Group 1

Fair Value Concepts and Application 

 

Presented by: 
Kim Cejie Bolima  
Kylie Shane Borje 
Noemi Cerilo 
Paolo Felipe 
Rachelle Anne Jimenez 
Mary Joy Longno  
Natalie Clyde Mates 
Armie Jessie Nokom 
Arriane Piad 
Ken Eduard Sales  
Jenny Rose Tamayo 
Angelica Faith Villanueva 
 
 
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Table of Contents 

Fair Value (Asset/Liability) - Definition ………………………………………………………… 3

Market Participants ………………………………………………………………………………………… 3

Principal or most advantageous market ……………………………………………………… 3

Valuation Premise ……………………………………………………………………………………………4

Highest and Best use ……………………………………………………………………………………… 4

Valuation method …………………………………………………………………………………………… 5

Fair Value Hierarchy ……………………………………………………………………………………… 5

Financial Statements Improvements ……………………………………………………………. 6

Why you may need a FMV Balance Sheet ……………………………………………………. 7

Earnings and Market Valuation ……………………………………………………………………… 7

Approach to fair market value………………………………………………………………………… 8

When does FMV come into play? …………………………………………………………………… 9

Calibration - Tool for Valuers ………………………………………………………………………… 9

An Overview of Carrying Value and Fair Value …………………………………………… 11

Fair Value Hedge ……………………………………………………………………………………………11

Fair Value versus Book Value ……………………………………………………………………….11

Guidance on Measurement……………………………………………………………………………12

Fair Market Value versus Intrinsic Value………………………………………………………13

Fair Market Value versus Imposed Value………………………………………………………13

How is the FMV of Stock Determined…………………………………………………………….14

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FMV for publicly traded stock……………………………………………………………………….14

FMV for private stock…………………………………………………………………………………….14

What is the difference between Market Value and FMV……………………………….15

Pros and Cons of Fair Value ………………………………………………………………………….15

I. Pros of Fair Value …………………………………………………………………………………16

II. Cons of Fair Value ……………………………………………………………………………….17

References …………………………………………………………………………………………………….19
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Fair Value
Natalie Clyde Mates

Fair Value of an asset is the price that would be received to sell an asset in
an orderly transaction between market participants

Fair Value of liability is the price that would be paid to transfer a liability in
an orderly transaction between market participants

Based on the new definition, the following should be noted;

Fair Value refers to an “exit price” or market price under current market
conditions at measurement date.

Fair value is the price in an orderly transaction.

An orderly transaction is a transaction that allows for normal marketing

activities that are usual and customary.

Fair Value is the price agreed upon by market participants.

Market Participants
Kim Cejie Bolima

The Market participants are the buyers and sellers in the principal market
who are:
Independent or unrelated parties
Knowledgeable or having a reasonable understanding of the
transaction
Willing or motivated but not forced and compelled to enter into the
transaction

Principal or most advantageous market

Kim Cejie Bolima

An active market is a market in which transactions for the asset or liability

take place with ​sufficient regularity​ and volume to provide pricing
information on an ongoing basis.
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A principal market is the market with the ​greatest volume​ and ​level of
activity​ for the asset or liability.

In the absence of a principal market, the entity should consider the most
advantageous market.

The most advantageous market is the market that maximizes the amount
that would be received to sell the asset or minimizes the amount that could
be paid to transfer the liability.

Generally, the market that an entity enters when it sells an asset or

transfers a liability is the principal market or the most advantageous market.

Valuation premise
Jenny Rose Tamayo

In determining the fair value of an asset or a liability, an entity may refer to

information that is directly observable or readily available.

The entity can also estimate the fair value by using a valuation method.

The fair value shall not be adjusted for transaction cost

If location is a characteristic of an asset, the fair value shall be adjusted for

transport cost that would be incurred to transport the asset from its current
location to the principal or most advantageous market.

Highest and best use

Jenny Rose Tamayo

In measuring the fair value of nonfinancial assets, an entity must take into
consideration the highest and best use of the asset.

