Liberty Valuation Group, LLC

In December 2007, the FASB issued ASC Topic 805 Business Combinations, (formerly SFAS 141R), a revised standard on accounting for business combinations.  The standard is converged with proposals issued by the Accounting Standards Board and the International Accounting Standards Board on this subject.  ASC Topic 805 requires the allocation of the purchase price of acquired assets and liabilities assumed.  New standards on mergers and acquisitions (141R) were issued by FASB in late 2007 for most business acquisitions after January 1, 2009.  ASC Topic 805 requires measuring and recognizing the business acquired at full acquisition-date Fair Value.  This includes land, building and site improvements, tenant improvements, and intangible assets, such as leases and customer relationships.  

ASC Topic 820 Fair Value Measurement and Disclosure (formerly FASB 157), issued in September 2009, clearly defines Fair Value, establishes a framework for measuring Fair Value in generally accepted accounting principles, and expands disclosures about fair-value measurements. Defined as an “Exit Value”, ASC Topic 820 controls how we evaluate the impairment of long-lived assets, including long-lived assets held for disposition (ASC 360 Property, Plant, and Equipment – formerly FAS 144), which is most critical for companies right now in light of the current economic downturn and recession.  A single definition of Fair Value, together with a framework for measuring Fair Value, should result in increased consistency and comparability in Fair Value measurements.

On July 1, 2009, The Financial Accounting Standards Board (FASB) launched FASB Accounting Standards Codification™ (ASC) as the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009.  Codification introduces a new structure—one that is organized in an easily accessible, user-friendly online research system.

Liberty Valuation Group can assist clients in better understanding the underlying economics of a transaction by providing greater insight in terms of allocating value and a clear understanding into the various types of value – Use Value vs. Exchange Value vs. Liquidation Value.  Understanding the new Fair Value requirements when booking acquired assets and during audit will reduce surprises.  

We have the resources and experience to assist you with the following Financial Accounting Standards:

  • ASC Topic 805 – Purchase Price Allocation (Formerly SFAS 141R); recognizes and measures the identifiable assets acquired, the liabilities assumed, and any non controlling interest in the acquisition at Fair Value.

  • ASC Topic 350 – Intangibles – Goodwill and Other (Formerly SFAS 142); identifies potential impairment of goodwill and other intangible assets.

  • ASC Topic 360 – Property, Plant, and Equipment (Formerly SFAS 144); accounting for the impairment or disposal of long-lived assets.

  • ASC Topic 820 – Fair Value Measurement and Disclosure (Formerly FAS 157); defines and establishes a framework for measuring Fair Value and controls how we evaluate the impairment of long-lived assets.
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