WO2011017230A1 - Valorisation et dépréciation d'actifs non financiers - Google Patents

Valorisation et dépréciation d'actifs non financiers Download PDF

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Publication number
WO2011017230A1
WO2011017230A1 PCT/US2010/044002 US2010044002W WO2011017230A1 WO 2011017230 A1 WO2011017230 A1 WO 2011017230A1 US 2010044002 W US2010044002 W US 2010044002W WO 2011017230 A1 WO2011017230 A1 WO 2011017230A1
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WIPO (PCT)
Prior art keywords
asa
pop
value
asset
airplane
Prior art date
Application number
PCT/US2010/044002
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English (en)
Inventor
Joel Jameson
Original Assignee
Joel Jameson
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Priority claimed from PCT/US2010/032777 external-priority patent/WO2010127011A1/fr
Application filed by Joel Jameson filed Critical Joel Jameson
Publication of WO2011017230A1 publication Critical patent/WO2011017230A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • the present invention regards financial accounting methods and computer systems t ⁇ value noofmaneial assets and associated depreciation, particularly within the context of double-entry financial accounting computer systems based upon credits and debits,
  • This disclosure frequently uses a same Sase-ease example as a starting point for analysis and demonstration, iti order to facilitate comparison and in order to avoid consideration of irrelvaiit detail variation.
  • a Company A purchases as. airplane on December 31 ,2000, for $1200.
  • the company has a 10% cost of capital, and uses 10% as its discount rate.
  • the airplane has a useful life of five years.
  • Company B has been able to convert all its airplanes assets into cash, thu& it has total assets of $1320 (1200.00 * Ll), seeniingingiy yielding superior performance: Company A has about $930.00 tied-up in the airplane asset seemingly yielding nothing. Stated differently, Company B has the financial reporting advantage because it can convert all of its Sl 200.00 airplane investment into recognized gains, while Company A cannot. Because of this, there is pressure on Company A to convert to Company B's short-term focus.
  • the third problem caused by the Fundamental Depreciation Problem is that it leads to a failure to distiagiush between capita! gains and operational performance. So, for instance, suppose that over the course of the five years between the end of 2000 and the end of 2005 the revenue for a Company is always greater than the depreciation charge. While this is seemingly positive, the company could be earning less than its cost of capital. " The shareholders of such company could bt well advised to close Company A and invest their $1200,00 elsewhere. In short, because of the Fundamental Depreciation Problem, the opportunity cost of capital is not included in asset depreciation expensing.
  • EVA economic value added
  • the cost of capital is subtracted from measured income to yield EVA.
  • EVA addresses the above-mentioned third pr ⁇ hkr ⁇ caused by the Fundaments! Depreciation Problem, it does so on a total company-, or division-, wide basis and not oa an individual asset, micro-basis. While it. uses accounting data, it does not provide data to accounting systems, speeifiaLly credits and debits.
  • Sinking-fund depreciation derives from what is historically called the Annuity Method of Depreciation. This older method, likely no longer used, entails determining what an annuity would pay as a constant periodic payment over a fixed terra. Such a constant periodic amount is takes as the expense charge, though the method also requires an interest income credit. (The constant periodic payment minus the interest income credits equals the depreciation charge under modern Sinking-fund depreciation.) Accountants almost universally dislike the Annuity Method of Depreciation, because of its tion-iatoitive nature and difficulty of use. The second problem with the Annuity Method of Depreciation is that it assumes constant .mortgage payments, to use the metaphor - a possible issue since assets are sot necessarily used or consumed at a constant rate,
  • the initial initial purchase price, or value is allocated, or spread out across multiple future periods in proportion to expected use as shown, for example, in Column H of Fig. 1 , where a higher proportion is specif ied because of the 2004 Olympics,
