graduate student from 01.01.2022 until now
The article examines the impact of IAS 38 and IFRS 3 on the valuation of high-technology companies in mergers and acquisitions. It argues that the recognition and subsequent measurement of intangible assets, together with purchase price allocation, generate systematic distortions in earnings indicators, invested capital, and valuation multiples. These accounting effects reduce the comparability of financial statements across companies and over time, particularly in knowledge-intensive sectors. The paper develops a structured set of adjustments to income-based and market-based approaches, including the normalization of development expenditures and the elimination of post-acquisition accounting effects. The proposed framework enhances consistency, transparency, and reliability of valuation conclusions.
high-technology companies; intangible assets; IAS 38; IFRS 3; purchase price allocation; goodwill; income approach; market approach; business valuation; financial normalization; mergers and acquisitions
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