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Accounting for Value

Accounting for Value PDF Author: Stephen Penman
Publisher: Columbia University Press
ISBN: 0231521855
Category : Business & Economics
Languages : en
Pages : 256

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Book Description
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

Accounting for Value

Accounting for Value PDF Author: Stephen Penman
Publisher: Columbia University Press
ISBN: 0231521855
Category : Business & Economics
Languages : en
Pages : 256

View

Book Description
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

Accounting for Value in Marx's Capital

Accounting for Value in Marx's Capital PDF Author: Robert Bryer
Publisher: Lexington Books
ISBN: 1498536077
Category : Business & Economics
Languages : en
Pages : 362

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Book Description
This book confirms and builds on the Temporal Single-System Interpretation’s demonstration of Marx’s consistency. This book shows that he used his theory of value to explain capitalists’ accounts, and concludes that explaining accounting justifies Marx’s claim that he had “proved” his theory of value.

Warren Buffett Accounting Book

Warren Buffett Accounting Book PDF Author: Preston Pysh
Publisher:
ISBN: 9781939370150
Category : Business & Economics
Languages : en
Pages : 256

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Book Description
"Teaches essential accounting terminology and techniques that serious stock investors need to know." -- Preface

Commentary on 'Accounting for Value' by Stephen Penman

Commentary on 'Accounting for Value' by Stephen Penman PDF Author: Giuseppe Marzo
Publisher:
ISBN:
Category :
Languages : en
Pages : 26

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Book Description
'Accounting for Value' by Stephen Penman is thought-provoking in its challenge to mainstream in both finance and accounting. This fosters a reflection on models and tools employed for valuation. Some points about the book should be underlined. Penman states that he adheres to finance theory principles, but he moves away from them, as he offers a complete reinterpretation of such principles from a fundamentalist perspective. He also puts a distance between the finance theory approach and his own. Value is about business, he says, not about paper. The finance approach is focused on paper (stocks, bonds) and neglects business. Knowledge about business and prudence should be adopted by analysts in order to challenge market prices and find profit opportunities. Accrual accounting should be used instead of the discounted cash-flow approach, he says, and therefore 'Accounting for Value' is not only about value but about accounting too. However, Penman argues, good accounting is not the one currently proposed by accounting standards.

Fair Value Accounting

Fair Value Accounting PDF Author: E. Menicucci
Publisher: Springer
ISBN: 1137448261
Category : Business & Economics
Languages : en
Pages : 121

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Book Description
The 2008 financial crisis has turned a spotlight on the role of financial reporting in periods of economic downturn. In analysing the financial crisis, many commentators have attributed blame to fair value accounting (FVA) because of the pro-cyclical effect it potentially introduces in banks' financial statements. This book discusses how FVA affects financial reporting during a financial crisis. It provides an in-depth analysis of the key benefits and negatives of FVA, and discusses the controversial practice of trade-offs with historical cost accounting (HCA). It provides an overview of the principles and applications of FVA, and explains its impact on banks' financial statements. Investigating the effect of FVA on the volatility of earnings and regulatory capital in European banks, the book asks whether incremental volatility is indeed reflected in bank share prices. It examines empirical evidence to quantify the role that FVA may have played in times of stress in the banking sector, both in Europe and elsewhere. Fair Value Accounting explores the criticism FVA has received despite its perceived merits, and summarizes the various opposing views of parties in this major policy debate, which has involved banking and accounting regulators from across the globe.

Market Value Accounting

Market Value Accounting PDF Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Bank investments
Languages : en
Pages : 28

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Book Description


Fair Value Accounting Fraud

Fair Value Accounting Fraud PDF Author: Gerard M. Zack
Publisher: John Wiley & Sons
ISBN: 9780470527375
Category : Business & Economics
Languages : en
Pages : 272

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Book Description
Essential guidance on the new fair value rules for accounting managers, auditors, and fraud investigators Fair Value accounting is emerging as the next prime opportunity for financial statement fraud. Explaining the many complex applications of fair value accounting in the preparation of financial statements, Fair Value Accounting Fraud offers timely guidance on an up-and-coming issue as U.S. and international accounting rules pertaining to the use of fair value accounting continue to change. You'll find discussion of U.S. GAAP and IFRS rules on fair value accounting issues, highlighting the areas most vulnerable to fraud Explanations of 75 categories of fair value accounting fraud schemes Fraud risk checklist that you can put to immediate use Practical detection techniques useful for auditors, investigators and others who rely on financial statements Expert advice from Gerard Zack, CFE, CPA, author of Fraud and Abuse in Nonprofit Organizations: A Guide to Prevention and Detection Comparing US accounting standards to International Financial Reporting Standards-thereby making this book useful worldwide- Fair Value Accounting Fraud helps you understand the new rules and develop new auditing and investigative techniques to enable you to detect potential fraud.

The Routledge Companion to Fair Value in Accounting

The Routledge Companion to Fair Value in Accounting PDF Author: Gilad Livne
Publisher: Routledge
ISBN: 131722132X
Category : Business & Economics
Languages : en
Pages : 346

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Book Description
The concept of "fair value" marked a major departure from traditional cost accounting. In theory, under this approach a balance sheet that better reflects the current value of assets and liabilities. Critics of fair value argue that it is less useful over longer time frames and prone to distortion by market inefficiencies resulting in procyclicality in the financial system by exacerbating market swings. Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by internationally recognized experts, this book, on a controversial and intensely debated topic, is a comprehensive reference source which: examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against looks at fair value from a number of different theoretical and practical perspectives, including a critical review of the merits and arguments against the use of fair value accounting explores fair value accounting in practice, involvement in the Great Financial Crisis, implications for managerial reporting discretion, compensation and investment This volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in, studying, or researching the areas of international accounting, financial accounting and reporting.

Current Value Accounting

Current Value Accounting PDF Author: Adolf Jan Henri Enthoven
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 140

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Book Description


Value Relevance of Accounting Information in Capital Markets

Value Relevance of Accounting Information in Capital Markets PDF Author: Ojo, Marianne
Publisher: IGI Global
ISBN: 1522519017
Category : Business & Economics
Languages : en
Pages : 323

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Book Description
Among banking industries and insurance and security sectors, systemic risk and information uncertainty can generate negative consequences. By developing solutions to address such issues, financial regulation initiatives can be optimized. Value Relevance of Accounting Information in Capital Markets is an essential reference source for the latest scholarly research on the importance of information asymmetries and uncertainties and their effects on the overall regulation of financial industries. Featuring extensive coverage on a wide range of perspectives, such as financial reporting standards, investor confidence, and capital flows, this publication is ideally designed for professionals, accountants, and academics seeking current research on the effects of the underlying elements in investing.