{"product_id":"determination-of-value-isbn-9781118287897","title":"Determination of Value","description":"\u003cb\u003eHow to develop and support a credible opinion of value based on a foundational framework\u003c\/b\u003e  \u003cp\u003eThis book provides knowledge and guidance to valuation practitioners on achieving a new level of professionalism and credibility, as well as to those stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes. It introduces a well defined framework of key credibility concepts and procedures at each step of the appraisal process, including reasonableness tests, valuation methodologies, financial analysis, economic and industry analysis, engagement planning, and informed judgment.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eProvides needed guidance to valuation practitioners to enhance their valuation practice and improve the credibility of the appraiser's work product\u003c\/li\u003e \u003cli\u003eOffers guidance to stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eGet foundational framework appraisal advice with the proven guidance found in \u003ci\u003eDetermination of Value\u003c\/i\u003e.\u003c\/p\u003e  \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: The Problem 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn Search of a Truth 1\u003c\/p\u003e \u003cp\u003eThe Assurance Expert 4\u003c\/p\u003e \u003cp\u003eCredibility Is Not Synonymous with Truth 7\u003c\/p\u003e \u003cp\u003eWhere Do We Go from Here? 8\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: The Solution 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eToward a Defi nition of Credibility 9\u003c\/p\u003e \u003cp\u003eThe Attributes That Make You Credible 10\u003c\/p\u003e \u003cp\u003eOperational Credibility Attributes 11\u003c\/p\u003e \u003cp\u003ePersonal Credibility Attributes 19\u003c\/p\u003e \u003cp\u003eGeneral Observations about “Credibility” 21\u003c\/p\u003e \u003cp\u003eCredibility Is Not Synonymous with Truth 23\u003c\/p\u003e \u003cp\u003eDon’t Confuse Opining with Decision Making 25\u003c\/p\u003e \u003cp\u003eBeware of Black Box Opinions 26\u003c\/p\u003e \u003cp\u003eConclusion 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: The Credibility Pyramid and the Importance of a Well-Defined Analytical Process 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Process 29\u003c\/p\u003e \u003cp\u003eThe Valuation Process 31\u003c\/p\u003e \u003cp\u003eThe Credibility Pyramid 34\u003c\/p\u003e \u003cp\u003eThree Problem-Solving Phases 36\u003c\/p\u003e \u003cp\u003eConclusion 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Pyramids, Not Castles 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Is Credibility Important? 44\u003c\/p\u003e \u003cp\u003eReasonable Assurance 47\u003c\/p\u003e \u003cp\u003eGenerally Accepted Practices 50\u003c\/p\u003e \u003cp\u003eGenerally Accepted Practices Lead to Uniformity and Professional Consensus 54\u003c\/p\u003e \u003cp\u003eAnalytical Gaps 55\u003c\/p\u003e \u003cp\u003eInformed Judgment 56\u003c\/p\u003e \u003cp\u003eConclusion 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Climbing the Credibility Pyramid 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Revenue Ruling 59–60 61\u003c\/p\u003e \u003cp\u003eIdentification of Key Pre-Engagement Parameters 63\u003c\/p\u003e \u003cp\u003ePlanning to Acquire Knowledge about the Subject 65\u003c\/p\u003e \u003cp\u003eGeneral Planning Considerations 69\u003c\/p\u003e \u003cp\u003eThe Importance of the Standard of Value as You Climb the Pyramid 79\u003c\/p\u003e \u003cp\u003eSelf-Assessment Tools 83\u003c\/p\u003e \u003cp\u003eStepped Reading 87\u003c\/p\u003e \u003cp\u003eConclusion 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: How to Develop and Report Your Opinion 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePractice Presenting Your Written Findings Orally 91\u003c\/p\u003e \u003cp\u003eValuation Adjustments 102\u003c\/p\u003e \u003cp\u003eDescription of a Benchmarking Methodology Used by Valuation Analysts 106\u003c\/p\u003e \u003cp\u003eBenchmarking: Relative Weights and Qualitative Analysis 111\u003c\/p\u003e \u003cp\u003eMake Sure There Are No Analytical Gaps in the Development and Derivation of Growth Rates 115\u003c\/p\u003e \u003cp\u003eIncorporating Prospective Information