  • FalOG34 discios an accounting system, handling credit and debit posting for future receipts; calculating present values based upon those expected future receipts, and updating accounts. However, it does not offer any guildaoce regarding determining the filters receipts amounts themselves.
  • the objects ami advantages of the present invention are to develop an accounting method for n ⁇ nfmaneial assets that: * Resolves the Fundamental Depreciation Problem, spedfkia ⁇ ly:
  • Fig. 1 shows a numerical demonstration of the Fundamental Depreciation Problem.
  • Fig. 2 shows the relationship between the Data €iient and the AppiieationServer.
  • Fig, 3 shows the DataClie ⁇ t and AppiicationServer connected through the global cloud, the internet or a WAN/LAN.
  • Fig. 4 shows calculating Future Pop Values
  • Fig. 5 shows the airplane value as a function of time.
  • Fig. 6 shows an OCl income statement for the Base-case.
  • Fig. 7 shows a balance sheet for the Base-case.
  • Fig. 8 shows debit and credit positings generated by the present invention for an OCI accounting system.
  • Fig, 9 shows a PatOO34 income statement for the Base-case
  • Fig. 10 shows an R/F. income statement for the Base-case.
  • Fig. 1 1 shows calculating Future Pop Values with scrap value.
  • Fig. 12 shows calculating Future Pop Values with diminishing effects.
  • Fig, 13 shows calculating Future Pop Values with seasonal effects.
  • Fig, 14 shows Future Pop Value percentage c ⁇ vaerdup.
  • Fig, 15 shows debit and credit postings when future Pop Value percentage ownership is divided.
  • Fig. 16 shows initial asset value equaling present value of payments.
  • Fig. 17 shows debit and credit postings for both an asset and associated payment stream.
  • Fig. 18 shows revising the Base-case by restarting with additional investment.
  • Fig. 19 shows calculating Future Pop Values with multiple scenarios.
  • Fig. 20 shows payment stream, Future Pop Values, and asset and liability values for R&0/ «ew product.
  • Fig, 2 ⁇ shows a Pai0034 pcrpctual-asset income statement.
  • Fig. 22 shows an alternative procedure to calculate Future Fop Values.
  • Fig. 23 shows the data members of programming object Applicatir ⁇ User ⁇ bj.
  • Fig 24 shows the data members of the ScenarioTable object.
  • the present invention can operate o ⁇ most, if not all, types of computer systems, however counseled or not connected, as shows in Figs. 2 and 3.
  • the ⁇ pplicationS ⁇ vcr receives input, performs calculations, stores both inputted and calculated data, and returns or forwards; results.
  • the DataCUent submits data to the ApplieationServer and receives results. While the language of the Client- Server computing paradigm is useful and serves as a raetapbor here, the present invention is not confined to operating per the Client-Server computing paradigm.
  • Both the DataCliest and the ApplicatioaServer could operate on a single processor or computer system. Alternatively, both could operate rather independently, connected either by the internet or a W AN/LAR as shown in Fig, 3, Cloud computing is the latest terminology for distributed computing.
  • the ApplicationServer could be considered to operate in the Cloud, as could the DataCliem, What is significant here about € ⁇ m ⁇ computing is that potentially either or both the AppJicatioaServ ⁇ r and the DataClient themselves could he distributed each operating on several processors, with executable code, data, and results being passed and moved from processor to processor.
  • the AppHcadotiServer may or may aot provide the DataCiient with results; the alternative, of course, is to provide other nodes o « the internet or WAN/LAN wit! results, as shown in Fig. 2,
  • the computer system as shown in Figs. 2 and 3, or variations, requires proper programming to execute the present invention, though (Ms is readily accomplished given this teaching that includes computer program source code to execute and demonstrate key aspects of the present, iaventioo.
  • Computer refers to the entity that is executing the present invention, or having it executed, on its behalf and can be either a for-proflt business organization, a government, a nonprofit organization, a trust, an individual, and in fact can be any type of entity that seeks to estimate the Fair value and depreciation expense of any nonfmancial asset.
  • No ⁇ financial assets include both products and services; traditional manufacturing plants, buildings, and equipment; raw land; natural resources; intellectual property; service contracts;
  • a prime object of the present invention is to quantify such non-monetary benefits in monetary valuation tonus.
