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GIFT2015 Global Intangible Financial Tracker 2015An annual review of the world’s intangible valueApril 2015 In partnership with: About Brand Finance Contents About Brand Finance3How We Can Help3Foreword4Executive Summary6Country Focus13CIMA Thought Piece16Methodology18Financial Reporting of Intangible Assets22Implications for M&A and Tax24 Brand Finance was set up in 1996 with the aim of‘bridging the gap between marketing andfinance’. For almost 20 years and across ournetwork of over 15 offices, we have helpedcompanies to connect their intangible assets tothe bottom line, building robust business casesfor brand strategy and investments. In doing so, As well as producing the GIFT report BrandFinance puts thousands of the world’s biggestbrands to the test every year, evaluating which arethe most powerful and most valuable. These are For more information about Brand Finance visit www.brandfinance.comor get in touch at enquiries@brandfinance.com or by phone on+44 (0)20 7389 9400. MARKETING LEGAL TAX FINANCE We help brand owners andfiscal authorities to understandthe implications of different +Brand & Branded BusinessValuation+Intangible Asset Valuation+Patent Valuation+Business & ShareValuations+Loss of Profits Calculations+Account of ProfitsCalculations+Damages Assessment+Forensic Accounting+Royalty Rate Setting+Brand Franchising & +Brand & Branded BusinessValuation+Intangible Asset Valuation+Fair Value Exercise (IFRS 3/ FAS 141)+Intangible Asset ImpairmentReviews (IAS 36 / FAS 142)Brand Due Diligence+Information Memoranda+Finance Raising+Insolvency & Administration+Market Research Designand Management+Return on Investment+Franchising & Licensing+BrandCo & IPCo Strategy +Brand Valuation+Brand Due Diligence+Profit Levers Analysis+Scenario Modelling+Market Research+Brand Identity & CustomerExperience Audit+Brand Strength Analysis+Brand Equity Analysis+Perception Mapping+Conjoint & Brand/PriceTrade-off Analysis+Return on Investment+Sponsorship Evaluation+Budget Setting+Brand Architecture &Portfolio Evaluation +Brand & Branded BusinessValuation+Intangible Asset Valuation+Patent Valuation+Asset Transfer Valuations+Business & ShareValuations+Transfer Pricing Analysis+Royalty Rate Setting+Brand Franchising &Licensing Foreword. Integrated Reporting as a member of the IIRC(International Integrated Reporting Council).We hope this report with Brand Finance Charles Tilley, CEO, CIMA About CIMA David Haigh, CEO, Brand Finance ultimately successful contested takeover of thatonce great British company. Taking the best possible decisions to create andpreserve value for the short, medium and long-term has never been more challenging, moreimportant or richer in opportunity. CIMA enablesboards and management teams around the world Brand Finance plc has been monitoring theextent of intangible asset values in world stockmarkets for over 10 years. We beganproduction of the Global Intangible Finance Taking well-informed decisions requires fit forpurpose management information. This is as There are many other examples of the samephenomenon, which has led some to call for a newapproach to financial reporting, with fair values ofall assets determined and reported bymanagement each year. If it were possible toovercome the practical and legal problems, Fair In recent years there has been considerable focusby UK government on tackling the budget deficit.While critical, it will not drive future prosperity. Andcannot be the sole focus if the UK is to thrive in the 1)The absolute scale of global intangible assetsand the high percentage of global EnterpriseValue represented by intangibles2)The volatility of intangible asset values causedby changes in investor sentiment from time totime The Chartered Institute of ManagementAccountants (CIMA) is the world’s largest andleading professional body of managementaccountants. Through our partnership with the And if the UK is to thrive, policy makers mustunderstand and appreciate the building blocksneeded to drive true and full value. And startassessing the credibility of policy proposals by We hope that this report, published with CIMA, willrekindle the debate and hopefully lead to a moreimaginative approach to the regular revaluationand reporting of intangible assets. If we couldachieve a more meaningful approach to reportingsuch asset values we believe that it would lead tobetter informed management, higher investment ininnovation and intangible asset value creation,stronger balance sheets, better defence against The phenomenon of ‘undisclosed intangibles’ hasarisen for perfectly logical reasons. Accountants donot like to recognise assets unless there has beena transaction to support the value that appears inthe balance sheet. To many accountants the Our members’ expertise is rooted in the intensiveand rigorous training and practical educationprovided by the CIMA syllabus which informscritical business decisions and judgments reachedevery day drawing on our Global