Accounting Based Valuation Models

La  preocupación  por  el  aumento  de  los  problemas  medioambientales  ha  llevado  a  la  contabilidad  a  plantearse  el  problema  de  cómo  influir  en  las  actividades  humanas  de  tal  manera  que  éstas  se  desarrollen  en  equilibrio  con  el  medioambiente.  Por  tanto,  en  el  presente  artículo  se  analizarán  las  posibles relaciones entre la contabilidad y la crisis ambiental. Acto seguido, se estudiará la manera en que se ha pretendido abordar tal problemática desde el enfoque de las Normas Internacionales, concluyendo de este acápite que resulta  imperante  pensar-se  un  sistema  contable  que  contemple  la  parte  económico-financiera  de  las  empresas,  evidencie  el  nivel  de  explotación  de  los  recursos  naturales  y  el  nivel  de  contaminación  medioambiental.  Así  pues,  presentamos  esta  iniciativa  la  cual  considera  una  posible  integración  del  Sistema  de  Costeo  Integral-ABC,  el  SCAI  colombiano  y  el  concepto  de  Biocapacidad,  esperando  que  pueda  convertirse  en  una  herramienta  útil  para los propósitos antes enunciados.

Concern  for  the  increasing  environmental  problems  has  led  to  accounting  to  consider  the  problem  of  how  human  activities  influence  so  that  they  develop  in  balance  with  the  environment.  Therefore,  in  this  article  the  possible relationships between accounting and environmental crisis will be discussed. Then , we consider how we have tried to address this problem from the approach of the International Standards, in concluding this section that it is imperative to think - is an accounting system that addresses the economic and  financial  side  of  the  business  ,  evidencing  the  level  exploitation  of  natural resources and the pollution level environment. Thus, we present this initiative  which  considers  a  possible  integration  of  Integral-  Based  Costing  ABC, Colombian SCAEI and the concept of biocapacity, hoping it can become a useful tool for the aforementioned purposes.

El objetivo de la investigación es evaluar la relación del retorno esperado del precio de las acciones de las empresas que cotizan en el mercado integrado latinoamericano (MILA) frente a la divulgación del dictamen del auditor en un periodo 2011-2017, siguiendo la metodología de estudio de eventos (i) CAR; (ii) Fama & French; (iii) BHAR, además test de ARCH, correlaciones tradicionales y cópulas gaussianas. Se identificó que la publicación del dictamen es significativo, sin embargo, no existe una significancia estadísticamente representativa al momento de hacer un modelo de regresión multivariable y de correlación para la relación entre el dictamen y el comportamiento de los precios en los países participantes del MILA.

RESUMEN La valoración de empresas, tradicionalmente, no ha recibido una atención prioritaria en el campo de la investigación empírica. En la actualidad se aprecia un importante desarrollo profesional que demanda información sobre la aplicación práctica de los fundamentos metodológicos de la valoración de empresas. En general los estudios empíricos a nivel internacional revelan divergencias entre la teoría y la práctica en diferentes aspectos del proceso valorativo. 914 ARTÍCULOS DOCTRINALES Alfonso A. Rojo Ramírez y Domingo García Pérez de Lema La Valoración de Empresas en España: un estudio empírico (1) «Existen muy pocos países de la OCDE que incluyan estadísticas sobre fusiones y adquisiciones dentro de sus datos oficiales» [FMI, 2004]. Para España puede verse el informe de KPMG [2004]. (2) En la actualidad denominada «Asociación Profesional de Sociedades de Valoración» [www.atasa.com]. ARTÍCULOS DOCTRINALES 915 Alfonso A. Rojo Ramírez y Domingo García Pérez de Lema La Valoración de Empresas en España: un estudio empírico (3) El concepto de valor económico es utilizado aquí en su sentido concreto, esto es, el valor intrínseco del bien o valor sustancial.

In the 1990s Italy started a public sector administrative reform process consistent, in general terms, with the New Public Management movement. In particular, changes have been introduced in the budgeting and accounting systems of the State, municipalities, health care bodies, etc. In the same years an institutional reform also started and a strong power devolution process began to be realised; a shift to a federal form of the State seems to be the goal. Stating form the challenges coming from the devolution process, the article questions 1) if it is possible to find some shared features in theh reformed accounting systems of the different public sector organisation categories, and to shape in this way on or more accounting Italian models, and 2) if these models have an information capacity adequate to sustain the information needs- in terms of accountability, government co-ordination and decision making- emerging from the devolution process. The information needs in a devolved envi...

