The system of profitability indicators: general problems of valuation of intangible assets

The system of profitability indicators as the innovation-type economy spreads, undergoes significant changes-cases of exceeding the value of intangible assets of an enterprise over its tangible assets are very frequent. Such a situation makes an assessment of such assets extremely necessary.

The initial value of intangible assets is the amount of money equal to the amount of payment paid or accrued during the operation of the asset purposes.

The property approach to valuation of such types of property as NMA is usually bad because:

1) is calculated, first of all, on the valuation of the liquidation value, and not its value as acting;

2) advocates in cases where the system of profitability indicators of an enterprise includes a completely artificial question about how much the reproduction of the valuation object would cost today, while preserving all the types of wear and tear accumulated at that time.

The methods of the cost approach are considered to be unpromising, since it does not reflect the dynamics of profitability indicators, and in practice they are used extremely rarely. This approach is used as a test in the evaluation of an intangible asset by other methods.

The system of profitability indicators, including specific methods that are part of the market approach group, differ mainly in the type of information on transactions that is accepted as an analytical basis.

When using the methodology of industry standards, a lot of practical experience is required in order to correctly use the data, since the process of determining the average industry royalty rates can not be considered quite correct. Very widespread are various publications on the average size of rates of periodic cash payments (royalty rates), which represent the percentage of the licensee's income transferred to the licensor as a reward.

This method is used to determine the likely share of a producer's revenue with the use of an intangible asset, which the owner can claim in the event of the transfer of that asset.

The system of profitability indicators in this case is based on the fact that all the methods of this method rely on the theoretical base of statistics - the representative theory of measurements. Here the main thing is to choose the right criteria. The use of the ranking technique requires great care in assigning scales for scales and scoring points and accuracy in choosing a reference deal.

The main difficulty of the market principle in assessing intellectual property is that the markets of the strictly individualized objects are usually very small and informationally non-transparent. Terms of transactions with objects and intellectual property rights are often secret. These objects are mostly generally illiquid and the existing system of profitability indicators can simply "not be noticed".

The income method is based on the calculation of income expected in the future. The value is determined here by the methods of calculating the cost: direct capitalization; Discounting of cash flows; Gross multiplier.

The first of these is a calculation that is based on the estimated annual income for the valuation object divided by the capitalization ratio. The gross multiplier method is a cost calculation that is based on information about the cost of sales, gross income and actual gross income.

Evaluation of intellectual property on the basis of this method gives very small and sometimes clearly understated values of value. It is important to keep in mind both the time factor (different incomes and costs) and business risks.

Among the approaches discussed above, it would be advisable to give priority to the market approach, but only if the evaluated object can really find a close analogue, which provides information on the terms of the transactions that actually took place.

Calculations of the value of intellectual property seems to be the most difficult and most related to the most uncertainties in the division of property valuation activities. And although economists of our time try to substantiate and derive formulas to study quantitative and qualitative economic relationships using special models of intangible assets using econometrics, it is impossible to solve this problem completely. In some countries, the estimate of NMA is considered as a separate calculation process. However, this assessment is always tied to the valuation of business. Here the system of indicators of profitability assumes that it is much more difficult to evaluate each object of intangible assets than to evaluate the business as a whole.

At the same time, due to the sharp increase in the industrialized countries, the role of industries where objects and intellectual property rights are valuable, the methodology and methodology of the corresponding calculations are relevant. A measure of the solidity of these calculations should be not so much their saturation with complex formulas, as the thoughtfulness of economic content.