That Is Presented into Your Opined Results 119\u003c\/p\u003e \u003cp\u003eReporting Your Opined Results 126\u003c\/p\u003e \u003cp\u003eConclusion 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Reasonableness Tests 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDetermining Reasonableness 132\u003c\/p\u003e \u003cp\u003eExample 1: Derived Estimate of Value 136\u003c\/p\u003e \u003cp\u003eExample 2: Guideline Company Method 139\u003c\/p\u003e \u003cp\u003eExample 3: Use of Market Multiples 144\u003c\/p\u003e \u003cp\u003eExample 4: Federal Tax Compliance 145\u003c\/p\u003e \u003cp\u003eConclusion 146\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Enhancing the Integrity of Your Opinion 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding the Credibility Threshold 150\u003c\/p\u003e \u003cp\u003eUnderstanding the Scope Undertaken 152\u003c\/p\u003e \u003cp\u003eUnderstanding Analytical Responsibilities and the Impact of Matter\/Cause\/Effect Analysis 154\u003c\/p\u003e \u003cp\u003eConduct Your Analysis within the Parameters of the Economic Reality Relevant to the Facts and Circumstances 156\u003c\/p\u003e \u003cp\u003eMaintain a High Level of Professional Skepticism and Engagement Awareness 157\u003c\/p\u003e \u003cp\u003eReview Your Analytical Process for Relevance and Typical Common Errors 160\u003c\/p\u003e \u003cp\u003eBe Ready to Respond to Ethical Challenges 162\u003c\/p\u003e \u003cp\u003eEnhancing the Integrity of Your Opinion When at Trial or in Hearings 163\u003c\/p\u003e \u003cp\u003eEnhancing the Integrity of Your Opinion When at Deposition 166\u003c\/p\u003e \u003cp\u003eConclusion 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: Reviewing the Work of Others 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReview Engagement Procedures to Consider 170\u003c\/p\u003e \u003cp\u003ePreparing a Document Request for a Review Engagement 172\u003c\/p\u003e \u003cp\u003eThe Role to Be Assumed: Reviewing Expert or Reviewing Consultant 173\u003c\/p\u003e \u003cp\u003eLimiting Conditions and Assumptions 174\u003c\/p\u003e \u003cp\u003eDetermining an Appropriate Scope for Your Review 175\u003c\/p\u003e \u003cp\u003eMinimum Scope Considerations in a Review Engagement 177\u003c\/p\u003e \u003cp\u003eConclusion of a Business Appraisal Review Engagement 177\u003c\/p\u003e \u003cp\u003eBusiness Appraisal Review Opinion 178\u003c\/p\u003e \u003cp\u003eReviewer’s Independence 182\u003c\/p\u003e \u003cp\u003eCommon Errors and Analytical Gaps Found in Valuation Reports 183\u003c\/p\u003e \u003cp\u003eConclusion 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: The Journey Continues 189\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefinition of Credibility 189\u003c\/p\u003e \u003cp\u003eAttributes Attached to a Credible Opinion 190\u003c\/p\u003e \u003cp\u003eSeparating Decision Making from Opining 192\u003c\/p\u003e \u003cp\u003eA Note on Generally Accepted Principles and Practices 193\u003c\/p\u003e \u003cp\u003eA Definition of the Concept of Informed Judgment 193\u003c\/p\u003e \u003cp\u003eSuggestions for Assessing Your Own Methodology—the Importance of Reasonableness Tests 194\u003c\/p\u003e \u003cp\u003eSuggestions for Enhancing the Integrity of Your Opinion 194\u003c\/p\u003e \u003cp\u003eConclusion 195\u003c\/p\u003e \u003cp\u003eAppendix 197\u003c\/p\u003e \u003cp\u003eAbout the Author 209\u003c\/p\u003e \u003cp\u003eIndex 211\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eFrancisco \"Frank\" ROSILLO, CPA, ABV, ABAR, CBA, CVA, CFE, CFF, CFFA,\u003c\/b\u003e is the managing director of the Valuations and Forensics Advisory, LLC. Serving an international clientele, the firm provides business valuations, mergers and acquisitions transactions, and forensic accounting advisory services. Rosillo is a frequent national lecturer and trainer in valuation and forensic accounting topics. He has authored Institute of Business Appraisers (IBA) and National Association of Certified Valuators and Analysts (NACVA) courses and the practice aid, \u003ci\u003eBusiness Appraisal Review.\u003c\/i\u003e Frank also teaches a five-day NACVA Appraisal Review Workshop and is a member of the Board of Governors of the Institute of Business Appraisers. He has been the recipient of several CPA accounting professional awards in business valuations and litigation support. His financial expert witness experience includes cases in federal and state courts.