This article examines the topic of radio station valuation. A review of the key academic literature on station valuation is presented, followed by a discussion of the various models used by media industry brokers to systematically determine the value of a radio acquisition. The concluding section of the article discusses the implications of these models and their relationship to the literature on radio station valuation. Appraisal of a broadcasting station for the purpose of sale is an activity involving considerable risk and even more guesswork. It is very hard to determine value, particularly when the purchase price is determined more by intangible assets and prospects than real property, and a cursory examination of the public record of the purchase price yields insufficient information about these prospects, assets and attributes. (Deutschmann & Emery, 1961, p. 219) The above quotation from Deutschmann and Emery (1961) is found in the first study published in an academic journal to assess the value of a radio station. The authors examined Federal Communications Commission (FCC) transfer of control documents concerning the sale of radio stations in 1958 in an attempt to identify the key variables that influenced radio station value. Using multiple correlation analysis, Deutschmann and Emery identified the most important variables as advertising rate per minute (60-second commercials were most common then), followed by estimated station revenue, a "prosperity index" based on market economic data, and the size of the population. Although their study produced some important descriptive information, Deutschmann and Emery lamented that "the major portion of the variation remains unexplained" (p. 227). They called for new data to help better explain values, and they listed audience share data within a market as a logical next step. This article examines the valuation of broadcast radio stations to learn how our understanding of station values has evolved since the Deutschmann and Emery (1961) study. Only a few studies related to broadcast station values have been published since the 1980s. This dearth is ironic given the fact that during the 1980s and 1990s, station trading soared due to relaxation of multiple ownership policies by the FCC.

The definitions of the elements identify their main traits, but their purpose, the reason for their presence in the financial statements is ensured by meeting the recognition criteria.The current concerns of accounting regulatory organisms in setting and developing the elements and the common conceptual Framework have materialized by setting recognition criteria, that help to achieve a more accurate position of elements in the financial statements, thus creating credibility and relevance of the information contained within it. This study follows, by comparison, recognition criteria of elements presented in financial statements in various accounting referential meaning.

Our paper represents a pleading for fair value in the specific case of valuating inventories. The real significance and implications of fair value can only be seen after analyzing the topic from different points of view concerning all involved actors. Therefore we have based our ...

Esta investigación evidencia distintas entidades internacionales que emiten e incentivan la discusión de la temática de las normas de valoración en el nuevo sistema de información contable. Así, dichas normas son un factor dinamizador de la nueva contabilidad hacía el informe financiero, a través del reconocimiento, la mensuración y la divulgación, permitiendo mayor consistencia y comparabilidad entre las organizaciones. Por ello y después de una revisión de la literatura, se analizan las normas de valoración publicadas por distintas entidades o agencias de valoración al nivel internacional, presentando las perspectivas más relevantes, sin dejar de reseñar los debates más importantes que en la actualidad se están planteando

Accounting is currently a very dynamic field at international level. Accounting information or its derivatives comprise an important segment of the information conveyed in the economic environment. Therefore, accounting is considered by some authors as the most important information source of a nation. Widening and diversifying the request for information from the scope of financial accounting is generated by modernization and restructuring economy and society development as a whole. In these circumstances, accounting has a very important role. Establishing decision based on a real, pertinent, relevant, timely information system insures a performance administration, management of the current situation, with many phenomena of crisis. Accounting involves the perception of real which is based on a conceptual system, which means that the entire accounting system is based on a set of objectives, postulates, principles, rules and regulations. When different objects are placed in different...

Accounting is currently a very dynamic field at international level. Accounting information or its derivatives comprise an important segment of the information conveyed in the economic environment. Therefore, accounting is considered by some authors as the most important information source of a nation. Widening and diversifying the request for information from the scope of financial accounting is generated by modernization and restructuring economy and society development as a whole. In these circumstances, accounting has a very important role. Establishing decision based on a real, pertinent, relevant, timely information system insures a performance administration, management of the current situation, with many phenomena of crisis. Accounting involves the perception of real which is based on a conceptual system, which means that the entire accounting system is based on a set of objectives, postulates, principles, rules and regulations. When different objects are placed in different areas, the differentiation between real and ideal is only formal.

Accounting is currently a very dynamic field at international level. Accounting information or its derivatives comprise an important segment of the information conveyed in the economic environment. Therefore, accounting is considered by some authors as the most important information source of a nation. Widening and diversifying the request for information from the scope of financial accounting is generated by modernization and restructuring economy and society development as a whole. In these circumstances, accounting has a very important role. Establishing decision based on a real, pertinent, relevant, timely information system insures a performance administration, management of the current situation, with many phenomena of crisis. Accounting involves the perception of real which is based on a conceptual system, which means that the entire accounting system is based on a set of objectives, postulates, principles, rules and regulations. When different objects are placed in different...