  • the assets under consideration ia this disclosure should not Be construed to limit the applicability of the present invention to any particular type of noxifinancia! asset.
  • the example isses an accounting period of a year for illustrative purposes, and assumes activity occurs on the last day of the year, other accounting-period lengths, and other activity days within the period, could be used. Jn particular, in aa actual implementation of the present invention, given today's current accounting practices, the financial quarter of three months should be used, with activity occurring on any, or all, days, of the quarter.
  • Operation of the present invention requires both a discount rate (e.g., 10%) and a purchase price or cost (e.g., S 1200) or a payment schedule.
  • the discount rate is takers as given by the present invention. Its determination not discussed, sinet: those in the fields of financial analysis and accounting are very familiar with discour ⁇ -rate deterrni ⁇ aiion. Any given Company may use different discount rates for difterem notrfinaneial assets, which also likely have different purchase prices.
  • the current discount rate is tied to actual market iaterest rates or other market prices, then the estimated Fair values and depreciation expenses of any nonfinandai asset are directly tied with the current market
  • the purchase prices are taken as given by the present iirventioa, and are assumed determined by an actual purchase prices, appraisal, market survey, cash-flow present -value analysis, or any other type of current or future valuation rnethod.
  • the discount rate is expressed in factor form, Le,, LlO + rather than ia decimal or percentage form, i.e., 0.10, and 10%. to spare constant adding and subtracting of 1.0.
  • the present disclosure focuses on using its central feature, Relative Consumption Pattern Discount Aligning, in a financial accounting context, using spreadsheet-like drawings for pedagogical purposes.
  • the present invention can be used outside of a financial accounting context and/or apart from spreadsheets. So within a financial accounting context, the present invention can be used without spreadsheets, using programming objects, programmed as disclosed here. Alternatively, within a financial accounting context Users could use spreadsheets to perform calculations as shown, here, and then manually or s ⁇ ui-autoniattcaliy post the results to a financial accounting system, using standard credits and debits interfaces.
  • the present invention could be used in an asset management or database system, containing estimated asset Fai ⁇ values and depreciation expenses as calculated here, with or without using a spreadsheet to perform calcukliojis as disclosed.
  • the present invention could be used by one or more Users, with en without either a spreadsheet aixi/or with or without a hand held calculator, for ⁇ l hoc analysis, transaction decisions, buy-versus-rem decisions, business plan preparation, and the like. "
  • the present invention can be used in any context where present depreciation methods; are used today, with computational support &uch as a hand held calculator, personal computer, minicomputer, mainframe, or server.
  • asset-value change has three components: First, as time progresses, the value of future bene ⁇ ts is elosesr-at-hand, ⁇ us the present value increases, and thus asset value increases. Such increases are considered capital gains. Second, asset consumption occurs that reduces asset value. Asset consumption entails extinguishment of ''Furor? Pop Values", which will be introduced. Third, awid parameter changes occur, triggering asset value changes. Resulting increased valuations are considered capital gains, while decreased valuations are considered capital losses.
  • a key feature of the present invention is isolating the first two components, which are confounded in the prior- art imder the general term "depreciation expense.” While the expression “depreciation expense' 1 is occasionally used here to mean a charge or expense, the expression, white extremely caramon, is inaccurate. A more accelerate expression is “consumption charge. " "
  • the Fundamental Depreciation Problem is the failure to consider present value. It contradicts both common sense and the most basic financial principle - the li ⁇ ie value of money - to consider that a purchase price reflects ail future embedded value, since it makes no sense for Company A to purchase the airplane, only to wait years to get its original capital/value returned, while the Company could earn 10% elsewhere.
