Publication: Company valuation in business combinations and treatment of goodwill in terms of accounting standards and Turkish tax legislation
Abstract
Şerefiye, şirketlerin net varlıkları haricinde sahip olduğu özel avantajlar olarak tanımlanabilir. Şirketin piyasadaki güvenilirliği, stratejik önemi ve yeri, çalışanlarının kalitesi, ticari markasına olan bağımlılık ve diğer nitel faktörler şirketin şerefiyesini oluşturur. Şerefiyeyi meydana getiren kalemlere değerlerin ayrıştırılması kolay olmadığından, bu değerler şerefiye adı altında bir bütün olarak temsil edilmektedirler. Genel bir yaklaşımla, şerefiye şirketin tanımlanabilir net varlıklarının makul değeri ile şirket için biçilen değer arasındaki net fark olarak ifade edilebilir. . Şirketlerin satın alınma değerleri şerefiyenin temel faktörlerinden biri olduğundan, şerefiye ve şirket değerleme yöntemleri arasındaki ilişki iyi bir şekilde yorumlanmalıdır. Ayrıca, kullanılan farklı varsayımlar farklı sonuclar doğurmaktadır. Bu çalışmanın temel amacı, şerefiyenin hesaplanmasına ve tanımlanmasına ilişkin farklı standarların farklı prensiplerini ortaya koymaktır. Aynı terimler kullanılsa da, Türkiye’deki yerel vergi mevzuatı düzenlemeleri dünyaca kabul edilmiş yaklaşımlardan tamamen farklılık göstermektedir. “Değer” ve “şirket birleşmeleri” kavramlarına ilişkin farklı yaklaşımlar da bu çalışma içinde ayrıca incelenmiştir. Yerel mevzuat tarafından kabul edilen düzenlemeler şirketlerin mali durumunu ve hissedarlık yapısı gibi ana finansal göstergeleri doğrudan etkileyebilmektedirler. Ancak, muhasebe standartları tarafından yapılan daha makul tanımlamalar, bu tip kanuni işlemlerde dikkate alınmamaktadır. Çalışma esnasında, yerel mevzuat tarafından “şerefiye” için yapılan tanımlamaların uluslararası tanımlamalara uyumlu hale getirilmesi gereğinin ortaya konulması amacıyla, bir işletmenin bazı aktiflerini satın almak suretiyle yapılan bir devir işlemi; bir işletmenin tüm aktifi ve pasifi ile külli olarak devralma suretiyle yapılan bir birleşme işlemi ve bir şirketin yönetim hakkını ele geçirecek kadar hisse senetlerinin satın alınması suretiyle yapılan bir devir işlemi incelenmiş; bu işlemler kapsamında hesaplanan şerefiye tutarları, Uluslararası Finansal Raporlama Standartları ve Türk Vergi Kanunları çerçevesinde analiz edilmiştir. Name and Surname:Mustafa Uğur Akdoğan Field:Business Administration Programme:Accounting and Finance (Eng.) Supervisor:Prof. Dr.Necdet Şensoy Degree Awarded and Date:PhD – December 2005 Key words:Goodwill, Business Combinations, Standards
COMPANY VALUATION IN BUSINESS COMBINATIONS AND GOODWILL IN TERMS OF ACCOUNTING SATANDARDS AND TURKISH TAX LEGISLATION The goodwill can be defined as “all assigned special advantages of the company other than its recognisable assets.” The reliability of the company in the market, quality of its employees, the strategic importance of the company in the market, the location of the company, addiction to trade-mark owned by the company and other qualitative factors, forms the goodwill of the company. Since the allocation of values to the items that forms the goodwill is not easily performed, they are represented with an accumulated value under the term of goodwill. The goodwill can simply be defined as the net value between the fair value of the identifiable assets and the value assessed for the company. Since the purchase price of the companies is the one of the main factors of the goodwill amount, the goodwill and the company valuation methods should be well interpreted. Moreover, the different assumptions also cause different results. The main purpose of this study is to point out the different accepted principles of different standards related to the calculations and recognitions of the goodwill. Although the same terms are utilised, it is determined that the recognitions of local tax legislation of Turkey are completely different from worldwide accepted approaches. The different approaches related to the concepts of “value” and “business combinations” are also examined within this study. The principles accepted and recognitions made by local legislation, directly affect the status of the Companies, including key financial barometers such as their shareholding structures. However more proper accounting standard recognitions are not taken into consideration in such statutory transactions. In order to prove that the basis of statutory recognitions should be adjusted with respect to the international recognitions, three examples were analysed from the perspectives of International Financial Reporting Standards and Turkish Tax Legislation wherein one of the examples an acquisition is performed via asset transfer whereas in one of another acquisition all assets and liabilities of a company were taken-over as a whole and as the last example an acquisition performed via share transfer is analysed.
COMPANY VALUATION IN BUSINESS COMBINATIONS AND GOODWILL IN TERMS OF ACCOUNTING SATANDARDS AND TURKISH TAX LEGISLATION The goodwill can be defined as “all assigned special advantages of the company other than its recognisable assets.” The reliability of the company in the market, quality of its employees, the strategic importance of the company in the market, the location of the company, addiction to trade-mark owned by the company and other qualitative factors, forms the goodwill of the company. Since the allocation of values to the items that forms the goodwill is not easily performed, they are represented with an accumulated value under the term of goodwill. The goodwill can simply be defined as the net value between the fair value of the identifiable assets and the value assessed for the company. Since the purchase price of the companies is the one of the main factors of the goodwill amount, the goodwill and the company valuation methods should be well interpreted. Moreover, the different assumptions also cause different results. The main purpose of this study is to point out the different accepted principles of different standards related to the calculations and recognitions of the goodwill. Although the same terms are utilised, it is determined that the recognitions of local tax legislation of Turkey are completely different from worldwide accepted approaches. The different approaches related to the concepts of “value” and “business combinations” are also examined within this study. The principles accepted and recognitions made by local legislation, directly affect the status of the Companies, including key financial barometers such as their shareholding structures. However more proper accounting standard recognitions are not taken into consideration in such statutory transactions. In order to prove that the basis of statutory recognitions should be adjusted with respect to the international recognitions, three examples were analysed from the perspectives of International Financial Reporting Standards and Turkish Tax Legislation wherein one of the examples an acquisition is performed via asset transfer whereas in one of another acquisition all assets and liabilities of a company were taken-over as a whole and as the last example an acquisition performed via share transfer is analysed.