The approach of the Romanian public accounting change is determined mainly by the EU accession process, namely the need for convergence with the accounting system specific economic entities. Assessing the need for harmonization and convergence in the accounts of public institutions - giving rise to increasing valence information, management and vital decision-making to raise awareness of institution cost structure and their characteristics - is the focus of our study. Need of accession of all accounting systems to a common system is a process which is done through the international accounting standardization and will ultimately allow overcoming obstacles in terms of international comparisons.

The organizational change of Film Commissions in Italy, from service agencies to drivers for the creative film industries, is the result of the ongoing evolution from a state-controlled industry to a new kind of industrial cooperation at territorial level. This research deepens the Apulia case and shows both the increasing leading role of Film Commissions in the Apulia region – in order to improve the competitiveness of the system – and the positive effects on the territory measured through the analysis of audiovisual firms. Finally, the research shows the strengthening of community engagement thanks to the promotion and support tools (festivals, networks, etc.) for the creation of value.

The market value, as a method of measuring the right value, also provides the highest objectivity due to the fact that it is based on information exterior to the entity, impossible to influence in any way. For the fair value of a product to be equivalent to the market value, a prerequisite needs to be followed: the market must be

Determining the value of a privately held firms confound those in academia as well as practitioners in the fields of appraisal, forensic accounting, and law. Divergent parties to the transfer look to apply the valuation technique to serve their own best interests. This paper seeks to explore how agency theory induces owners to choose the form of their businesses at inception and how this choice will affect the appraisers' valuation of the firm at the transfer of ownership.

Accounting is currently a very dynamic field at international level. Accounting information or its derivatives comprise an important segment of the information conveyed in the economic environment. Therefore, accounting is considered by some authors as the most important information source of a nation. Widening and diversifying the request for information from the scope of financial accounting is generated by modernization and restructuring economy and society development as a whole. In these circumstances, accounting has a very important role. Establishing decision based on a real, pertinent, relevant, timely information system insures a performance administration, management of the current situation, with many phenomena of crisis. Accounting involves the perception of real which is based on a conceptual system, which means that the entire accounting system is based on a set of objectives, postulates, principles, rules and regulations. When different objects are placed in different areas, the differentiation between real and ideal is only formal.

All over the time, the accounting theorists and practitioners focused their attention on the synthesis accounting documents because, by means these documents, the financial position and the corresponding results are periodically rendered. Thus it is essential that the way this presentation is made should allow both some accurate comprehension of any company's economic reality and carrying on comparative analyses and forecasts regarding its subsequent evolution. This is the very reasons for having been looked for an adequate model to help these purposes to be accomplished. Hence, a series of balance sheet theories issued. The aim our paper hints at was to point out some theoretical aspects, specific to the classic theories on the balance-sheet, aspects that still prove to be present interest.

In this study, the impacts of right offerings announcements on the returns of shares are analysed. Right offerings means to have the rigth of receiving new shares in proportion to shares on hand when the corporation issues new shares for outsourcing capital increase. In this study, before and after the right issue announcements, the abnormal returns (AR) of shares of the banks in Istanbul Exchange Market-100 calculated and the return changes are analysed.

This article was composed of accounting valuation bases. The historical cost evaluation regime and fair value-based evaluation model are compared by considering certainty, uncertainty, and sustainability. The article primarily deals with the structures, principles of recognition of the elements incorporated in the assessment of evaluation models and their applications in Romania in the 2000s. Recognition of evaluation models is highlighted by addressing a specific conceptual framework-the criteria are underlying the specific recognition of the different types of approach patrimony and their sustainability. Thus, the general states pair criteria for recognition, resulting in tandem: utility calculating the expense and assessing the valuation. The criteria found in the IASB Framework and Romania applications are retained in the adaptation the period of the 2000s from a closed economy to western type liberal economy, in general recognition that elements in the evaluation of any company, regardless of accounting to which circumscribe referential, without excluding the necessary details in the presentations of accurate financial statements. The findings have been presented with the support of tables composed of the users' current applications.

Valuation is the process of finding the current net worth of the company or finding the fair & market rate of particular company by consider the market rate of the asset of the company, capital structure of the company. For calculating the current net-worth of the company researcher used APV model for the study. Objective of the paper is to find out the current net-worth of the company, the researcher adopted analytical research method. FCFF, WACC, ROIC and growth rate are data analysis tools used for the study are. From this research it is found that company has to focus on increasing its profit by reducing its expenses. Company has to improve their operations in order to increase in the return on invested capital.

