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  • The Commercial Code and Company Valuation (Part III)
    the valuation by the founders themselves unless there were to be a real estate valuator among the founders Yet even such an exception seems to be moot in view of the principle of impartiality and the absence of conflict of the real estate valuator s interest during the appraisal assignment In the next step pursuant to article 312 paragraph 1 the founders report should be submitted for examination by one or more auditors in terms of its accuracy and reliability In particular the purpose of the examination is to issue an opinion regarding the fair value of in kind contributions and whether it corresponds to at least the nominal value of the shares or a higher issue price of the shares being issued In addition paragraph 4 provides that the auditor s opinion should evaluate the method of valuation of in kind contributions adopted in the founders report The conflict between paragraphs 1 and 4 generates significant discrepancies as to the required scope of work of the auditor Paragraph 1 suggests that the auditor should make the valuation of in kind contribution himself issuing an opinion on the value is in fact the crucial part of the valuation process Paragraph 4 in turn suggests that the subject of the work of the auditor should be to issue an opinion on the valuation contained in the founders report namely that he should evaluate the methodology of valuation of in kind contributions Well it would be appropriate that on the occasion of the next updates to the Code the legislator should clarify what is expected of the auditor in this specific case If the legislator really expects the auditor to issue his opinion on the value of in kind contributions in other words he will make the valuation there is no need in such a situation to make a separate assessment of the methods used in the valuation contained in the founders report The business practice indicates that auditors do not usually conduct separate valuations and only evaluate the valuation methodology used in the founders report and on this basis issue an opinion on what is the fair value of in kind contributions The question arises in this case of whether the evaluation of the methodology used in the valuation of contributions in kind in the founders report gives the auditor adequate grounds to issue an opinion on the value of the assets contributed My experience as a person carrying out valuations and also evaluating appraisals carried out by other experts leads me to state that it does not It is one thing to carry out the valuation itself and to issue an opinion on the value of assets and another to assess a valuation made by another specialist and even something else again is the assessment of the methods used in the valuation alone Services Business Valuation Valuation of Intangible Assets Impairment of Assets Financial Advisory in Business Litigation Healthcare advisory Acquisition Advisory Divestiture Advisory Due Diligence Capital Raising Contact Cann

    Original URL path: http://www.cann.pl/en/en-blog/62-the-commercial-code-and-company-valuation-part-iii (2016-04-27)
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  • Kodeks spółek handlowych a wycena spółek (część IV)
    nie ma odpowiednich kompetencji do wykonywania specjalistycznych części usług wówczas powinien zapewnić sobie doradztwo i pomoc właściwych specjalistów Miejmy nadzieję że biegli rewidenci podejmując się obowiązków wynikających z art 312 ksh mają w pamięci ten punkt kodeksu etyki zawodowej Warto zwrócić uwagę na wymóg opiniowania w par 1 art 312 czy wartość godziwa wkładów niepieniężnych odpowiada co najmniej wartości nominalnej obejmowanych za nie akcji bądź wyższej cenie emisyjnej akcji Wartość wkładu niepieniężnego nie powinna przekraczać ceny emisyjnej akcji wyemitowanych dla podmiotu wnoszącego wkład niepieniężny co jest oczywiste Generalnym wymogiem ksh przy emisji akcji jest ustalanie ceny emisyjnej przynajmniej na poziomie wartości nominalnej Przy zakładaniu spółki zazwyczaj cena emisyjna akcji pokrywa się z wartością nominalną akcji Przy następnych emisjach akcji cena emisyjna z reguły nie jest równa wartości nominalnej Wynika to z faktu że cena emisyjna powinna odzwierciedlać wartość godziwą jednej akcji spółki zaś ta zmienia się w czasie Wartość nominalna jest generalnie wielkością stałą ustaloną w momencie powstawania spółki I tak na przykład jeżeli wartość godziwa całej spółki przed emisją nowych akcji została oszacowana na poziomie 10 mln PLN kapitał zakładowy obejmuje 2 000 akcji o wartości nominalnej 1 000 PLN każda zaś wartość wkładu niepieniężnego została oszacowana na poziomie 3 mln PLN wtedy powinno dojść do emisji 600 nowych akcji o cenie emisyjnej 5 000 PLN Wyliczenia są proste cena godziwa jednej akcji 10 mln PLN 2 000 akcji 5 000 PLN akcja ilość nowych akcji 3 mln PLN 5 000 PLN akcja 600 akcji Ustalenie takich parametrów nowej emisji będzie neutralne w punktu widzenia interesów majątkowych wszystkich akcjonariuszy obecnych jak i też przyszłego Praktyka gospodarcza wskazuje że nowe emisje akcji pokrywane wkładem niepieniężnym są kierowane często do akcjonariuszy większościowych lub podmiotów z nimi powiązanych W takiej sytuacji zachodzi ryzyko że zawyżenie wartości wkładu niepieniężnego nie tylko doprowadzi na zafałszowania bilansu spółki ale i wpłynie negatywnie na wartość akcji posiadanych przez akcjonariuszy mniejszościowych z korzyścią oczywiście dla akcjonariuszy większościowych lub podmiotów z nimi powiązanych W konsekwencji wiedza i doświadczenie biegłego rewidenta wydającego opinię na temat wartości wkładu niepieniężnego ma istotne znaczenie dla całokształtu ładu korporacyjnego w spółce Par 2 stanowi że biegłego rewidenta wyznacza sąd rejestrowy właściwy ze względu na siedzibę spółki Dosyć często się zdarza że biegłym rewidenta do wydania opinii na temat wkładu niepieniężnego zostaje wybrany stały biegły rewident badający sprawozdania finansowe spółki W sytuacji gdy rzecz dotyczy spółki z akcjonariuszem większościowym i akcjonariuszami mniejszościowymi oraz wkładu niepieniężnego wnoszonego przez akcjonariusza większościowego taka praktyka wydaje się być wysoce dyskusyjna Generalnie jeżeli mamy wieloletniego biegłego rewidenta badającego sprawozdania finansowe spółki to mimo że on bezpośrednio nie współpracuje z akcjonariuszem większościowym opiniowanie przez niego wartości wkładu niepieniężnego wnoszonego przez tegoż akcjonariusza większościowego mogłoby rodzić wątpliwości co do niezależności biegłego rewidenta Wynika to z faktu domniemania chęci kontynuowania badania sprawozdania finansowego przez biegłego rewidenta w przyszłych latach i zachowania dobrych relacji z większościowym akcjonariuszem mającym pośrednio lub bezpośrednio wpływ na wybór podmiotu badającego sprawozdanie finansowe Oznacza to że celowy i rekomendowany jest wybór biegłego rewidenta nie świadczącego jednocześnie usług badania

