perform procedures related to the audit of a Fair Value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect—auditing Fair Market Values—a concept that is increasing in importance as financial accounting standards evolve toward a Fair Value basis and one that requires the development of auditor judgment. Planning activities as well as performance of year‐end auditing procedures are included in this self‐contained module that incorporates client interaction and obtained external evidence.
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auditing intangible assets and evaluating Fair Market Value the case of reacquired franchise rights
Social Science Research Network, 2009Co-Authors: Mark J Kohlbeck, Jeffrey R Cohen, Lori HolderwebbAbstract:The Roman Holiday Pizza Paradise case provides an audit setting that requires students to understand and perform procedures related to the audit of a Fair Value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect - auditing Fair Market Values - a concept that is increasing in importance as financial accounting standards evolve and requires a significant level of auditor judgment. Planning activities as well as performance of year-end auditing procedures are included in this self-contained module that incorporates client interaction and obtained external evidence.
Bruce Huber - One of the best experts on this subject based on the ideXlab platform.
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the Fair Market Value of public resources
Social Science Research Network, 2015Co-Authors: Bruce HuberAbstract:Government agencies and officials are regularly criticized for selling public assets at a loss. Such criticisms arise in a host of contexts, ranging from sales of real estate and natural resources to sales involving intangibles, such as the right to broadcast over the airwaves or to operate a toll road or a set of parking meters. Underpriced resource sales prompt concerns that a small set of private entities are unjustly enriched by transactions that should properly benefit the public as a whole.This Article explores the problem of public resource sales with particular reference to natural resources managed by the federal government. Lands owned by the United States hold trillions of dollars’ worth of natural resources. Federal agencies earn billions in annual revenue from resource sales, yet critics assert that billions more could be reaped if resources were sold for a Fair price. Although federal law has increasingly required that agencies price resources at Fair Market Value, this requirement is surprisingly difficult to interpret and even more difficult to implement and enforce. This Article analyzes the various forces that bear on public resource transactions and details the problems that continue to plague these transactions, explaining why federal institutions are commonly unable to satisfy the Fair Market Value standard. It argues that natural resource law should invoke procedural safeguards to protect against the undue influence of incumbent resource users and assure the public a Fair return on resource sales. In so doing, it sheds light on how public institutions deal in the Marketplace and how public ownership affects the Value of property.
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the Fair Market Value of public resources
California Law Review, 2015Co-Authors: Bruce HuberAbstract:Government agencies and officials are regularly criticized for selling public assets at a loss. Such criticisms arise in a host of contexts, ranging from sales of real estate and natural resources to sales involving intangibles, such as the right to broadcast over the airwaves or to operate a toll road or a set of parking meters. Underpriced resource sales prompt concerns that a small set of private entities are unjustly enriched by transactions that should properly benefit the public as a whole.
Mark J Kohlbeck - One of the best experts on this subject based on the ideXlab platform.
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auditing intangible assets and evaluating Fair Market Value the case of reacquired franchise rights
Issues in Accounting Education, 2009Co-Authors: Mark J Kohlbeck, Jeffrey R Cohen, Lori HolderwebbAbstract:ABSTRACT: The Roman Holiday Pizza Paradise case provides a setting that requires students to understand and perform procedures related to the audit of a Fair Value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect—auditing Fair Market Values—a concept that is increasing in importance as financial accounting standards evolve toward a Fair Value basis and one that requires the development of auditor judgment. Planning activities as well as performance of year‐end auditing procedures are included in this self‐contained module that incorporates client interaction and obtained external evidence.
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auditing intangible assets and evaluating Fair Market Value the case of reacquired franchise rights
Social Science Research Network, 2009Co-Authors: Mark J Kohlbeck, Jeffrey R Cohen, Lori HolderwebbAbstract:The Roman Holiday Pizza Paradise case provides an audit setting that requires students to understand and perform procedures related to the audit of a Fair Value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect - auditing Fair Market Values - a concept that is increasing in importance as financial accounting standards evolve and requires a significant level of auditor judgment. Planning activities as well as performance of year-end auditing procedures are included in this self-contained module that incorporates client interaction and obtained external evidence.
Jeffrey R Cohen - One of the best experts on this subject based on the ideXlab platform.
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auditing intangible assets and evaluating Fair Market Value the case of reacquired franchise rights
Issues in Accounting Education, 2009Co-Authors: Mark J Kohlbeck, Jeffrey R Cohen, Lori HolderwebbAbstract:ABSTRACT: The Roman Holiday Pizza Paradise case provides a setting that requires students to understand and perform procedures related to the audit of a Fair Value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect—auditing Fair Market Values—a concept that is increasing in importance as financial accounting standards evolve toward a Fair Value basis and one that requires the development of auditor judgment. Planning activities as well as performance of year‐end auditing procedures are included in this self‐contained module that incorporates client interaction and obtained external evidence.
