ACCA/CAT

2013年ACCA/CAT第一次考试时间为6月3-12日，为顺应广大考生考试需求，帮助考生全面剖析2013年的ACCA/CAT考试，小编特搜集整理了2013年ACCA 考试F9考官文章精选，以供大家训练，希望对您有所帮助，祝您考试顺利!

acca F9考官文章1

ACCA考官会定期针对一些考试重点、难点撰写分析性文章，帮助学生在学习过程中充分理解知识点，以确保考生在考试过程中，答题思路的准确性，以下是关于Business valuation的考官文章：

Businesses

need to be valued for a number of reasons such as their purchase and sale, obtaining a listing, inheritance tax and capital gains tax computations. Generally, valuation difficulties are restricted to unlisted companies because listed companies have a quoted share price. However, even listed companies can present valuation challenges for example when one is trying to predict the effect of a takeover on the share price. Whenever a company is bought what the new owners have a right to depends on the stake they hold: Majority holders: have access to their share of earnings and, because they can opt for a winding up, their share of net assets of the company. Minority holders: have access to the dividends the majority decide to pay and a share of the net assets if the majority decides to wind the company up. Therefore, because minority holders have little power and no control, a 20% share of a company should be less than 20% of its total value. Conversely, an 80% share should be worth more than 80% of the full value of the company. Majority holders should be prepared to pay a premium for control.

There are three broad approaches to share valuation:

1. Assets-based.

2. Income-based.

3. Cash flow-based.

ASSETS-BASED APPROACH

Here, the business is estimated as being worth the value of its net assets. However,　there are three common ways of valuing its net assets: book values, net realizable values and replacement values.

The book value approach is practically useless. The book value of non-current　assets is based on historical (sunk) costs and relatively arbitrary depreciation.　These amounts are unlikely to be relevant to any purchaser (or seller). The　book values of net current assets (other than cash) might also not be relevant as inventory and receivables might require adjustment. Net realisable values of the assets less liabilities. This amount would represent what should be left for shareholders if the assets were sold off and the liabilities settled. However, if the business being sold is successful, then shareholders would expect to receive more than the net realisable value of the net assets because successful businesses are more than the sum of their net tangible assets: they have intangible assets such as goodwill, knowhow, brands and customer lists – none of which is likely to be reflected in the net realizable value of the assets less liabilities. Net realisable value therefore represents a worst case’ scenario because, presumably, selling off the tangible assets would always be available as an option. The selling shareholders shouldtherefore not accept less than the net realisable amount – but should usually hope for more. Replacement values. Once again, not of great practical benefit. The approach tries to determine what it would cost to set up the business if it were being started now. The value of a successful business using replacement values is likely to be lower than its true value unless an estimate is made for the value of goodwill and other intangible assets, such as brands. Furthermore, estimating the replacement cost of a variety of assets of different ages can be difficult. So, of the three approaches, net realisable value is likely to be the most useful because it presents the sellers with the lowest value they should accept.

Figure 1

The minimum amount that the shareholders should accept for this business is $1,550,000, the amount of share capital plus reserves after revaluation (or alternatively, $2,550,000 – 400,000 – 600,000).

INCOME-BASED APPROACH

There are two income-based approaches. One method uses P/E ratios and the other uses dividend yields. The P/E ratio method is widely used in practice. Both methods rely on finding listed companies in similar businesses to the company being valued (the target company), and then looking at the relationship they show between share price and earnings (or share price and dividends). Using that relationship as a model, the share price of the target company can be estimated.

(1) P/E ratios

The P/E ratio is the price per share divided by the earnings per share and shows how many years’ worth of earnings are paid for in the share price. Let’s say that the market value of a small chain of UK-based grocery shops has to be estimated. The company has just has just enjoyed post tax earnings of $200,000, out of which it paid a dividend of $50,000.

The first task is to identify three UK listed companies in the grocery business, then look at their published characteristics. For this illustration, three large UK quoted supermarket chains (Morrison (W), Sainsbury and Tesco) have been chosen. On 24 December 2011 their published characteristics were: 

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