    Original URL path: http://www.cann.pl/blog/77-kodeks-spolek-handlowych-a-wycena-spolek-czesc-iv#mid_97 (2016-04-27)
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  • Careers
    enabled to view it Services Business Valuation Valuation of Intangible Assets Impairment of Assets Financial Advisory in Business Litigation Healthcare advisory Acquisition Advisory Divestiture Advisory Due Diligence Capital Raising Contact Cann Advisory sp z o o sp k Plac Jana Henryka Dąbrowskiego 1 00 057 Warszawa tel 48 22 616 20 32 info cann pl 20 years The team members have had over 20 years of experience in advisory projects for our clients 100 valuations We have carried out over 100 business and intangible asset appraisals to serve our clients 1st expert The first specialist in Poland of the American Society of Appraisers manages our advisory team Cann Advisory Offer Business Valuation We are specialists in performing valuations of entire businesses organised business units majority and minority shareholdings investment projects as well as valuations Valuation of Intangible Assets We offer professional support in the area of the valuation of intangibles Intangibles e g trading names trademarks brand names patents licenses know how Impairment of Assets We support our customers in carrying out impairment tests on assets The impairment of assets is the subject of International Accounting Standard Financial Advisory in Business Litigation We prepare opinions on the value of business damages for the purpose of business litigation Healthcare advisory MEDICORP is a team of healthcare practitioners specializing in advisory services for medical entities It is a grouping of doctors Acquisition Advisory During your acquisition process we offer you total dedication full committment flexibility and deep market knowledge to identify deal breakers Divestiture Advisory We are ready to become your lead financial advisor organising a competitive sales process by providing a superior execution focused and timely sales process Due Diligence A due diligence is an essential step during an acquisition process It analyses the key drivers and core functioning of an