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auditing intangible assets and evaluating Fair Market Value the case of reacquired franchise rights
Social Science Research Network, 2009Co-Authors: Mark J Kohlbeck, Jeffrey R Cohen, Lori HolderwebbAbstract:The Roman Holiday Pizza Paradise case provides an audit setting that requires students to understand and perform procedures related to the audit of a Fair Value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect - auditing Fair Market Values - a concept that is increasing in importance as financial accounting standards evolve and requires a significant level of auditor judgment. Planning activities as well as performance of year-end auditing procedures are included in this self-contained module that incorporates client interaction and obtained external evidence.
Peter C Dawson - One of the best experts on this subject based on the ideXlab platform.
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finding the fact of Fair Market Value in litigation clarifying the substantive distinction between concepts of Value is imperative
Social Science Research Network, 2019Co-Authors: Peter C DawsonAbstract:A substantive distinction between the Fair Market Value Standard’s (FMVS) Hypothetical Marketplace and the real-world Marketplace, for inactively-traded assets, must exist, else the court could calculate real-world Market Value instead of the more onerous abstract, hypothetical Fair Market Value (FMV). The appraisal community has exhibited, for years, a reluctance to acknowledge that substantive distinction, yet who can legitimately address/analyze/litigate the fact of FMV without, first, objectively clarifying the distinct nature of the Hypothetical Marketplace? There is an absolute “necessity of a Fairly precise definition of Value as a prerequisite to the intelligent discussion of evidence” of Value (Bonbright 1937). It is of fundamental relevance to all appraisals performed under the FMVS, and, contrary to prevalent appraisal practice and legal precedent, that substantive distinction has been with us — in Revenue Ruling 59-60 — since 1959. Though FMV determinations continue to be unbounded, in practice, by a well-defined Market structure, we readily ascertain — through straightforward application of Microeconomics — the Hypothetical Marketplace is competitive. Competitive Market price, generated therein, equals FMV (per share). FMV cannot be divorced from the underlying competitive Market structure that establishes it.
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do adjustments in Value for non systematic risk violate the Fair Market Value standard
Social Science Research Network, 2017Co-Authors: Peter C DawsonAbstract:Generally-accepted appraisal practice assumes the Hypothetical Buyer is not well-diversified because the typical real-world buyer does not possess sufficient wealth to own a well-diversified portfolio with assets each in similar Value to the subject closely-held interest under appraisal (e.g., see Estate of Hendrickson v. Commissioner, T.C. Memo 1999-278, 78 T.C.M. (CCH) 322). This reflects a failure to appreciate the “distinction, in all its implications” (Bonbright 1937, p.16) between the purely fictional Hypothetical Buyer and the typical real-world buyer; “The world of Fair Market Value is not the real world”; it is not “populated by real people” (Mercer and Brown 1999, p.16). “The particular characteristics of these hypothetical persons are not necessarily the same as those of any specific individual or entity” (Estate of Noble v. Commissioner (T.C. Memo. 2005-2), p.12), such as the typical real-world investor. Fair Market Value is determined under hypothetical Market “conditions other than those that actually exist” in real-world Markets (Bonbright 1937, p.27). “[‘]The effort is to find out not what a real buyer and a real seller, under conditions actually surrounding them, do, but what a purely imaginary buyer will pay a make-believe seller, under conditions which do not exist[’]” (Bonbright 1937, p.61, citing McGill v. Commercial Credit Co. (243 Fed. 637, 647 (D. Md. 1917))). Being simultaneously financially able, well-informed, and rational, all Hypothetical Investor-Buyers are defined to possess the following concurrent characteristics: All (a.) command the financial resources needed to purchase the subject closely-held interest, (b.) know the benefits of diversification, and (c.) behave rationally by investing in a well-diversified portfolio of assets — each in a similar dollar amount to the subject interest — prudently aimed at maximizing portfolio return. Always rational and well-diversified, no Hypothetical Buyer requires any form of discount in Value for non-systematic risk.
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the economics of valuing covenants not to compete under the Fair Market Value standard
Social Science Research Network, 2014Co-Authors: Peter C DawsonAbstract:Inaccurate damage awards for contract breach, due to inaccurate valuations, create incentives for inefficient contracting going forward, which inhibits trade and economic welfare. This paper’s purpose is to help the Court evaluate the merits of covenant not to compete (CNC) appraisals under the Fair Market Value Standard (FMVS) by understanding the underlying economics. The economic implications of the FMVS’s required assumptions form a basis for several well-founded challenges to generally-accepted business valuation practice. Substantive details, in addition to overview, make this paper an important reference for the practicing appraiser. A general mathematical CNC valuation model, including baseline assumptions for the typical CNC, is provided. A substantive, complete, and compelling analysis should accompany each departure from the baseline assumptions. While some view mathematical precision in a subjective analysis as conveying a false appearance of accuracy, disclosed input Values guard against undue reliance on appraiser judgment, facilitates effective peer scrutiny, and promotes consistent Value conclusions across appraisals of a given CNC.