Highest and best use is defined as the use of nonfinancial assets by market
participants that would maximize the value of the asset.
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The highest and best use of the assets should possess the following:
Physically possible, meaning, it reflects the physical characteristics of an
asset
Legally permissible, meaning, it reflects any legal restrictions on the use of
assets.
Financially feasible, meaning, it reflects whether the use would generate
sufficient income or cash flows.
The highest and best use of an asset might provide maximum value either
on a stand-alone basis or as a group in combination with other assets and
liabilities.

Valuation method
Kim Cejie Bolima

Three valuation techniques can be used to measure fair value:

Market approach - uses prices and relevant information for market

transactions for identical and comparable asset and liability.

Income approach - Focuses on converting future amounts into discounted

cash flows.

Cost approach - relies on the current replacement cost to replace the asset
with a comparable asset.

Fair Value Hierarchy

Natalie Clyde N. Mates

The fair value hierarchy or best evidence of fair value is enumerated as

follows:

Level 1 inputs are the quoted prices in an active market for identical asset or
liability.

A quoted price in an active market provides the most reliable evidence

of fair value and shall be used without adjustment.
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Level 2 inputs are inputs that are observable either directly or indirectly.

Level 2 inputs include quoted prices for similar asset or liability in an

active market and quoted prices for identical or similar asset or liability
in an inactive market.

Level 3 inputs are unobservable inputs for the asset or liability.

Unobservable inputs are usually developed by the entity using the best
available information from the entity’s own data.

Level 3 inputs include the present value of estimated cash flows.

Financial Statement Improvements

Kylie Shane Borje

Fair market value can increase the company’s asset value listed on its
balance sheet. This increase is the result of assets appreciating in value
under current economic market conditions. Asset increases improve a
company’s total economic value added from business operations. Economic
value added is the result of taking total assets minus total liabilities plus
owner’s equity. This added value represents the true wealth a business
owner has created with his company.

Asset increases can also improve a company’s financial ratios. Financial

leverage ratios provide business owners with information about their
company’s long-term solvency. The debt ratio is a common financial
leverage calculation. The debt ratio is total debt divided by total assets; the
calculations result indicates what percent of assets are financed by outside
debt. A lower percentage will result if assets are valued higher using fair
market value principles.
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Why You May Need a FMV Balance Sheet

Kylie Shane Borje

Lenders like to see cost balance sheets because they can illustrate the
company's financial performance over time. Each year the business retains
more earnings, the more its net worth grows and, thus, the better able the
company should be able to pay back loans.

Cost balance sheets don't show the whole picture, though. The cost value of
assets is often below market value, which means that a company may be
worth more than the cost balance sheet shows. So, in terms of liquidity, a
fair market value balance sheet could reveal more worth and better
creditworthiness than the cost balance sheet.

This is why some lenders may want to see both balance sheets.

Earnings and Market Valuation

Armie Jessie Nokom

Two of the most commonly used valuation techniques are Earnings Approach
and Market Value Approach.

Earnings Approach is another common method of valuation and is based on

the concept that the actual value of a business lies in the ability to produce
revenue, profit and eventually wealth in the future.

Market Approach on the other hand is behind the concept that the value of
the business can be determined by reference to reasonably comparable
guideline companies for which transaction values are known.

Earnings Approach has two methods:

Capitalizing Past Earnings

Discounted Future Earnings

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Market Approach has 2 methods:

Empirical/Statistical

Heuristics

Empirical/Statistical approaches composed of 3 methods dependent on the

sources of comparable data:

Comparative private company sale data

Guideline public company data

Prior transactions method

Heuristics uses the Heuristic Pricing Model which uses expert opinions of
professional practitioners.

APPROACH TO FAIR MARKET VALUE

Mary Joy Longno

There are three valuation approaches to arriving at FMV of an asset: the

income approach, the market approach and the cost approach. We will
outline each of these approaches in turn, explaining what they mean and
their basic characteristics, before discussing when to use each method and
how to reconcile sometimes different results.

All three approaches rely on two fundamental principles:

that the owner of an asset has no special reason to want to own the asset
apart from its ability to generate a return, whether that comes in the form of
income from the asset, the eventual sale of the asset, the saving of cost
through ownership of the asset, or a combination of these factors; and

that the owner is impartial about the assets if they are all capable of
generating the same expected income with the same likelihood.