  • Relative Consumption Pattern Discount Alignmg solves the Fundamental Depreciation Problem, initially the User specifies a Relative Consumption Pattern, as shown in Column C, of Fig.4, the elements being estimated number of anroml flying hours.
  • each Relative Consumption Pattern element is calculated, as shown, is Coiuraa D; summed, yielding Cell W antount, 7581.57, Next, the purchase price ⁇ $1200.0 ⁇ ) is divided by the sur ⁇ raed present value (758 i .5?), yielding a quotient, the Pop Factor. Then each Relative Consumption Pattern element is multiplied by the Pop Factor to yield Future Pop Values, as shown in Column E. Column F shows the present values of these Future Pop Values, summing to $1200,00, equating to the purchase price. Note that the dimension of Column C - hours - cancels, when, dividing Column C elements by the sum of Column D.
  • Future Pop Values can be the basis for expensing, in the context of a financial accounting system, with credits and debits.
  • Future Pop Values are ephemeral, lasting oaty for an instant, during which time they are either convened into something of economic value, or they are lost forever.
  • a prune use of Finiire Pop Values is to determine the airplane's Fair value. At any point in time, the value is simply the present value of the Future Pop Values. Though an airplane would Borroally be considered a depreciating aiset, as shown in the Fig, S, daring each period, its value actually increases, as the realization of Future Pop Values becomes nearer and nearer, until the Pop, when the value instantaneously drops. (See zigzag 50L) if the time separation between the Relative Consumption Pattern elements is reduced from a year to a day. the zigzag becomes smooth arc- 502, (Straight diagonal line 503 is airplane value under straight-line depreciation.) fe terms of credits, debits, and financial statements, a?
  • the airplane is purchased, triggering a debit to an airplane asset account (Airplane A), a credit to cash (Cash A), and an entry on the balance sheet.
  • Airplane A airplane asset account
  • Cash A credit to cash
  • the present value of the Future Pop Values is calculated, yielding a Si 32OiX' valuation.
  • the ⁇ 120.00 gain is debited to the airplane asset account, and credited to a revenue account.
  • an expense is triggered: a credit to the airplane asset account and a debit to an expense account.
  • Scrap value is handled by reducing asset value by the scrap value's present vaiue. So, for example, if the airplane lias a $300.00 scrap value in 2005, then the present value of that $300.00 is 2000 is subtracted from the S 1200.00 prior to determining the Pop Factor, This is shown in Fig. 11 , where the Pop Factor is calculated as 0.13,
  • the estimate could be subjective or it could be based upoa proxies. So, for example * if the airline could not estimate the number of flying hours, the Relative Comimiption Pattern could be based upon forecasted ear-passenger miles to be driven. Below, addition examples of using the Relative Consumption Pattern based upon hours are shown, though m actual practice, such objective measurement is not required.
  • tractions dnd ⁇ iiok ruture Pop Values cao be considered as uaits of transaction, aad the accounting can proceed simf iy bj considemig the associated present values
  • Fig, 14 shows Company ,Vs ownership mJerest after ⁇ ellmg 4ifa of its 2003 and 2004 airplane capacity Fig 1 S s»how » ass ⁇ viated debit and credus ge ⁇ exat ⁇ ! by thepr«& « ⁇ t irocuU ⁇ » piior to and aitw ills sdi.
  • Relative Consumption Pattern scenarios can be specified, and probability-weighted averaged as shown in Fig, 19.
  • the probability-weighted average present value of the Relative Consumption Pattern is 6837,71, as shown in Ceil D28,
  • the Pop Factor is calculated and applied as before to determine Future Pop Values.
  • Ffet are research-and-devebpraent/new products, h the early stages of such efforts, investments are being made, rather than casts incurred.
  • the present invention recognizes lfee investment aspects, as shown in Fig, 20, Column B shows a hypothetical investment to for resea ⁇ fe ⁇ aad4eveio ⁇ rae ⁇ t for a aew product, This results in the Future Pop Values as shown in Column C, with asset valise shown iti Column D, and liability value shown in Column E, What is important here is the increasing value of the asset (R&D/new product) in its early years, reflecting economic reality,