\u003c\/p\u003e  \u003cp\u003eWhen it comes to matters involving the proffering of opinions, such as situations involving the determination of value, disputes often center on whether or not an opinion of value is credible. Decision makers and stakeholders need to be able to effectively assess the credibility of an appraiser's work for decision-making purposes.\u003c\/p\u003e \u003cp\u003eIn one comprehensive volume, \u003ci\u003eDetermination of Value\u003c\/i\u003e provides knowledge and guidance to valuation practitioners on achieving a new level of professionalism and credibility. Written by Francisco \"Frank\" Rosillo—recognized expert in the field of valuation—this important resource introduces a well-defined framework of key credibility concepts and procedures at each step of the appraisal process, including reasonableness tests, valuation methodologies, financial analysis, economic and industry analysis, engagement planning, and informed judgment.\u003c\/p\u003e \u003cp\u003eThe author emphasizes the \"Credibility Pyramid\" framework, a new perspective on the determination of value applying well-defined key credibility concepts at each and every step of the appraisal process, so that users can not only replicate the results reported in an appraiser's work product, but also see how the appraiser achieved credible results.\u003c\/p\u003e \u003cp\u003eOffering appraisal guidance on how to develop and support a credible opinion of value based on this foundational framework, Rosillo considers:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe importance of a well-defined analytical process\u003c\/li\u003e \u003cli\u003eClimbing the credibility pyramid\u003c\/li\u003e \u003cli\u003eHow to develop and report your opinion\u003c\/li\u003e \u003cli\u003eEnhancing the integrity of your opinion\u003c\/li\u003e \u003cli\u003eReviewing the work of others\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eBusiness valuation analysts, appraisers, litigation experts, estate and corporate attorneys, corporate development officers, intermediaries, and venture capitalists will find this book to be a timely guide for ensuring credible results.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eDevelop and support a credible opinion of value based on a foundational framework\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWritten by Francisco \"Frank\" Rosillo, a veteran in the valuation field, \u003ci\u003eDetermination of Value\u003c\/i\u003e is an essential guide for valuation practitioners eager to enhance their valuation practice and improve the credibility of the appraiser's work product.\u003c\/p\u003e \u003cp\u003eThe process outlined in the book spotlights a new perspective to the determination of value—a credibility pyramid framework that allows you to see step by step how your appraiser achieved credible results.\u003c\/p\u003e \u003cp\u003eReflecting the view that to be credible, analytical work and any related developmental assumptions, conclusions, and summations must provide a path for others to follow, as well as the means to replicate your work and obtain similar results, \u003ci\u003eDetermination of Value\u003c\/i\u003e looks at:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe attributes of a credible opinion\u003c\/li\u003e \u003cli\u003eDecision making and the roles of stakeholders apart from opining individuals\u003c\/li\u003e \u003cli\u003eHow to enhance the integrity of your opinion\u003c\/li\u003e \u003cli\u003eConstructing a review methodology designed to assess whether the methods and procedures undertaken accomplished the proposed purpose\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eLaying out a proven way of approaching the process of determining value, this comprehensive book reveals much-needed guidance to valuation practitioners for achieving a new level of professionalism and credibility.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989051556069,"sku":"NP9781118287897","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118287897.jpg?v=1761782592","url":"https:\/\/k12savings.com\/products\/determination-of-value-isbn-9781118287897","provider":"K12savings","version":"1.0","type":"link"}