    Original URL path: http://www.cann.pl/en/about-us/careers#mid_107 (2016-04-27)
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  • Articles
    ACCA CPD presentation May 2005 International Financial Reporting Standard 3 revised International Accounting Standard 36 is it a revolution in accounting ACCA CPD presentation January 2005 Valuation of Entities with Cross Shareholding Ownerships Business Valuation Review The Quaterly Journal of the Business Valuation Committee of the American Society of Appraisers December 2004 Can gross value of fixed assets be negative article on tax valuation of fixed assets contributed in kind Rzeczpospolita Dobra Firma September 2004 Not always in line with market values article on tax valuation of fixed assets acquired as part of an enterprise Rzeczpospolita Dobra Firma August 2004 How to calculate goodwill article on tax apects of purchase of an enterprise or its organised part Rzeczpospolita Dobra Firma August 2004 Have mercy or do without tax depreciation article on tax valuation of fixed assets contributed in kind Rzeczpospolita Dobra Firma August 2004 How to value a non stand alone business Business Valuation Review The Quaterly Journal of the Business Valuation Committee of the American Society of Appraisers March 2004 Services Business Valuation Valuation of Intangible Assets Impairment of Assets Financial Advisory in Business Litigation Healthcare advisory Acquisition Advisory Divestiture Advisory Due Diligence Capital Raising Contact Cann Advisory sp z o o sp k Plac Jana Henryka Dąbrowskiego 1 00 057 Warszawa tel 48 22 616 20 32 info cann pl 20 years The team members have had over 20 years of experience in advisory projects for our clients 100 valuations We have carried out over 100 business and intangible asset appraisals to serve our clients 1st expert The first specialist in Poland of the American Society of Appraisers manages our advisory team Cann Advisory Offer Business Valuation We are specialists in performing valuations of entire businesses organised business units majority and minority shareholdings investment projects as well as

    Original URL path: http://www.cann.pl/en/experience/articles#mid_107 (2016-04-27)
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  • Contact
    Contact form Send Services Business Valuation Valuation of Intangible Assets Impairment of Assets Financial Advisory in Business Litigation Healthcare advisory Acquisition Advisory Divestiture Advisory Due Diligence Capital Raising Contact Cann Advisory sp z o o sp k Plac Jana Henryka Dąbrowskiego 1 00 057 Warszawa tel 48 22 616 20 32 info cann pl 20 years The team members have had over 20 years of experience in advisory projects for our clients 100 valuations We have carried out over 100 business and intangible asset appraisals to serve our clients 1st expert The first specialist in Poland of the American Society of Appraisers manages our advisory team Cann Advisory Offer Business Valuation We are specialists in performing valuations of entire businesses organised business units majority and minority shareholdings investment projects as well as valuations Valuation of Intangible Assets We offer professional support in the area of the valuation of intangibles Intangibles e g trading names trademarks brand names patents licenses know how Impairment of Assets We support our customers in carrying out impairment tests on assets The impairment of assets is the subject of International Accounting Standard Financial Advisory in Business Litigation We prepare opinions on the value of business damages for the purpose of business litigation Healthcare advisory MEDICORP is a team of healthcare practitioners specializing in advisory services for medical entities It is a grouping of doctors Acquisition Advisory During your acquisition process we offer you total dedication full committment flexibility and deep market knowledge to identify deal breakers Divestiture Advisory We are ready to become your lead financial advisor organising a competitive sales process by providing a superior execution focused and timely sales process Due Diligence A due diligence is an essential step during an acquisition process It analyses the key drivers and core functioning of an enterprise

    Original URL path: http://www.cann.pl/en/contact#mid_119 (2016-04-27)
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  • Contact
    Contact form Send Services Business Valuation Valuation of Intangible Assets Impairment of Assets Financial Advisory in Business Litigation Healthcare advisory Acquisition Advisory Divestiture Advisory Due Diligence Capital Raising Contact Cann Advisory sp z o o sp k Plac Jana Henryka Dąbrowskiego 1 00 057 Warszawa tel 48 22 616 20 32 info cann pl 20 years The team members have had over 20 years of experience in advisory projects for our clients 100 valuations We have carried out over 100 business and intangible asset appraisals to serve our clients 1st expert The first specialist in Poland of the American Society of Appraisers manages our advisory team Cann Advisory Offer Business Valuation We are specialists in performing valuations of entire businesses organised business units majority and minority shareholdings investment projects as well as valuations Valuation of Intangible Assets We offer professional support in the area of the valuation of intangibles Intangibles e g trading names trademarks brand names patents licenses know how Impairment of Assets We support our customers in carrying out impairment tests on assets The impairment of assets is the subject of International Accounting Standard Financial Advisory in Business Litigation We prepare opinions on the value of business damages for the purpose of business litigation Healthcare advisory MEDICORP is a team of healthcare practitioners specializing in advisory services for medical entities It is a grouping of doctors Acquisition Advisory During your acquisition process we offer you total dedication full committment flexibility and deep market knowledge to identify deal breakers Divestiture Advisory We are ready to become your lead financial advisor organising a competitive sales process by providing a superior execution focused and timely sales process Due Diligence A due diligence is an essential step during an acquisition process It analyses the key drivers and core functioning of an enterprise

    Original URL path: http://www.cann.pl/en/contact#mid_107 (2016-04-27)
    Open archived version from archive