The system of indicators of profitability: Common Challenges valuation of intangible assets

system margins as the spread of innovative economy is undergoing significant change - very often there are cases of abuse of the value of intangible assets of an enterprise over its tangible assets.This situation makes the assessment of such assets is absolutely necessary.

The cost of intangible assets is considered to be the amount of money equal to the amount of payment, paid or accrued in the functioning of the asset purposes.Property

approach to the assessment of such types of assets as intangible assets is usually bad because:

1) is designed, first and foremost, on the assessment of the liquidation value, rather than its value as a current;

2) acts in cases where the profitability of the enterprise system involves a completely artificial question of how much it would cost the reproduction of the subject being evaluated today, while retaining all the accumulated to this point types of wear.

Techniques cost approach is unsound, since it does not reflect the dynamics of profitability and in practice rarely used.This approach is used as a check in the valuation of intangible assets other techniques.

system profitability indicators, including specific techniques in the group market approach, differ mainly in what kind of information on transactions taken as the analytical framework.

By using industry-standard methods requires extensive practical experience in order to properly use the data as the process of determining the average industry royalty rates can not be considered entirely correct.Quite common are various publications about the average size rates periodic cash payments (royalty rate), which represent a percentage of the income of the licensee, the licensor transmitted as a reward.

This method determines the probability of the share of proceeds manufacturer of products using the intangible asset for which the owner can claim in case of transfer of the asset.

system margins in this case, based on the fact that all the techniques of this method is based on the theoretical basis of statistics - representational theory of measurement.Here the main thing - to choose the appropriate criteria.Applying the methodology of ranking requires great diligence in the appointment of weights and scales for evaluation points and accuracy in the selection of the reference transactions.

main difficulty of market principles in the evaluation of intellectual property lies in the fact that the relevant markets are highly individualized objects are usually very small and opaque information.Terms and conditions of transactions with real and intellectual property rights often secret.These objects are mostly illiquid, and virtually all the existing system of margins they may simply "miss."

Profitable method is based on calculating the income expected in the future.Determining the value is produced by methods of calculating the cost: direct capitalization;discounted cash flow;gross multiplier.

The first of them - a calculation that is based on the estimated annual income estimate for the project divided by the capitalization rate.Method gross multiplier - a calculation of the cost, which is based on data on the cost of sales, gross income and real gross income.

Assessment of intellectual property based on this method gives very small and sometimes clearly underestimated the magnitude of value.It is important to keep in mind the factor of time (at different times of revenues and costs) and risks of the business.

Among the approaches discussed above it would be advisable to give priority to market-based approach, but only on condition that the estimated object you can really find the closest analogue for which information is available on the conditions of the transactions actually occurred.

Calculations value of intellectual property is the most complex and associated with the highest number of uncertainties section of the evaluation of property.Although economists of our time to study the quantitative and qualitative economic relations with special models of intangible assets, using econometrics, trying to justify and derive formulas - totally impossible to resolve this issue.In some countries, evaluation of intangible assets is treated as a separate calculation process.Furthermore, this score is always tied to the valuation of the business.Here the system profitability indicators suggests that evaluate each item of intangible assets is much more difficult to assess than the business as a whole.

At the same time due to the sharp increase in industrialized countries as industries where securities are objects and intellectual property rights, the actual methodology and techniques seems appropriate calculations.A measure of the solidity of these calculations is to serve not only their saturation complex formulas as well thought-out economic content.