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AICPA Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation

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ABSTRACTPrefaceIntroductionChapter 1 — Concepts of Fair Value of Equity SecuritiesChapter 2 — Stages of Enterprise DevelopmentChapter 3 — Factors to Be Considered in Performing a ValuationChapter 4 — Overview of Valuation ApproachesChapter 5 — Valuation of Equity Securities in Simple Capital StructuresChapter 6 — Valuation of Equity Securities in Complex Capital StructuresChapter 7 — Control and MarketabilityChapter 8 — Inferring Value From Transactions in a Private Company’s SecuritiesChapter 9 — Relationship Between Fair Value and Stages of Enterprise DevelopmentChapter 10 — Valuation Implications of a Planned Initial Public OfferingChapter 11 — Reliability of the ValuationChapter 12 — Common Valuation QuestionsChapter 13 — Elements and Attributes of a Valuation ReportChapter 14 — Accounting and DisclosuresAppendix A — The Initial Public Offering Process for the latest information. Appendix B — Venture Capital Rates of ReturnAppendix C — Criteria for the Selection of a Valuation SpecialistAppendix D — Table of Responsibilities of Management and the External Valuation SpecialistAppendix E — Table of Capitalization MultiplesAppendix F — Derivation of Weighted Average Cost of CapitalAppendix G — Real Options. Note that this appendix presents a brief introduction to real options. It is not intended to be a definitive survey of the topic. Appendix H — Rights Associated With Preferred StockAppendix I — Illustration of Methods for Valuing Equity SecuritiesAppendix J — Illustrative Document Request to Be Sent to Enterprise to Be ValuedAppendix K — Illustrative List of Assumptions and Limiting Conditions of a Valuation ReportAppendix L — Bibliography and Other ReferencesGlossaryIndex of Pronouncements and Other Technical GuidanceSubject Index