(COST APPROACH, INCOME APPROACH, MARKET APPROACH)

In practice, this is not always the case: some owners (collectors, for
example) are not wholly rational about the assets they own, and some
assets (such as works of art) are valuable for non-financial reasons (in
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addition to the ability to sell them in due course). Such assets may not be
susceptible to a rational valuation approach, or it may be necessary to limit
the use of the approaches that follow.

When does FMV come into play?

Mary Joy Longno

The most common circumstances when a tribunal may be required to decide

the FMV of an asset are:

when a party has been deprived of an asset (for example, an expropriation)

– the damage may be measured as the FMV of the lost asset;

when an asset has been harmed – the damage may be measured as the FMV
of the undamaged asset less the FMV of the damaged asset; and

when a party has been misled (caused, for example, by a breach of

warranty) – the damage may be measured as the difference between the
FMV of the asset in the condition promised and its actual FMV.

In other cases, it may be appropriate for a tribunal to depart from FMV and
move towards equitable value as a basis for assessing damages. A common
example would be a quasi-partnership company, where several owners are
cooperating under a shareholders’ agreement; while an individual
shareholding might have a modest FMV (because no external market
participant would want to purchase it), its equitable value as between the
existing shareholders may be substantial. Similarly, the FMV of a
shareholding that carries a swing vote between two equal larger
shareholdings may not be the same as its equitable value.

CALIBRATION - TOOL FOR VALUERS

Rachelle Anne Jimenez

Calibration is a technique whereby an observed transaction price as of an

investment date is used to back into certain identified but unobservable
input assumptions, which are then updated and rolled-forward for
subsequent measurement dates (Aswani, 2019). This measurement
instrument has two objectives. Firstly, it checks the accuracy of the
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instrument. Secondly, it determines the traceability of the measurement. In

practice, calibration also includes repair of the device if it is out of
calibration. It is required by accounting standards. It is best practice to use
the transaction price, if fair value, as a basis to calibrate inputs used in the
valuation model such that at the transaction date the inputs to the model
will generate the transaction price. Calibration is a powerful tool and it can
assist in catching the impacts of control and liquidity, among other inputs on
a Fair Value Measurement.

Calibration in Relative Valuation

For illustrative purposes, assume an investment is purchased at fair value at

an implied 5x EBITDA (earnings before interest, taxes, depreciation, and
amortization) multiple. At the time of purchase , comparable companies are
trading at 7x EBITDA. When compared to the comparable companies, the 5x
entry multiple incorporates liquidity, control, and other differences between
the investment and the comparable companies. At future measurement
dates, judgement would be applied to determine how to move the
acquisition multiple of 5x in relation to changes in the multiple of
comparable companies.

For example, if the comparable companies moved from 7x to 11x, the valuer
may conclude that the turns of EBITDA difference at an entry (5x vs 7x)
should be maintained, resulting in a fair value estimate derived by applying
a 9x multiple to the investment company’s updated EBITDA. Similar
judgement would be made using inputs for the other valuation techniques.
The valuer would not automatically use the entry difference (2x) at future
valuation dates, but would determine how much a market participant would
be willing to pay for the investments using the calibrated entry inputs as a
point of reference.

Calibration in Income Based Valuation

The discount rate implied at acquisition can be deconstructed into its

component parts based on the weighted average cost of capital which will in
particular, provide a basis for a company specific risk premium also known
as the “alpha”. The components of the weighted average cost of capital
would then be updated at future measurement dates based on the current
market conditions (with adjustment to the alpha based on company specific
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parts circumstances ) and applied to the most likely cash flows at that point
in time.

An Overview of Carrying Value and Fair Value

Paolo Felipe

Carrying value​ and Fair value are two different accounting measures used to
determine the value of a company's assets.

The carrying value, or book value, is an asset value based on the

company's ​balance sheet​, which takes the cost of the asset and subtracts its
depreciation over time. The fair value of an asset is usually determined by
the market and agreed upon by a willing buyer and seller, and it can
fluctuate often. In other words, the carrying value generally reflects ​equity​,
while the fair value reflects the current market price.

