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Accounting for M&A - Uses and Abuses of Accounting in Monitoring and Promoting Merger (Hardcover)
Loot Price: R4,206
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Accounting for M&A - Uses and Abuses of Accounting in Monitoring and Promoting Merger (Hardcover)
Series: Routledge Studies in Accounting
Expected to ship within 10 - 15 working days
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Spending on M&A has, in aggregate, grown so fast that it has
even overtaken capital expenditure on increasing and maintaining
physical assets. Yet McKinsey, the leading management consultancy,
reports that "Anyone who has researched merger success rates knows
that roughly 70% fail". The idea that businesses might be using
huge and increasing sums of shareholders' money for an activity
that more often than not leads to failure calls into question the
information on which M&A decisions are based. This book
presents statistical studies, case material, and standard-setters'
opinions on company accounting before, during, and after M&A.
It documents the manipulation of annual accounts by acquirers ahead
of share for share bids, biased forecasts of post-merger earnings
by bidders, and devices to flatter earnings when recording the
deal. It explores the challenges for standard-setters in regulating
information flows during and after M&A, and for account-users
wishing to learn from financial statements how a deal has affected
performance. Drawing on a wide range of international examples,
this readable book is targeted not just at accounting specialists
but at anyone who is comfortable reading the serious financial
press, is intrigued by what is going on in the massive M&A
market, and is concerned with achieving better-informed M&A. As
such it might be of particular interest to business executives,
lawyers, bankers, and investors involved in M&A as well as
graduate students interested in researching or learning about the
role of accounting in M&A.
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