Course 2011-2012 a.y.

E’ questo un classico corso di valuation nella prospettiva dell’informazione contabile, che copre due principali aree tematiche: l’uso dell’informazione contabile ai fini della valutazione d’azienda (financial statement analysis and valuation) e le valutazioni a fini di financial reporting (valuation for financial reporting).

Il corso ha come obiettivo quello di dotare gli studenti degli strumenti di valutazione comunemente utilizzati (Residual Income model, Abnormal Earnings Model, etc.) sia nella determinazione del valore intrinseco di un’azienda sia ai fini di financial reporting (stima dei valori d’uso e dei fair value).

L’enfasi del corso è sullo sviluppo di skills operativi da parte degli studenti, per il tramite di adeguate applicazioni (esercizi, fogli di calcolo, etc.).

Parte Prima:

• Financial statement analysis and valuation
• Come i bilanci sono usati ai fini valutativi
• Cash accounting e valutazioni
• Accrual accounting e valutazioni
• Il truncation problem nelle valutazione
• Residual Income Model
• Abnormal Earnings Model
• Crescita e valore
• Multipli clean e adjusted
• Le differenze fra accounting value ed economic value
• Earnings management e manipulation

Parte seconda:

• Valuation for financial reporting
• Fair value measurement
• Beni intangibili e goodwill: identificazione
• Beni intangibili e goodwill: misurazione
• Impairment test di beni intangibili e goodwill
• Impairment test di partecipazioni.

Si prevede una prova finale scritta

This is a typical valuation course from an accounting perspective. The main objects of the course are how to use accounting information for valuation purposes and how to perform valuation for financial reporting (valuation for financial reporting).

The course aims at providing students with all instruments they need in order to perform valuation analyses by focusing on the application of accounting-based valuation models (such as the residual income and the abnormal earnings models) for financial reporting purposes.

The course also adopts a practical approach by using many examples to support the implementation of the valuation concepts.

First part

• Financial statement analysis and valuation
• How financial reporting infomation is used to perform valuation
• Cash accounting and valuation
• Accrual accounting and valuation
• The truncation problem in valuation
• Residual Income Model
• Abnormal Earnings Model
• Value and growth
• Clean multiples and adjusted multiples
• The difference between accounting value and economic value
• Earnings management and manipulation

Second part:

• Valuation for financial reporting
• Fair value measurement
• Intangible assets and goodwill: identification
• Intangible assets and goodwill: measurement
• Goodwill impairment test
• Intangible impairment test
• Impairment test of financial investments.

M. Bini, La valutazione degli intangibili, Egea, 2011

Final written exam