Fair Value Hedge

A fair value hedge is defined as a hedge of the exposure to changes in the

fair value of a recognized asset or liability, or of an unrecognized firm
commitment, that are attributable to a particular risk. Under fair value
hedge accounting, the derivative must be recorded at fair value with
changes in fair value presented in the same income statement line item as
the earnings effect of the hedged item.

Fair value versus Book value

Arriane Piad

Fair value is a fair and unbiased estimate of the intrinsic value of an asset.
Essentially, the fair value of an asset is based on several factors such as
utility, related costs, supply and demand considerations. And also, the price
that would be obtained for the sale of an asset or paid to transfer a liability
in a transaction between the market participants at the measurement date.
While, book value is the value of an asset that is recognized on the balance
sheet. It is determined as the cost paid for acquiring an asset minus any
depreciation, amortization, or impairment costs applicable to the asset. Its
concept arises from the practice of recording the assets on the balance sheet
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at its historical cost. Book value is the historical value of an asset on a

company’s balance sheet.

In accounting, fair value does not apply to all assets. It is usually estimated
for current assets that are held for resale such as marketable securities. And
the book value of assets indicates the recorded value that shareholders own
in case of the company’s liquidation. It is commonly used to evaluate
whether an asset is over- or underpriced by comparing the difference
between the asset’s book and market values.

Fair value is referred to as an estimate of the potential value of an asset. In

other words, it is the intrinsic value of an asset or it is the current price for
which an asset could be sold on the open market . On the other hand, book
value indicates an asset’s value that is recognized on the balance sheet. It
usually represents the actual price that the owner paid for the asset.
Essentially, book value is the original cost of an asset minus any
depreciation, amortization, or impairment costs.The two prices may or may
not match, depending on the type of asset. The difference between the book
value and fair value is a potential profit or loss. There is no way to know
which you'll have until you sell the asset.

Guidance on Measurement

Ken Eduard Sales

IFRS 13 provides the guidance on the measurement of fair value, including

the following:

An entity takes into account the characteristics of the asset or liability being
measured that a market participant would take into account when pricing
the asset or liability at measurement date (e.g. the condition and location of
the asset and any restrictions on the sale and use of the asset) [IFRS 13:11]

Fair value measurement assumes an orderly transaction between market

participants at the measurement date under current market conditions [IFRS
13:15]

Fair value measurement assumes a transaction taking place in the principal

market for the asset or liability, or in the absence of a principal market, the
most advantageous market for the asset or liability [IFRS 13:24]
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A fair value measurement of a non-financial asset takes into account its

highest and best use [IFRS 13:27]

A fair value measurement of a financial or non-financial liability or an entity's

own equity instruments assumes it is transferred to a market participant at
the measurement date, without settlement, extinguishment, or cancellation
at the measurement date [IFRS 13:34]

The fair value of a liability reflects non-performance risk (the risk the entity
will not fulfil an obligation), including an entity's own credit risk and
assuming the same non-performance risk before and after the transfer of
the liability [IFRS 13:42]

An optional exception applies for certain financial assets and financial

liabilities with offsetting positions in market risks or counterparty credit risk,
provided conditions are met (additional disclosure is required). [IFRS 13:48,
IFRS 13:96]

Fair Market Value vs. Intrinsic Value

Noemi Cerilo

An estimate of fair market value can be based on either precedent or

extrapolation. FMV differs from the ​intrinsic value​, which is the actual value
of a property or asset based on analytical techniques and underlying
perceptions of its tangible and intangible factors.

Intrinsic value might or might not be the same as the fair market value. For
example, investors analyze securities in the hope of finding investments
where the true or intrinsic value of the investment exceeds its current fair
market value.

Fair Market Value vs. Imposed Value

Noemi Cerilo
Place, time, comparable precedents, and the personal evaluation of each
person involved in the transaction all play into the formation of FMV. It's the
subjective interpretation of the facts and information available at the time of
assessment. It's different from imposed value, in which a legal authority,
such as an existing tax regulation or a court, sets an absolute value for the
property.
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How Is the Fair Market Value of Stock Determined?