  • Fig, 22 shows a second alternative method to calculate Future Pop Values, based upon the example of Fig. 4, The method begins with projecting the Sl 200,00 value from Year 2000 to Year 2005, assuming 10% compounded growth * as shown in Row 3, yielding a terminal value of $1932.61 as shown in Cell H3. Next, the Relative Consumption Pattern Elements are placed k the C4;M4 area, specifically Cells D5, E6, F7, GS, 119. These values are also projected to Year 2005, Column H, The five projected values in H5:H ⁇ are summed, to yield CeI! Hl Q. The shares of each Year 2005 projection are calculated, ⁇ .g, 15 - H5/H10.
  • the preferred embodiment is to implement the present invention as a Cload-based service, with the Users at ⁇ l DataClients providing data over the internet to the ApplicationServer, which in turns handles processing and calculations, and i;he ⁇ either returns the results to the the DataServer and/or publishes the results over the internet
  • the present invention could also be executed by a single individual, using either a spreadsheet on personal computer, and/or, using a .handheld calculator, with the single individual, replicating all the calculation detail as shown here and/or with the spreadsheet and/or handheld calculator having built-in functionality to execute at least some of the aspects of the present invention, and/or with the spreadsheet ami/or .handheld calculator .having access over &e internet to execute at least some aspects of the present invention. Accordingly, the present disclosure should not be interpreted to boand the
  • Class ApplicationServer executes the essential elements of the present invention, computing Future Pop Values and using such values to determine asset values as present values,- DataClient uses the ApplicationServer to generated necessary credits aod debits, which
  • the execution entry point is fusctiors.DataClientDo, File LineDump.txt is an output file.
  • Fig. 23 lists the data members of the AppHcat ⁇ onUserObj, fto main AppIicationSerr ⁇ r object to serve each individual User, Fig, 24 lists the data members of the See- ⁇ a ⁇ oTable object that is contained in AppiicaiionlJserObj ,
  • aa implementation could have the User specify template parameters, resulting in the implementation generating ' Relative Consumption Patterns, So. for example ⁇ the User might indicate that al! elements of Relative Consumption Pattern are constant and that the asset lifespan is six years, resulting in the generation of a Relative Consumption Pattern spanning six years, ultimately leading to Future Pop Values for each day.
  • Future Pop Values can be handled as described here. 6.
  • Future Pop Values and asset appreciation can be taken as simply the anticipated appreciation, given a constant asset value and discount rate.
  • This application includes a computer-program source-code listing written ill G-H- for Microsoft Visual C-H-, Version 6.0. Visual Studio. Included is a computer-output file.
  • ApplicatiouServer_Trat-sferPost AppiicationliserObj* pSo «r, AppUcatioriUserObj* p ⁇ est ⁇ ;
  • Appli ⁇ tioaServer m ⁇ ransferAate(Applicati ' oiiUserObj* pSour, AppHcatio ⁇ XJserObj* pDeat)
  • ApplicationServ ⁇ r_T ansfer(AppHcationUserObj* pSoyr, ApplicationUserObj* pDest, CString sce ⁇ arioName, CString dale, prec percentTransfer)
  • AssetVaiueOwned assetValueOwn ⁇ d:
  • BOOL operafo,c! ( Application ⁇ ser () bj& f );
  • A3 include "J ⁇ ate.h”
  • scenarioTabie.percentFopOwernshipfiScenario] A ⁇ pend(0) ;
  • AdditionalPric-etevelFactor :: GetPrice ⁇ ndexFactort ' cutTeiitDate);
  • JDa ⁇ eGctl > rese.ntVakie ⁇ aachorDate. reStartDate, reStartValueWhole, aiiaaalDisco ⁇ atRate ); double liabihtyA ⁇ ckorPresentValue 0;
  • prec& rcpQuant - sceaa ⁇ oTable.rcp[ i Scenario] [tDay];
  • popFactor (assetAnciiorPresentValue'ScrapValiie ⁇ UabiiityA.ochorPresentValue) /
  • postingsTabl ⁇ .Append cu ⁇ e ⁇ .tDate, "Pop Add Payment", clientliabilityAcct, clieiitLiabi ⁇ ityPaymeniAcctCrediU payme ⁇ tForAsset Additional);
  • BOOL isBxhaus-ed - FALSE
  • scenarioTable.pdCurfiScenario] ⁇ sceraarioTable.pdOrg[iSce ⁇ ario]/s ⁇ rn;
  • BOOL include - FALSE
  • AppKcationUserObj& asa ; *p ⁇ SA;
  • ApplicatioiiUserObj* pASA App1icatiotiServer_Cr8ateUserObjO;
  • AppikationUserObj& ;i&a *pASA; asa.aanoalDiscottniftate - 1.1;
  • idTableTitle "R/E 2001 Income Statement for Base-ease”; as,Pfi ⁇ iIncomeSta ⁇ emeiit("2001 11 );
  • id ⁇ abt ⁇ Title "Debit and Credit Postings"
  • Applicatio ⁇ Use ⁇ Obj* pASA ;: AppUcauonSeiveiLCVeaieUserObjQ;
  • idTableTitle "Debit and Credit Postings"
  • KlRg TiC- W 1 ;