RESUMEN El objetivo de este trabajo es realizar una exposición sobre los métodos clásicos más im-portantes para la valoración de empresas y ofrecer una combinación adecuada de ellos que ayude al experto en la realización de su trabajo. Para ello, tras plantear de forma genérica el problema que suscita la valoración de empresas, hemos recogido los distintos métodos disponibles agrupándolos en función de su enfoque operativo en: métodos basados en el patrimonio de la empresa y en la in-formación contable, métodos basados en la capacidad de generación de rentas de la empresa, méto-dos compuestos y métodos comparativos.

En presente artículo trata el fondo de comercio desde un punto de vista normativo y crítico con la finalidad ayudar a una mejor comprensión del mismo en los procesos de evaluación y valoración del mismo. Se analizar en primer lugar el fondo de comercio desde un punto de vista económico para definir adecuadamente el concepto de fondo de comercio intrínseco. En segundo lugar se realiza un análisis contable de dicho fondo poniendo de manifiesto las dificultades de aplicación de la normativa, incluido el fondo de comercio negativo. Por último, se realiza un estudio del tratamiento fiscal y su incidencia práctica

Son diversos los conceptos de riesgo que deben ser tomados en cuenta en la aplicación de los modelos de mercado para el cálculo de la tasa de descuento. En la valoración de empresas, existe un riesgo predominante, sobre todo en la valoración de no cotizadas, al que se debe enfrentar el inversor en la colocación de sus recursos: la iliquidez.
En la valoración inversiones que soportan costes de transacción y la imposibilidad de negociarse de una forma rápida, son dos los posibles procedimientos para reconocer este hecho: reducir el valor calculado por los costes de transacción, o elevar la tasa mínima de rentabilidad exigida por el inversor. El Documento no 7 de Valoración de empresas de AECA [2005:38], propone la utilización de este segundo procedimiento.
Esta investigación analiza la literatura existente que se ha encargado de recoger y analizar la problemática entorno a la iliquidez de las inversiones. En concreto, los trabajos se enmarcan dentro de dos ámbitos diferenciados: el mercado señala la existencia de una relación positiva entre rentabilidad exigida y nivel de iliquidez, siendo los inversores recompensados con una prima de iliquidez ante situaciones arriesgadas; mientras que la práctica profesional, ha desarrollado diferentes metodologías para calcular el descuento aplicable al valor final de la inversión en situaciones de iliquidez: la aproximación IPO, la aproximación RS y la aproximación por comparación.

MorganStanley, KPMG, y e-valora, entre otros. Los miembros de las citadas empresas, de reconocido prestigio en el panorama nacional e internacional de valoración, aunque con diversidad de opiniones en cuanto a la necesidad de detalle, coinciden en su utilidad, aunque aún es escaso su empleo en las tareas diarias de valoración.

Valor, precio y mercado En múltiples ocasiones, impartiendo algún seminario o conferencia sobre valoración de empresas, los asistentes me han preguntado o se han pronunciado sobre la subjetividad del valor. Habitualmente señalan que el modelo de descuento de flujos de efectivo o tesorería (MDFT) permite llegar a valores muy diversos según quien sea el valorador e, incluso, el fin último que guía a éste.

Accounting is currently a very dynamic field at international level. Accounting information or its derivatives comprise an important segment of the information conveyed in the economic environment. Therefore, accounting is considered by some authors as the most important information source of a nation. Widening and diversifying the request for information from the scope of financial accounting is generated by modernization and restructuring economy and society development as a whole. In these circumstances, accounting has a very important role. Establishing decision based on a real, pertinent, relevant, timely information system insures a performance administration, management of the current situation, with many phenomena of crisis. Accounting involves the perception of real which is based on a conceptual system, which means that the entire accounting system is based on a set of objectives, postulates, principles, rules and regulations. When different objects are placed in different areas, the differentiation between real and ideal is only formal.

INTRODUCCIÓN................:.......................................................1
LA IMPORTANCIA DE LA VALORACIÓN EN EL SIC. ................3
MODELOS ECONÓMICOS PARA LA VALORACIÓN. ................5
LA VALORACIÓN EN LAS NIC-NIIF Y EL PGC07............:...:.....11
A MODO DE CONCLUSIÓN: RETOS PARA LOS CONTABLES.16
REFERENCIAS BIBLIOGRÁFICAS. .............................................18