Noemi Cerilo
Fair market value is the amount a stock is worth on the open market. Fair
market value generally incorporates the following assumptions:

Buyers and sellers are reasonably knowledgeable about the asset in

question.

Buyers and sellers are seeking to further their best respective financial
interests and are not under pressure to act.

Buyers and sellers can execute their transaction in a reasonable time frame.

Fair market value for publicly traded stock

Noemi Cerilo

Determining the fair market value is relatively straightforward for stock that
is traded on a public exchange. In such cases, the fair market value is
calculated by taking the average of the highest and lowest selling prices of
the day. If fair market value needs to be established for a non-trading day,
then the averages from the day before and after may be used instead.

Fair market value for private stock

Noemi Cerilo

Figuring out the fair market value of non-publicly traded stock is more
complex because, unlike public stocks, there is no daily pricing data upon
which to base calculations. Analysts use a variety of methods to determine
the fair market value of private stocks, the most common of which is to
compare valuation ratios of a private company to those of a comparable
public company. Elements such as risk factors and future growth also tend
to come into play when calculating fair market value for stocks that aren't
publicly traded.
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What’s the Difference Between Market Value and Fair Market Value?

Noemi Cerilo

Market value is an opinion of the most probable buy-sell price. It reflects the
probable amount of money a buyer would pay and a seller would accept for .
Market value presumes the transfer of property as of a certain date and
under the above noted typical and normal assignment conditions.

Fair market value is a specific type of market value. It is defined by a legal

or regulatory jurisdiction and varies with individual jurisdictions. For federal
uses such as estate and gift tax or charitable contributions.

PROS AND CONS OF FAIR VALUE

Angelica Faith Villanueva

Fair value continues to be an important measurement basis in financial

reporting. It provides information about what an entity might realize if it sold
an asset or might pay to transfer a liability. In recent years, the use of fair
value as a measurement basis for financial reporting has been expanded,
even as the debate over its usefulness to stakeholders continues.
Determining fair value often requires a variety of assumptions, as well as
significant judgment. Thus, investors desire timely and transparent
information about how fair value is measured, its impact on current financial
statements, and its potential to impact future periods. There are numerous
items for which fair value measurements are required or permitted. ASC 820
and IFRS 13 (“the fair value standards”) provide authoritative guidance on
fair value measurement.

The recent financial crisis has turned the spotlight on fair-value accounting
and led to a major policy debate. Critics argue that fair-value accounting,
often also called mark-to-market accounting, has significantly contributed to
the financial crisis and exacerbated its severity for financial institutions in
the US and around the world. On the other extreme, proponents of fair value
accounting like Turner (2008) and Veron (2008) argue that it merely played
the role of the proverbial messenger that is now being shot. In our view,
there are problems with both positions. Fair-value accounting is neither
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responsible for the crisis nor is it merely a measurement system that reports
asset values without having economic effects of its own.

As with any accounting method, there are several advantages and

disadvantages that must be considered before adopting the fair value
accounting.

I. PROS OF FAIR VALUE

Timely information

Since fair value accounting utilizes information specific for the time and
current market conditions, it attempts to provide the most relevant
estimates possible. It has a great informative value for a firm itself and
encourages prompt corrective actions.

It provides an accurate valuation

This method of accounting helps to provide more accuracy when it comes to

current valuations from assets and liabilities. If prices are expected to
increase or decrease, then the valuation can do the same. If sales occur,
then there aren’t discrepancies that must be charted if the valuation differs
from the transaction. The current market prices allow individuals or
businesses to know exactly where they stand.

More information in the financial statements than historical cost

Fair value accounting enhances the informative power of a financial

statement as opposed to the other accounting method - the historical cost.
Fair value accounting requires a firm to disclose extensive information about
the methodology used, the assumption made, risk exposure, related
sensitivities and other issues that result in a thorough financial statement.
Inclusion of more information is possible whenever there are:

- Observable market prices that managers cannot materially influence due to

less than perfect market liquidity;

- Independently observable, accurate estimates of liquid market prices.

