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Shareholder Value Creation by Acquiring Firms in Emerging Markets

The author proposes to undertake a broad educational perspective of this subject by assessing the current company valuation techniques and then try to evaluate if these techniques are feasible to carry out fair value measurements of company assets. [Mard, Michael J. 2008]
Fair value measurements have been in discussions for many years but post the current Sub-Prime crisis the same is in the process of getting mandatory for publicly listed organizations and a number of private companies as well. This new requirement is expected to trigger a number of researches in the industry trying to answer the questions that are raised by practicing accountants of the industry. The author proposes to contribute by trying to answer the following Research Questions pertaining to the proposed research:
Literature Review
In an interview with Mr. Robert H Herz, FASB Chairman, he emphasized that the SFAS 157 is not the first introduction of the concept of Fair Value measurements. Fair Value has appeared in many standards in the last few decades and hence is not a new concept. However, a consolidated standard of fair value from a GAAP perspective was needed and SFAS 157 was introduced to fulfill this criterion. The emphasis of fair value is to provide accurate information to those individuals that study financial statements and then take decisions on investments amp. credits based on such statements. Fair value is not essentially a replacement of historical costs but is an additional projection to the users of the accounting statements about the current market valuation of assets whereby cash assets and cash equivalents should be depicted separately. Mr. Herz insisted that accounting professionals have all the rights to accommodate both fair value amp. historical costing in one accounting model but the fair value is mandatory. He informed that prior to working on SFAS statement 157 they interviewed some of the portfolio managers and financial analysts that follow companies that handle energy trading regarding the feasibility of fair value. The portfolio managers and financial analysts preferred fair value with additional disclosure taking the learning from Enron meltdown. [Kranacher, Mary-Jo and Morris, Tom. 2007].Now here is the point presented by the author – why should people learn amp. adopt best practices only after major scandals, scams or crisis has occurred and billions of dollars and future of thousands have been drained down? If FASB has concluded that fair value measurement should be the way of life of the accounting professionals, they must have gone through loads of analytics before making this mandatory. The accounting professionals should develop detailed methodologies of implementing fair value in accounting statements by coming out of the comfort zones because the accountability of such professionals is to protect the interest of investors in public listed companies and overall protect the nation from the financial crisis.