Triangulation: Using Accounting Data to Measure Intangibles
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Rutgers University 1st Symposium on Intangibles included this presentation by Mary Adams, author of Intangible Capital. View a video of the full talk at http://raw.rutgers.edu/1stIntangibles. More information about Mary's firm I-Capital Advisors at http://i-capitaladvisors.com.
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Triangulation: Using Accounting Data to Measure Intangibles
- 1. Triangulating Intangibles Mary Adams I-Capital Advisors A strategy for accounting in the knowledge era….
- 2. Corporate value is increasingly intangible Research: Ned Davis 2009: 81% intangible Components of - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 Market Premium Intangible Book Value Tangible Book Value Components of S&P 500® Market Capitalization - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 S&P 500 Market Cap ($ billions) Market Premium Intangible Book Value Tangible Book Value
- 3. Mergers are 70% intangible E&Y: Acquisition Accounting – What’s Next for You? Global sample of 700+ mergers in 2007
- 6. Knowledge Assets
- 7. Filling in the intangible info gap The New Factory The New Management The New Accounting
- 13. Sample assessment output IC Rating™ consolidated report Performance Outlook Risk
- 18. Triangulation …to help stakeholders to understand the performance and capacity of the knowledge-era business
Hinweis der Redaktion
- Capacity is about the future. At the most basic level, it’s about viability as a going concern. It’s also about capacity to grow—which must include capacity to innovate Incidentally, I haven’t mentioned value much today. The principal way of valuing intangibles is a discounted cash flow based on the expected performance of the asset. But DCF is dependent on a lot of assumptions. This kind of triangulation will inform the development of the DCF Right now I am working with some partners in the IC and investment communities to create a product that will operationalize this triangulation in M&A situations
- Contrary to fair value movement Would have huge tax implications
- In business we assess things all the time We do it intuitively, we do it through meetings, we do it through surveys It’s actually the fastest, highest value information Most of the time when you hire a consulting firm, they are doing an assessment of some sort—they may or may not be sharing their methodology
- Explain chart This has been used 450+ times Results discussed in a recent IAM magazine article available on my website We found that overall, co relatively better at HC and RC than SC—and IP weakest of them all People use this kind of information in strategy, strategic alignment, M&A, Global consulting firm to improve alignment VC’s for funding PE for post-merger problems Lions share smart companies trying to be smarter, find the seeds of next innovation
- Again, this is not unfamiliar to businesspeople—use indicators all the time In a car factory, speed of the line, number of defects In a service business like Fedex, on time delivery, number of lost packages, % of plane capacity IBM is in the process of creating the kind of knowledge base that they developed about physical production processes in the 1950’s and 60’s—now they are are developing one about knowledge processes—how people communicate: emails vs. phone vs. IM vs. social media. Number of threads in conversations this is bottom up for learning Other perspective is BSC, dashboards, and external reporting—using just a few KPI’s Valuable and necessary but also very dangerous