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This way produced financial statements therefore increase transparency of a

firm, which is particularly useful to potential investors, contractors and
lenders, as they have a better perception of the stability of a given firm and
insight into its.

It provides a measurement of true income

There is less of an opportunity to manipulate accounting data using the fair

value approach. Instead of using the sale of assets to affect gains or losses,
the price changes are simply tracked based on the actual or estimated value.
The changes to income happen with the changes to the asset value,
reflected in the final net income numbers.

It is the most agreed upon standard of accounting

Instead of the historical cost value that isn’t always accurate after a long
period of time, fair value accounting accurately tracks all types of assets,
from equipment to buildings to even land. This makes it the most agreed
upon standard of accounting because set prices, even if still accurate in
value, aren’t the same because of monetary inflation. $10 today is not worth
the same $10 from 2001. That’s why fair value can be so beneficial.

It provides a method of survival in a difficult economy

In the historical method, the same value of an asset goes on the budget line
every year. When there’s a difficult economy and prices are reduced, this
can become a cumbersome financial burden. Fair value accounting allows for
asset reductions within that market, so that a business can have a fighting
chance.

II. THE CONS OF FAIR VALUE

It can create large swings of value that happen several times during
the year

There are some businesses that do not benefit from this method of
accounting at all. These businesses typically have assets that fluctuate in
value in large amounts frequently throughout the year. Volatile assets can
report changes in income that aren’t actually accurate to the long-term
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financial picture, creating misleading gains or losses in the short-term

picture.

Misery typically loves company

If one business is seeing a reduction in net income thanks to asset losses,

then this trend typically creates a domino effect throughout a region or an
industry. Downward valuations are contagious and often trigger selling that
is unnecessary because of the volatility of the market. When this method of
accounting isn’t used and downward valuations don’t have to happen, there
is more investor stability that can, in turn, keep a region or industry’s overall
economics stable as well.

It reduces investor satisfaction

Some investors don’t always notice that a company is using the fair value
approach to accounting. This creates investor dissatisfaction because the
loss of value in the net income becomes an income loss for the investors as
well. Since many investors are trading these commodities instead of using
them for an investment, it can create a tough hit for their portfolio and
cause many investors to stay away from the business altogether.

Misleading Information

It is possible that sometimes the observed value of an asset in the market is

not indicative of the asset’s fundamental value. Market might be inefficient
and not reflect in its estimates all publicly available information. There are
also other factors that could cause this market estimate to be deviated such
as investor irrationality, behavioural bias or problems with arbitrage among
others. Ball (2006) also points out that market liquidity is a potentially
important issue because spreads can be large enough to cause substantial
uncertainty about fair value and hence introduce large overall value
deviations (“noise”) in the financial statements.

Manipulation

Manipulation of the price by the firms themselves also presents a risk in

obtaining fair value estimates, because in illiquid markets, trading by firms
can have an effect on both traded and quoted prices.
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It loses the historical perspective

Although current accounting is important to measure, there must also be a

general sense of what has happened historically for accuracy in tracking
results. Because assets may have a down year and reduce net profits, it can
artificially lower the successes that a business may have had. For example, if
a small business has assets of $100,000 that suddenly become valued at
$60,000 due to market losses and there were $50,000 worth of net profits
outside of the asset reduction, the company’s net profits would actually be
just $10,000.

Contribution to the procyclicality of the Financial System

Following the recent financial crisis, there has been a debate about the
potential contribution of fair value accounting. Many believe that it
exacerbated the effects of the crisis, through increasing the inherent
procyclicality of the financial system. (Procyclicality refers to the ability to
exaggerate financial or economic fluctuations.) Fair value accounting and its
dependency on the development of the market situation could cause a
market that experiences a slump that is closely followed by a deterioration of
a firm’s financial situation that in turn causes the market to panic, bringing it
closer to an outbreak of a crisis. Since financial institutions are closely
related to firms and the business cycle in general, if fair values indicate a
fall, losses will also be reflected on the banks´ capital.

The fair value accounting pros and cons show that for the most part,
businesses can have a transparent and accurate method of tracking profit
and loss. As long as investors are kept in the loop and know what is going
on, the benefits will typically outweigh the risks in this matter.

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