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  • Accounting & Taxation (AREA)
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Abstract

L'invention porte sur un nouveau procédé pour déprécier des actifs non financiers, corrigeant un problème avec des procédés de dépréciation selon l'état de la technique, qui est la prise implicite d'un taux de promotion nul. L'invention porte également sur la façon de mettre en œuvre le procédé à l'intérieur d'un contexte de comptabilité financière et à l'intérieur de contextes de prise de décision ad hoc. Le procédé a une applicabilité particulière pour la comptabilité de location, un domaine qui est actuellement pris en considération par les bureaux de comptabilité internationaux.
PCT/US2010/044002 2009-08-01 2010-07-30 Valorisation et dépréciation d'actifs non financiers WO2011017230A1 (fr)

Applications Claiming Priority (4)

Application Number Priority Date Filing Date Title
US27332309P 2009-08-01 2009-08-01
US61/273,323 2009-08-01
USPCT/US2010/032777 2010-04-28
PCT/US2010/032777 WO2010127011A1 (fr) 2009-04-28 2010-04-28 Évaluation et amortissement d'actifs non financiers

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WO2011017230A1 true WO2011017230A1 (fr) 2011-02-10

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Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2012162747A1 (fr) * 2011-06-01 2012-12-06 Valuation Technology Solutions Pty Ltd Système et procédé d'évaluation d'actifs

Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20030177056A1 (en) * 2002-03-13 2003-09-18 Kaspar Tobias Winther Method for valuating a business opportunity
US20040073442A1 (en) * 2002-10-11 2004-04-15 Heyns Herman R. Strategic planning and valuation
US20070033127A1 (en) * 2003-10-23 2007-02-08 Intellectual Property Bank Corp Enterprise evaluation device and enterprise evaluation program
US20080040251A1 (en) * 1999-01-11 2008-02-14 Elliott Douglas R Method for Obtaining and Allocating Investment Income Based on the Capitalization of Intellectual Property

Patent Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20080040251A1 (en) * 1999-01-11 2008-02-14 Elliott Douglas R Method for Obtaining and Allocating Investment Income Based on the Capitalization of Intellectual Property
US20030177056A1 (en) * 2002-03-13 2003-09-18 Kaspar Tobias Winther Method for valuating a business opportunity
US20040073442A1 (en) * 2002-10-11 2004-04-15 Heyns Herman R. Strategic planning and valuation
US20070033127A1 (en) * 2003-10-23 2007-02-08 Intellectual Property Bank Corp Enterprise evaluation device and enterprise evaluation program

Cited By (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2012162747A1 (fr) * 2011-06-01 2012-12-06 Valuation Technology Solutions Pty Ltd Système et procédé d'évaluation d'actifs
AU2012227234B2 (en) * 2011-06-01 2014-01-23 Australia Pacific Valuers Pty Ltd System and method for asset valuation

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