By James Morris, James Morris
As every one new accounting query or scandal hits Wall road, funding pros too usually locate themselves asking, “What happened?” Accounting for M&A, fairness, and credits Analysts solutions the commonest accounting questions, all in an easy-to-follow layout designed to supply funding execs with real-world, hands-on wisdom of key accounting remedies, types, and practices. Written through famous M&A professional James E. Morris, this flexible accounting table reference bridges the space among what's taught in company college and what's wanted within the genuine international.
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Extra resources for Accounting for M&A, Equity, and Credit Analysts
Example text
Investor's proportionate share of Investee's net income is projected to be 100, 110 and 120 in 20Xl-20X3 respectively. The first step, or the basic account linkage, for modeling this investment using the equity method is shown in Figure 1-6. The basic account linkage captures the major share of the impact of an equity method investment on the earnings, asset, and capital accounts. Because taxes on the equity in earnings of affiliates are not taken into consideration, Investor's earnings are still slightly overstated but, for an investee that did not pay dividends, stopping here may provide an adequate estimate.
In other situations, firms may find it advantageous to divorce their economic interest and controlling interest through contractual or other arrangements. In these situations, a firm holding a 90-percent interest may avoid full consolidation and consolidate the investment using the equity method by granting a controlling proxy to a third party, while retaining a full 90-percent economic interest. Investors also have significant latitude regarding taxation of the equity investment based on how they anticipate ultimately recovering their investment.
TREATMENT OF MINORITY INTERESTS FOR ENTERPRISE VALUATION There are generally two methods of treating the minority interests when valuing the enterprise. The first method is to reduce the free cash flows to the firm by the amount of the projected minority interests in earnings and to use the resulting cash flows to determine the value of the parent shareholder's equity. Although, at first glance, this seems like a reasonable approach, it suffers from two serious flaws: 1. There is rarely enough information available to an outside analyst to allow projecting the operating results of the subsidiary separately and to then project the minority interests in earnings with any expectation of accuracy.